Apartments sell out

All 91 apartments in Hopetoun Residences development near Ponsonby have sold out six months ahead of completion.

Monday, March 2nd 2015, 12:00AM

by The Landlord

The highest price achieved at Hopetoun Residences was $2.5 million for a 230 sq m dwelling plus 100 sq m of deck with views towards the Auckland Harbour Bridge and city.

The local buyer plans to live in the apartment.

Prices for 63 sq m one-bedroom apartments started at $520,000, 70 sq m two-bedroom apartments at $650,000 and larger two- or three-bedroom apartments pushed up over $1,000,000.

The apartments first went on sale at the end of 2013, and after an initial burst of activity spilling into 2014 the final burst of 11 residences were sold in December 2014.

The Hopetoun Residence project is being undertaken by Tawera Group and was sold through Bayleys Auckland.

Trent Quinton, the salesperson at Bayleys for Hopetoun and Hereford Residences said: “Most apartment developments carry around 20% of unsold stock on completion – so from that perspective, Hopetoun Residences has outperformed market trends.”

Project director David Mahoney said the exceptional sales outcome reinforced Tawera Group’s strategy which is to “focus on inner-city urban renewal sites in prime locations, close to transport links, retail and places of work”.

Quinton said: “Hopetoun and Hereford Residences are on the most prominent, uncompromised gateway sites on Ponsonby’s doorstep…Almost all of the buyers were empty nester couples whose children had recently left home, or a few couples aged in the 60- to 80-year age bracket. There were only a dozen or so professional couples in their 30s who have purchased. More than 80% of buyers were owner/occupiers."

At the Hereford Residences site directly across the road, 65 sales were contracted even before the display suite opened to the public. There are 35 apartments available with the next release in mid-2015.

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