A capital investment
Supply is not keeping up with demand in the creative capital of New Zealand and as a consequence, opportunities for property investors can be hard to find. Stock levels across Wellington continue to remain low with less than nine weeks’ inventory available to the market.
There were 210 sales across the board for Wellington in August. This was up 5% from the month before (199 sales in July) but down a whopping 27% from August 2016, when 290 sales were recorded.
Grant Foggo, Director of property management company Comprende, says his company's occupancy rates are running at greater than 95%. “Wellington’s rental market is strong,” he says. “Studio apartments and one-bedroom units - including those attached to people’s homes - are in hot demand. If a property is priced correctly, it will rent.”
Over the last five years Foggo has seen renters' expectations change, along with a growth in the number of inner-city apartments.
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