Newly constructed homes are proving a popular option for first-home buyers.
They are exempt from loan-to-value restrictions that normally apply to mortgage lending. In some cases, banks have been lending up to 95 per cent of the purchase price.
Data from Colliers shows that there is significant construction work under way in Auckland of multi-unit and apartment complexes. Across the city, there are 82 buildings set for completion before 2021 and 4784 units. The bulk of these are in west and central Auckland.
Stuff looked at some of the affordable options being built in the city. Note – body corporate fees apply in most terraced and apartment complexes.
Set, Avondale: A central Avondale development of apartments and walk-up masonry terraced houses. Apartments have a communal lounge and garden for residents. A 46 sq m option is currently for sale at $560,000 or you can pay up to $795,000 for a 74 sq m option.
Sugartree: The final stage of the Sugartree development has been released for sale, with apartments starting from $545,000. It contains around 287 one, two and three-bedroom apartments, with a rooftop garden. A good option for those wanting to be in the inner-city.
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