New Zealand apartments fall into two categories of ownership: tenancy and freehold. Tenants take temporary possession of the property, signing a fixed-term contract that establishes the conditions and the expiration date of the lease. The tenant is then free to occupy the property for the stated period, without interference from the owner. Freehold refers to the right of ownership of a piece of property until the title deeds have been sold to the next owner.
Apartments for rent in New Zealand are generally available in one of three options: unfurnished, white goods or semi-furnished, and fully furnished. Some landlords will offer to provide you with furniture, as long as the additional cost is added to the rent.
There’s a wide variety of apartments available in New Zealand’s major hubs, similar to what you’d find in other developed countries: these range from budget student accommodation to luxurious penthouse condominiums, depending on what budget you’re operating on. Currently, the largest apartments in New Zealand are located in Auckland, at Prince’s Wharf, followed by Sentinel on Auckland’s North Shore and apartment blocks on Mount Maunganui.
As a general rule, urban apartments are a good type of property to invest in as a first-time investor. The heavy flow of people looking for permanent and temporary accommodation ensures that you will always be in business if you decide to lease the property. Popular rental apartments are always located near essentials such as schools, retail stores, and supermarkets. Never underestimate the importance of location in this game.
For those looking to buy and settle in an apartment with their families, beware of the significantly higher prices that come from owning an apartment. Although the advantage of convenience and comfort may outweigh the cost, an apartment in a developing suburb will turn out to be much cheaper (for the same area or even larger) than one located in the heart of the city. There will also most likely be more parking spaces available, in stark contrast to centrally located properties.
A useful resource for those looking to buy, lease, rent or sell apartments in New Zealand is the REINZ website, with data on New Zealand property market trends, house price indices, property news and estate agents and property services: https://www.reinz.co.nz/