Auckland Apartment Market celebrates 20 years

Auckland Apartment Market celebrates 20 years

The Auckland apartment market is said to have been born on this day in 1997.

Ironically April Fools ’ Day, however this is no trick.

Though a few apartments existed already, it was not a recognised market until an independent agency broke away from the big franchise path and decided to specialise in the sale of Auckland apartments 20 years ago today.

Family owned and run real estate firm, City Sales was started by Martin Dunn who recognised the bright future and healthy appetite for inner city living.

Dunn pioneered the market from 1991 when the then Auckland City Council relaxed zoning laws to allow for apartments. Back then there were eight apartment buildings in all of Auckland.

He was met with resistance from banks, valuers and major Auckland real estate franchises, none of whom shared his belief that Aucklanders would take to apartment living.

Fast forward to 2017, City Sales reports 31,500 units in 503 complexes in Auckland, with many more under consent or construction.

“Excellent brokers, gruelling training and active participation in all facets of the market is what has kept us in business for 20 years’” says Dunn. “We’re not only the largest independent broker of Auckland apartments, we’re the most experienced. We’ve literally been there from day 1 and watched this market grow from eight buildings to 503.”

Aside from selling and managing these apartments, City Sales has been involved in lobbying against what they call “ghetto” areas of the City where a high concentration of studio and one bedroom units has led to blocks almost completely resided in by tenants.

“We lobbied for complexes to require a mix of units, studios, one bedrooms and two bedroom units to create a balance between rentals and owner occupied units, which has a positive effect on the culture of the area.”

City Sales was also active in helping victims of the Blue Chip crisis of 2006.

When asked about plans for the next 20 years Martin laughs “We’re in a brand new state of the art office with huge technological advancement and an intelligent and energetic sales team. I’d be lying if said I wasn’t confident about the future.”

City Sales celebrates 20 years of business on April 1, 2017.

ENDS

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