22 Aug Meadowbank Apartment Development “SOTO”
A new 58-apartment development in the pricey eastern suburbs of Auckland claims to be more affordable, but a mortgage expert says it will appeal to only a small number of first homebuyers.
The Soto apartments will be built in a special housing area on the Remuera ridgeline by the end of 2019.
The site on Meadowbank Rd will feature a six storey building and seven stand-alone three-storey “pavilions” bordering a central park that all units look across.
Developer Southside Group managing director Cary Bowkett said apartment prices would range between $620,000 and $4 million.
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The average sale price of a three bedroom property in the Easter Suburbs in August was $1.3 million, according to real estate firm Barfoot & Thompson.
“Meadowbank and the eastern suburbs are an aspirational area for Aucklanders to live, and we are pleased to be able to incorporate affordable dwellings within a premium quality development,” Bowkett said.
Seven apartments would be priced around $620,000 for first home buyers, Bowkett said.
The one-bedroom apartments ranged in size from 58 to 76 square metres plus a balcony.
Auckland mortgage adviser David Windler said the the apartments were “not necessarily” the sort of property first home buyers were looking for.
Buyers would need to have at least a $100,000 joint income to be able to service a mortgage on even the smallest apartments, and have no children, Windler said.
“It’s a pretty small demographic that might suit.”
Most of his clients were still after a three bedroom “bog-standard Kiwi home”, and those looking at apartments wanted to live in the city to reduce commuting and parking costs.
But the new development meant first home buyers would be exempt from the 20 per cent minimum deposit under the Reserve Bank’s loan to value restrictions (LVR).
Windler said finding a deposit for properties has been the “biggest challenge” for first home buyers.
The complex was designed by architecture studio Monk Mackenzie.
Bowkett said, the council considered the site as an “exemplar opportunity to demonstrate what the Unitary Plan sets out to achieve”.
Apartment Development Website – https://soto.co.nz/
Developers Website – http://www.southside.co.nz/meadowbank-developments/
Soto Apartments Meadowbank Summary:
Address: 6-14 Meadowbank Rd, Meadowbank, Auckland
- 58 apartments in 6-storey block
- 7 three-storey townhouses
- On 5225sq m site near shops
- 130 carparks
- One-bedroom 70sq m places from $620,000
- $4m for premium apartments
- Land designed a Special Housing Area