Forget apartments and terrace housing: there's a new trend in urban living.
Bayleys Research says it's best described as low-rise apartments with four or five levels...."apartment-style convenience with the additional living space contained in terrace housing". And a typical layout: secure parking at ground level, a one or two level home above and another two level home above that.
In its latest report on apartments and terrace housing, Bayleys says:
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These two sub-markets have substantially increased their impact on the total property scene in recent years. The number of consents for apartments and terrace housing rose from 4.5 per cent of total dwelling consents in 1996 to 15.3 per cent in 1999, while the value of those consents leapt from $97 million to $324 million annually.
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Wellington faces a number of significant hurdles to the growing apartment market. The most important of these is the lack of affordable sites in the inner city on which to build new apartment developments.
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In Auckland, it's likely to be a quiet year for developments of new apartment accommodation. However, a number of the more successful developments still have a number of unsold units available.
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As for terrace housing, the market appears to be catering for two very different groups. The cheaper developments are largely being bought by 25 to 35 year olds with no families (affordability is the key issue), while the more expensive properties are appealing to empty nesters (here it's size, quality and security they're after).
Terrace houses are typically rows of joined-together houses that are higher density than regular residential housing but which still offer street-level entry and outdoor living. Bayleys says that for people used to living in larger houses, terrace units can provide more space and privacy than apartments.
