There are a few newish Taranaki/Tory Street apartments for sale presently. In particular the new Bellagio complex has a few people bailing out at what is probably a hefty discount to what they paid. This is when there’s a huge amount of apartment construction going on in this part of town.
If people are bailing out of the apartments now what will happen once purchasers of developments like the just started Soho apartments, which seemed aimed at investors, need to ask the bank to lend them the pre-credit crunch purchase price? I’m calling a Wellington apartment crash for 2009.
1 response so far ↓
Che Tibby // 31 October, 2008 at 8:42 am |
good call. the days of developers over-pricing crappy shoe-boxes deserves to be over.
500k for a small, two-bedroom apartment in a non-soundproofed building is *not* what you’d call a deal.