The Star: November 16, 2017

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8 Thursday November 16 2017 Latest Christchurch news at www.star.kiwi The Star News Inner-city living: The pros and cons, Last week, The Star revealed a report showing people don’t want to live in high density housing. Today Bridget Rutherford compares the cost of buying in the central city and the suburbs FOR ABOUT $1.3 million, you could buy a 964m2 property in Northwood with five bedrooms, three bathrooms, three living areas and a spacious backyard. Or, for the same price, you could get a yet to be built innercity apartment sandwiched between Hagley Park and Victoria St and less than a quarter of the size. Which would you prefer? A study published in the Urban Studies Journal by Canterbury University transportation lecturer Diana Kusumastuti looked at the weight residents put on buying a home, and what factors were more important. It found more people were likely to buy a home in the city’s outer suburbs because the properties were larger, quieter, private and often cheaper. HANDY: This three bedroom, two-bathroom Dublin St home is for sale asking for inquiries over $1,375,000. The city council and Government have a goal of having 20,000 people living in the central city by 2024. Post-quake District Plan zone changes have been made to encourage innercity development. Industry experts say it is a lifestyle choice, and businesses need a higher central city population to succeed. New apartments on the market yet to be built could cost anywhere between $300,000 to more than $3 million. Harcourts Gold senior sales consultant Mark O’Loughlin is selling a number of the central city apartments. He said there were about 160 apartments or townhouses either under construction or being marketed in the central city due to be finished by the end of 2019. Of those, about half were under offer or had sold. Mark O’Loughlin Lianne Dalziel Mr O’Loughlin said their survey results had found the biggest priorities for buyers were the lifestyle, ease of living, access to services and low maintenance. The biggest market for apartments were people aged between 60-85, who wanted a downgrade or lifestyle change. He said young couples who were using their KiwiSaver grants made up 25 per cent. “Because a lot of younger people today are more transient in their jobs, they get married older so they’re living with friends or their partners for longer. Most prefer the privacy of one or two bedroom apartments.” He said a lot of apartment purchases had to be made off the plans, but people were willing to do that. “Banks require 80 per cent of the project to be pre-sold before banks can provide funding for the project.” Near Hagley Park, Cranmer Square and Victoria St would be the expensive, larger apartments, he said. On the eastern side of the central city near Latimer Square, were the more affordable apartments for younger buyers or renters. Mr O’Loughlin said there was a broad range. He sold a one bedroom apartment for $309,000 recently, and a two-storey 550 sq m apartment on Park Tce for $5.5 million. He said it was cheaper to live in the suburbs. People could buy a new four-bedroom home in Rolleston or Rangiora for about $600,000, he said. booKarama! gianT booK sale a roTary club of cashmere communiTy ProjecT suPPorTing local chariTies Thursday 23 rd To sunday 26 Th november addingTon raceway sTables Prices from 50 cenTs! Rotary Club of Cashmere Thursday 12-8Pm friday 9am-6Pm saTurday 9am-5Pm sunday 10am - 2Pm www.roTaryinfo.co.nz Big Christmas Sale Christchurch Showroom 13b Parkhouse Rd Heated Towel Rails From $119 Freestanding Bath Range 15 - 40% Off Free Delivery Christchurch Wide on Purchases over $999 Until Christmas All Vanities and Toilet Suites up to 50% Off New Model Gas Califonts 6L $199 10L $399 26L $999 Open 7 Days Mon-Fri 9am - 5.30pm | Sat 9.30am - 4pm | Sun 10am-3pm 0800 MILLEN | www.millen.co.nz | 03 348 8678
The Star Latest Christchurch news at www.star.kiwi Thursday November 16 2017 9 Local News Now Fire rages, homes at risk and what you get for your buck But to build an apartment complex was a lot more expensive to build because it had costly engineering and building standards, and requirements. He said apartment maintenance was cheap. Owners would pay about $2500 annually to the body corporate, which covered maintenance and property insurance, he said. “It’s a lifestyle choice. We’re just following the rest of the world.” The central city, Merivale, Papanui, Chris Wilkinson Fendalton, Riccarton, LARGER: Homeowners could often get more space for their money in the outer suburbs, such as this five-bedroom Northwood home for $1.2 million, or a Shirley three-bedroom home with a larger backyard for $359,000. Addington and part of Linwood were all classed as inner-suburban areas, while the rest were outer-suburban areas. Trade Me Property figures show the average asking price of an inner-suburban property in October was $573,950. In comparison, the average asking price of an outer-suburban property was $467,650. In the central city it was $604,150, the figures show. The East Frame, a Government anchor project, is under construction with 20 homes due to be finished next year. Originally, construction was due to begin in October last year. But it was delayed until April. Eventually, the East Frame will have about 900 apartments and townhouses in the five blocks between Manchester, Madras, Armagh and Lichfield Sts. They will range from between $400,000 – $900,000. First Retail managing director Chris Wilkinson said there were not enough living options for people in the central city yet to help businesses succeed. He said businesses recognised it was a “long game” in regards to retail success, but many made commitments looking at the planned residential and tourism growth. “With the current hiatus in development, there’s an understandable anxiousness among some retailers, hospitality businesses and property owners with exposure to these sectors.” He said having a good balance of people working, visiting and living in the central city was “vital” for long-term sustainability. There needed to be demographic diversity for “inner-city success,” he said. Mayor Lianne Dalziel said the research results were not surprising. “We know that inner-city, and particularly central city living, will only appeal to certain groups.” She said it was interesting people did not seem to mind driving longer to get into town. With that in mind, Ms Dalziel said inner city living should be targeted to those who valued the benefits such as its proximity to restaurants and the ability to walk everywhere. She said it had been “enormously disappointing” the range of properties had not yet been developed as promised. Affordibility was key, she said. “Density can be countered by quality design and great public space. And we need a mix of tenure – ownership, rental and affordable options in both.” Urban Edge valuer Natalie Edwards said it was hard to compare buying apartments in the inner-city with properties further out. “They’re two completely different products. You could buy a one bedroom apartment for $600,000 in the central city. There’s just a wider market for the quarter acre section.” A lack of car parking spaces in apartment buildings could also be a turn off for many buyers, and anchor projects were not yet complete. “People aren’t traditionally apartment dwellers, that market is always struggled with Kiwis.” •Dalziel’s column, p25 Have you checked your underfloor repairs? This is the sort of ‘repair’ we are finding. We will go under your house and give you peace of mind for free. NO WIN NO FEE Ph: 03 377 8855 | 127 Ferry Road, Christchurch City E: reception@earthquakeservices.co.nz | W: www.earthquakeservices.co.nz
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The Star: November 16, 2017

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