Megan Cross

August Market Update

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Apartments Bring Central City Vibe Style of Living to Lower Hutt.

Lower Hutt is now seeing a series of apartment developments popping up that are conversions of former office blocks which have been vacant for some time in central Lower Hutt.  These new inner-city apartments will bring hundreds of people into the CBD, helping to revitalise it and breathe new life into the High Street precinct.

Most recently, the top three storeys of the CML building on Laings Road have been converted into one- and two-bedroom apartments plus two penthouse apartments on the roof, most of which were sold off the plans last year. The remaining one-bedroom units are priced at $530,000 and $560,000 and the remaining penthouse with its stunning aspect and outdoor space is asking $769,000.

High Street Quarter (HSQ), a brand new 29-unit development in the heart of the CBD was completed three months ago and all owners have taken possession. They include six boutique shops.

Another 40-apartments, an office conversion along from HSQ are well under construction and will be available as mid-city rentals on completion.

The old Public Trust Building on the corner of Dudley and Margaret Street is a very stylish conversion, with 18 apartments all completed. 

A development of 6 apartments sold out 6 months ago at 212 High Street with construction progressing well.

The iconic 10 storey Avalon Studios landmark is in the middle of its conversion into 42 apartments, as is the Heritage-listed Lower Hutt Fire Station on Waterloo Road which will have 14 units after being vacant for more than 15 years.

Hutt City Council estimates 9,606 new houses will be needed in the city by 2047 to keep up with population growth. Buyers and tenants have shown strong interest in apartment style living, and as those under construction are completed, they will help to bring new life and energy back around the old shopping strip. The success of these many projects has shown there are buyers and tenants wanting apartment style living.

Housing intensification and these new apartments are a long way from ‘the Kiwi Quarter Acre’. The diversity of interests and lifestyle preferences across our society means there is a market for both and everything in between.  Perhaps the biggest change will be our reliance on public open spaces to kick a ball around, rather than our own backyard.

Data received from Australasian Strata Insights, has shown that 7% of NZ households live in apartments – when the 7% was broken down further, 47% of these are rented, 36% have the owner live in and the remaining 17% are unoccupied.

Historically we have seen either single people or older couples living in apartments, however with more apartments popping up around Lower Hutt, we are now seeing small families and first home buyers opting for this style of home.

We are seeing the biggest change to how we live in two generations.


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