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Ryan Bridge: Why aren't people buying apartments? · Early Edition with Ryan Bridge

• 0:00
  Speaker 1: I was driving through a street just outside of Auckland's
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  Speaker 1: CBD yesterday. So all are these apartments that were for sale,
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  Speaker 1: new buildings that many of them looked empty, and there's
• 0:08
  Speaker 1: loads of full sale signs up around in everybod. I thought,
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  Speaker 1: why don't people want to buy them? Is it the price?
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  Speaker 1: Is that the problem? You can get? There's some older
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  Speaker 1: seventies eighties brick and tile type apartments selling in their
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  Speaker 1: four hundreds apparently around this area and around Auckland. Newer
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  Speaker 1: one seemed to run more depending on the location. Wellington
• 0:27
  Speaker 1: has a few steals at the moment. You'll know about
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  Speaker 1: that if you've looked into it, But again, not that
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  Speaker 1: many interested buyers. So is this the economy? Is it
• 0:35
  Speaker 1: the annoying body corp fees that you have to pay?
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  Speaker 1: Is it the leaky building memories lingering, the fact you
• 0:41
  Speaker 1: can't swing a cat in most of the living rooms,
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  Speaker 1: having to see your neighbors in the lift all the time.
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  Speaker 1: That's annoying, isn't it? No one really wants to do it?
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  Speaker 1: Are they poorly designed and poorly made? Are they overheating
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  Speaker 1: in summer? Or is it just that we still want
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  Speaker 1: to stand alone house with a backyard. We just hate apartments.
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  Speaker 1: The government yesterday now it's day twenty three percent reduction
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  Speaker 1: in new homes in Auckland as part of the changes.
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  Speaker 1: But we're still getting one point six million new homes
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  Speaker 1: and many of them will be apartments. My question is
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  Speaker 1: who's going to buy them. There's an entire block in
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  Speaker 1: Auckland new new build developer and they had to be
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  Speaker 1: rented out because they wouldn't sell. There was a recent
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  Speaker 1: survey found eighty percent of people would consider living in
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  Speaker 1: a standalone house, seventy percent a townhouse, an apartment just
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  Speaker 1: a third. I get it. Ideally, we all want space,
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  Speaker 1: we all want gardens, we all want lawns to mow.
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  Speaker 1: But if we can't get that and we want somewhere
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  Speaker 1: to live, why are we buying apartments, especially young people
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  Speaker 1: who apparently don't mind high rise of living as much
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  Speaker 1: as older people. We can't be that dissimilar to the
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  Speaker 1: rest of the world, surely. I think what it comes
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  Speaker 1: down to is that people don't want to invest in
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  Speaker 1: something that's relatively expensive and won't appreciate like land will,
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  Speaker 1: which makes you wonder who on earth we'll buy and
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  Speaker 1: live in all these one and two biddies popping up
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  Speaker 1: over town. For more from Early Edition with Ryan Bridge,
• 2:08
  Speaker 1: listen live to News Talk Set B from five am weekdays,
• 2:12
  Speaker 1: or follow the podcast on iHeartRadio