Posted by David Thornton on
The popularity of New Zealand as an international destination, and in particular its major city, Auckland, has built up tremendous pressure on the city’s accommodation stock.
To meet current and future demand a record number of new hotels are either planned or under construction to provide for this much needed accommodation.
A recent market analysis stated, "Despite Auckland’s large hotel inventory, strong growth across all of Auckland key tourism segments has resulted in a critical shortage of hotel rooms during peak periods and consistently high levels of demand outside these periods".
Visitors have a wide range of options in hotels, B&Bs, rental apartments, serviced apartments, right down to camping grounds, backpacker lodges, and, of course, family accommodation.
In addition to visitor accommodation Auckland city is also expanding its residential stock with several new apartment blocks under construction to meet a growing population and a shift to renting as opposed to owning.
As in most major cities, house prices have been climbing which has led to an increase in investment in the apartment market to cater for a growing demand for rental properties. Rents are also rising as rental properties are snapped up by both owner-occupiers and investors.
Auckland is a vibrant, multicultural city and is attracting record numbers of visitors and new residents, and, with strong economic growth, is proving very attractive to property investors.