Source: P Precinct
By 2017 more than half of all new homes built in Auckland will be part of apartment blocks or terraced homes.
According to architecture and research company RCG’s latest publication, Constructive Thinking, this shows Aucklanders may be warming up to the idea of attached housing.
“Based on building consent data and our own forecasts, 53 per cent of the new homes built in Auckland will be attached by 2017. This is a considerable shift from the average of the last 20 years, which has been closer to 35 per cent.”
The increase in attached homes fits with trends in comparable Australian cities, RCG said.
“Demand for medium density living is booming here. In Australia’s three largest
cities at least 60 per cent of new homes are attached.”
Rising house prices, an aging population, shrinking household sizes and record migration levels are citied as key drivers behind the trend.
RCG economist and associate director John Polkinghorne said attached housing is an attractive option for many people.
“Auckland’s population continues to grow rapidly, and for many people, a well
located and affordable apartment or terraced home is becoming a really attractive
option, compared to a standalone house on the city fringe,” Polkinghorne said.
RCG associate director of research John Polkinghorne.
In findings released this month, Barfoot & Thompson surveyed 500 Aucklanders aged 18 to 34 who were yet to own property.
Around 70 per cent of would-be homeowners are still aiming for a standalone Auckland house, with just 9 per cent willing to consider an apartment, it found.
Auckland CBD, Stonefields, Albany, the Western CBD and the Southern CBD are the most effected areas by increased density.
Prime Minister John Key says a million Chinese tourists will soon be visiting here annually.
Making his prediction at a ground-breaking ceremony for Auckland’s new $200 million Park Hyatt, Key told more than 100 dignitaries in a waterfront marquee how he expected massive growth.
Quipping how he expected to be at the new five-star hotel regularly because he is often at events in hotels, Key said China was New Zealand’s second biggest market for tourists after Australia.
About 371,000 Chinese tourists now visit New Zealand annually.
“The question is ‘how long will it take before there’s one million?” he asked of annual Chinese visitor arrivals. “I would have thought within about three to four years there will be one million tourists from China alone,” he said.
Tourism New Zealand says China is New Zealand’s second largest visitor market.
“Its growing middle-class has seen sustained growth in Chinese visitor arrivals to New Zealand over the last five years. Increased air capacity from the two direct carriers, China Southern Airlines and Air New Zealand – with new players Air China and China Eastern also establishing year-round services in 2015 – has helped this trend,” Tourism NZ says.
Key was with a businesswoman said to be China’s wealthiest to turn the first sod at the site of the new hotel.
Madam Chan Laiwa, founder of Chinese real estate business Fu Wah, visited the Halsey St site in the Wynyard Quarter/Viaduct Harbour area, opposite ASB North Wharf.
She accompanied Key into the marquee to the call of a kaikaranga.
New Zealand’s largest private property developer is planning projects worth more than $1 billion.
Culum Manson, a director of Parnell-headquartered Mansons TCLM, said the business was the busiest it had been in its 40 year history.
“We’ve got over $1 billion of work planned and not yet announced, including a $120 million asset and a $210 million asset, both in the CBD,” Manson said.
The $1 billion-plus of new work was the result of the need for tenants to upgrade their office space.
“We’re thinking about who might need upgrading in the next few years,” he said of the new projects.
The family firm’s biggest scheme is the $675 million 30-level office tower and 125-room hotel tower at 46 Albert St on the site where the Herald has been published for 152 years.
“The biggest project we have on is Albert St,” he said of the site spanning Mills Lane, Albert St, Wyndham St and Swanson St. Buildings there are now being progressively vacated by about 850 staff for NZME Central, Mansons’ 151 Victoria St premises.
No naming rights have been announced for that new five-star block but that is expected soon when the top floor tenancy lease is announced.
Law firm Meredith Connell has also leased space in the building.
Early last month, Prime Minister John Key officially opened NZME Central, acknowledging the rapidly changing nature of media and the importance of the shift into the new premises.
Manson said planning work for the new buildings on the Herald site was under way.
“We could start demolition of 46 Albert St [at the] end of the first quarter next year, although I’ve got to say it’s not a priority at the moment because we’re still focused on finishing off 151 [Victoria St West] and getting started with all these other jobs,” he said.
“Also, we’re still working with Auckland Transport and Auckland Council on finalising the resource consent for the old Herald site and that’s taken longer than we anticipated, mainly around transport implications of the City Rail Link and a whole lot of moving parts that need to be considered.
“It’s frustrating but we’re all living in the same city and we’re all got to deal with it.”
A Colliers International’s Auckland office vacancy survey showed strong demand and the lowest overall vacancy rate recorded since the studies started. Colliers said it was not just the CBD and fringes which displayed strong demand, but office vacancies had also dropped on the North Shore, Mt Wellington, Penrose and throughout east Auckland.
Auckland director Chris Haines said there were now 79 cranes up nationally and the busiest sectors were commercial followed by multi-level residential buildings.
In the past six months 43 new cranes were installed nationally: 17 in Auckland and 23 in Christchurch.
The crane count provides a good, simple indication of new building activity as well as general economic activity in each of these locations, the business said.
The index tracked activity in the last quarter in Auckland and showed that within the commercial sector, three cranes were erected including on Datacom in Gaunt St and at Britomart. Commercial projects nearing completion include the St Albans development and Mansons in Victoria St West, Rider Levett Bucknall said.
“The Wynyard Quarter currently has three tower cranes. While five cranes have been removed from residential sites , 10 have been erected. New projects include The Pulse, Symonds St, Wakefield St, Augustus Tce, Rosedale Rd, Swanson St, Rangitiri Rd and Windsor Park,” Rider said. “Cranes have been removed from Howe St, Newton Rd, Exmouth Tce, Carlaw Park and Karangahape Rd. In the civil sector, cranes have been removed from Waterview Tunnel, the Lincoln Rd widening project and Te Atatu interchange but three cranes have been sighted on the SH20A roads and bridge works … ”
Auckland Council’s Panuku Development Auckland branch made the announcement this morning. The building will be one of the largest Chinese investments in New Zealand infrastructure.
The hotel – to be referred to as the Park Hyatt Auckland – will be managed by the world-renowned Hyatt Group and will be built with the help of the Fu Wah International Group, which announced its plans for the hotel in November.
The group will invest around $200 million in the project, with $2.5 million going to the development of a new space for the public immediately around the hotel, which will be located at Wynyard Quarter.
The building will bring an element of extravagance to the area, standing at seven storeys high.
It will have 195 rooms, a ballroom, entertainment facilities, health centre and day spa and will have a total floor area of 29,000sq m.
Panuku Development Auckland’s interim chief, John Dalzell, said having a quality hotel in the city would create a new standard of “premium accommodation” in the region.
“This is a landmark site for Wynyard Quarter and is deserving of a building of the standard the developer and its design team have come up with,” he said.
“It’s great to see it pass this latest milestone and we look forward to the positive impact the hotel will have on the waterfront and the region.”
Prime Minister and Minister for Tourism John Key yesterday praised the new hotel, saying that it would provide a huge boost for local tourism.
Auckland Mayor Len Brown, who is in China, said that such a hotel would help not only to attract the very rich to Auckland, but would also create more jobs in the city’s business district.
“This hotel means more jobs and a strong step into the lucrative but largely untapped high-net-worth individuals tourism sector – which will be a huge benefit to Auckland’s economy and future.”
The hotel will open in 2017.