Why Is Akld Property Still Booming?
Activity on the Auckland CBD property market appears to be defying logic with high-rise residential dwellings continuing to proliferate - out of sync with the rest of the country.
Thursday, August 12th 2004, 4:53PM
by The Landlord
And with the investment apartment sector of the property markets in Sydney and Melbourne - cities that Auckland mayor John Banks regularly draws economic parallels to - providing serious cause for concern, why should the City of Sails be immune from these high-rise headaches?For a start, Auckland still has a long way to go before it can truly draw parallel with its trans-Tasman cousins.
"If we are to significantly improve New Zealand's rate of economic growth, Auckland's performance is vital. I am committed to Auckland's future - the engine room of the New Zealand economy" says Banks.
This commitment has become evident through the council's tackling of the city's transport infrastructure, but there is more to the equation than roads and rail tracks. According to Banks, there are currently 40 "major multi-million dollar developments under construction" in Auckland today. Most pertinently, Auckland is following the capital's lead in working towards becoming a 24-hour city with Queen Street poised for a substantial upgrade.
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