Real estate firm Bayleys is claiming success for a new high-end seaside residential complex it is marketing, with 25% of the million-dollar-plus apartments sold prior to construction beginning on the development.
Bayleys said seven units at the Ocean Point Beach Residences overlooking Orewa Beach just north of Auckland have sold off plan in less than a year.
Construction work on the 28-apartment complex to be built on the Golden Sands Motel site is scheduled to begin within the next three months and should be completed by early 2015.
The units have been marketed at prices ranging from NZ$1.095 million for a 190 square metre three bedroom first floor unit, through to NZ$2.98 million for a 299 sq m four bedroom penthouse suite.
All units have been sold with secure underground parking and communal use of outdoor recreational facilities including a BBQ area, swimming pool, and landscaped gardens.
Lynnette Thomas of Bayleys Orewa, who is marketing the units said the seven buyers so far were a mix of ‘mature’ Orewa locals looking to relocate to a low maintenance apartment in close proximity to the beach, and Aucklanders working in the city’s northern suburbs – predominantly around Albany.
“Interest levels have certainly intensified since the third quarter of last year as the Greater Auckland property market begun surging ahead again, and the marketing has obviously been bolstered this year with what has been an exceptional summer to showcase coastal living,” she said.
“Being at the very top end of the price bracket for residential property in Orewa, the sell down of apartments so far reflects that despite the New Zealand economy being on a gradual recovery path, there is still considerable personal wealth around to support the purchase of a quality development such as Ocean Point.
“...It is often the case with new-build developments such as Ocean Point, that occupiers are shy about being the first in. With that barrier now well and truly removed, and the wider property market on the move upward across the Auckland region, there is a stronger confidence that the next batch of Ocean Point apartment sales will be concluded in a much shorter time frame – especially as potential buyers can actually see the physical structure now being built.”
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