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Bayleys Total Property sale results

Bayleys sold $8.9 million of property at auction or shortly after on Wednesday, in its first Total Property offering of the year.


Of the 15 properties offered, 6 were sold under the hammer & 1 afterward, and 8 were passed in.


This article contains outcomes from the 24 March auction conducted by Bayleys Real Estate in Auckland & some earlier sales from the Total Property portfolio. A number of properties offered in the portfolio went to tender and details aren’t yet available. Sales agents are listed at the end of each item.


In the new-look Bob Dey Property Report, these transactions are dealt with in 2 ways. Auction results are listed below, but transactions will also be listed on their local neighbourhood page. So, for the first item on the list below, you will also find details under Propbd/Neighbourhoods/North Shore/Takapuna.


The neighbourhood pages are intended to build a picture of an area, while a large volume of transactions such as this can also be viewed under each agency’s page, as in Propbd/Organisations/Agency/Bayleys.


Auction outcomes:


Takapuna, 178-180 Hurstmere Rd, 567m² freehold site, estimated net rental $137,427 plus gst/year, sold for $2.008 million at a 6.4% yield after a long battle between 2 bidders. Stuart Bode & Bryan Harris.


Kingsland, 25-27 Sandringham Rd, 10 flats & 1 shop returning about $156,000 net, 668m² site zoned business 1, passed in at $1.785 million (8.74%). Price includes gst. Colin Stewart.


Three Kings, 509 Mt Albert Rd, D’zine Furniture premises, 790m² of showroom plus mezzanine on 1186m² site, sold for $945,000 at 7.2%. Mike Houlker & Sunil Bhana.


Kingsland, 353 New North Rd, freehold standalone 558m² building, 3 levels each of 186m², top floor vacant, on 401m² site, currently returning $53,0005/year net, sold for $903,000. Michael Grainger & Robert Platt.


Avondale, 24 Fremlin Place, high-stud warehouse, minimal office, dangerous goods store, 1177m² of building on 1787m² business 5 site, sold for $1.195 million. Mike Houlker & Sunil Bhana


Albany, unit X, Northridge Plaza, Don McKinnon Drive, 423m² Ed-ex Toys store in retail park, rent $131,719/year with CPI rent review structure, sold for $1.625 million at 8.1%.  James Chan & David Mayhew.


Manukau, Dalgety Drive, vacant high-stud 641m² warehouse with office, 1055m² fenced yard, sold for $505,000. Mike McLennan.


St Lukes, unit A, corner Sandringham & St Lukes Rds, 1410m² partly leased business 4 unit with 29 parking spaces, passed in at $1.33 million. James Chan & Johnathan Chang.


St Lukes, unit B, corner Sandringham & St Lukes Rds, the 173m² unit in the same building as the one above, fully leased to a gym at $23.111.11 plus gst/year, passed in at $310,000. James Chan & Johnathan Chang.


Eden Terrace, 41 Charlotte St, a 4-level mixed-use building in the business 4 zone, 966m² of offices, 32 parking spaces returning $159,565 plus gst/year, 252m² 3-bedroom penthouse apartment with 93m² of deck & 46m² of secure basement storage returning $41,600/year gross, passed in at $2.05 million. Colin Stewart & David O’Connell.


Whangarei, corner State Highway 1 & 211 Kamo Rd, prominent 1720m² site with vacant house containing 430m² on 2 floors, development options, passed in at $410,000. Ross Blomfield.


Papakura, 65 Hunua Rd, 3860m² industrial 4 building in 4 tenancies on 8461m² site, full drive-round access, rent $152,000/year net, passed in t $1.175 million. Dave Stanley.


Howick, 87 Picton St, 663m² retail & 112m² mezzanine space in 2 tenancies, ANZ Bank and Pakuranga & Howick Realty Ltd, business 2 site, rent $207,850 plus gst/year, passed in at $2 million. Mark Pittaway.


Whangarei, lot 2, Vinery Lane, vacant 2088m² freehold section ready for development with adjacent parcel also available, passed in. Ross Blomfield.


Taupo, 100 Horomatangi St, 1012m² corner site with 379m² building in 2 commercial tenancies, recently refurbished, passed in at $1.71 million. Gary Harwood.


Earlier Total Property transactions:


Glen Eden, multi-tenanted 692m² retail property – 2 roadfront buildings in the Glen Eden retail centre, 1 containing 3 tenancies and the other with 4 – returning $99,799/year net, was sold before auction for $1.28 million at 7.8%. Alan Hargreaves & Chris Upright.


Greenlane,  corner Great South & Market Rds, 3 buildings totalling 563m², containing the Hong Kong seafood restaurant, a herbal medicine business, a photo frame business (on monthly lease) & some vacant space available for retail & residential use, on 1138m² site, returning $117,660/year, was sold to a local Chinese buyer for $2.368 million at 4.97%. James Chan & Johnathan Chang.


Kohimarama, 42 & 44 Kohimarama Rd, 11 & 13 Taranaki Rd, residential 6A property, lots of 3065m², 3232m², 938m² & 959m², total 8194m², with a large home & large undeveloped open area, sold for an undisclosed price. Dinah Macky & Mike Houlker.


Outside Auckland:


Hamilton, 93 Grey St, 12 self-contained motel units plus manager’s unit, long-term lease in place, 770m² floor area on 2895m² site with further development potential, near Cobham Drive State Highway 1 bypass & Hamilton East shopping centre, returning $55,000 plus gst/year plus outgoings, sold for $760,000. Theo de Leeuw & Nick Dinan.


Rotorua, 1218-1226 Eruera St, The Mansions business centre retail & office property, 3 floors of 260m², ground floor of 506m² on 1012m² site, gross income $90,807 plus gts/year, net income $36,857 plus gst/year, passed in at $530,000 in mortgagee auction. Bill Wilson.


Rotorua, 1081 Hinemoa St, Pacioli House  2-level office building, 710m² net lettable area plus 17 parking spaces, occupied by accountancy firm Iles Casey, earning $135,000 plus gst/year, sold for $1.6 million at 8.4%. Bill Wilson.


Napier cbd, 116 Hastings St, 2-storey art deco building occupied by jewellers McClurg Ltd, 276m² total floorspace on 190m² site, returning $42,300 plus gst/year, sold for $600,000 at 7.05%. John Looney.


Napier, Onekawa, 24-26 Niven St & 5-9 Thorn Place, industrial complex occupied by Clark Products Ltd, showroom, offices & manufacturing/warehouse, 2528m² floor area on 5445m² in 2 sites, returning $125,000/year, sold for $1.29 million at 9.7%. Steve Glasspole & Eoin Carty.


Dunedin, 14-20 Dowling St, total 5445m² net lettable area including ex-Hallensteins NZ head office, which is a protected townscape & heritage structure, 3 retail & 8 commercial tenants in buildings of 3 & 4 storeys, returning $117,875 plus gst/year, passed in at $955,000 (at 12.3%). Alister Calvert.


Hirequip properties:


Queenstown, 50 Gorge Rd, 1 of 4 Hirequip NZ Ltd (formerly Southern Capital Ltd) properties to be sold, this one in Queenstown’s developing service & commercial precinct, 750m² of building on 2164m² site, lease for 1 year at $150,000 plus gst, was owned by a private investor and was sold for just over $2 million at 7.5%. Alister Calvert & Barry Robertson.


Wanaka, 42-44 Reece Crescent, Hirequip property, 500m² of building on 2020m² site, 9-year leaseback, returning $60,000 plus gst/year, sold to a private investor for $1.1 million at 5.45%. Alister Calvert & Mat Andrews.


Nelson, Stoke, Quarantine Rd, Hirequip property, 1200m² of building on 5904m² site, 9-year leaseback, returning $174,000, sold for $2.4 million at 7.23% along with the New Plymouth Hirequip property to a joint venture in which Hirequip director & shareholder Stuart McKinlay holds a 50% interest. Graeme & Tony Vining.


New Plymouth, Smart Rd, Hirequip property, 1300m² floor area on 4951m² site, 9-year leaseback, sold for $1.93 million at 8.7% with Hirequip’s Stoke property to a joint venture in which Hirequip director & shareholder Stuart McKinlay holds a 50% interest. Mark Gunning & Karl Cameron.

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CBD vacancy 11.95%, but prime below 7%

The overall vacancy rate in the central business district hit 11.95% in January, up from 10.1% 6 months earlier & 9.9% a year earlier, according to the January survey by Bayleys Research and Telfer Young Research, released this week.


The overall vacancy rate of what Bayleys calls metropolitan Auckland (the cbd, city fringe, southern corridor & North Shore) has risen from 10.7% a year ago to just over 11%


The cbd covers 57% of the metropolitan area’s 1.97 million m² of net lettable area.


The cbd, and education


The departure of accountancy firm KPMG from its Princes St headquarters to a new building on Viaduct Harbour was worth about 0.65% of the overall cbd vacancy rate.


Bayleys Research said it knew at the time of the survey that Fonterra had decided to lease the Princes St building to centralise its operations from around the country, but in the survey the building was marked as vacant.


Prime vacancy fell below 7% after the new KPMG building opened fully tenanted, and space in the PricewaterhouseCoopers Tower & Vero Centre was absorbed.


The education sector had held secondary office vacancy down, but the closure of some businesses & fall in foreign student numbers meant secondary vacancy rose.


The Bayleys/Telfer Young research showed space occupied by the education sector fell by 5200m², or 3.4%, in the second half of 2003 after absorbing 7500m² in the first half of 2003 & 30,000m² in 2002.


Half of the cbd’s education outlets are in the midtown (31%) & Symonds St (20%) precincts. The rest are spread through Downtown (15%) & Britomart (2%), Anzac Ave (14%), Upper Queen St & periphery (13%) and the western periphery (5%).


New Viaduct building fully committed


The Viaduct precinct has grown to just over 41,000m² of lowrise office space, of which 30,000m² has been built since 2000.


Accountancy firm KPMG & law firm Kensington Swan (which was briefly called KPMG Law) have taken all 8000m² in their new building on Viaduct Harbour Ave.


The precinct’s vacancy rate was 7.8% in January, according to the Bayleys/Telfer Young research.


Vodafone’s 14,000m² premises next door should be completed by September and developer Newcrest Holdings Ltd (Tim Dromgool & Allan Fraser) have another 6-storey building containing 10,500m² of net lettable area (plus basement parking) on the drawing board for the adjoining site.


The outlook


Bayleys Research, headed by Gerald Rundle, said significant amounts of new space had hit the market over the past 3 years, but vacancy rates generally were healthy. However, more construction is under way.


Vacancy on the North Shore fell from nearly 11% last year to 7%, and vacancy in the southern corridor fell from nearly 20% to 7%. The city fringe has been stable with vacancy around 10%. Manukau (including retail) vacancy is about 6%.


Vodafone will centralise from Pitt & Symonds Sts and College Hill at the end of this year.


Manson Developments Ltd (Ted Manson) should have its Northern Roller Mill development complete by early 2005. Law firm Simpson Grierson will move from its Finance Centre building on Albert St into 7695m² of the 18,000m² being built by Manson.


Bayleys Research said the latest survey indicated the education sector might no longer hold the key to absorption of secondary office space, but it was too soon to accurately assess the true condition of the sector.


The sector would need better marketing to counteract competition for foreign students, it said.


Website: Bayleys


 

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City fringe vacancy down slightly to 9.7%

City fringe office growth slowed in 2003, and the net amount of office space fell for the first time since 1997 after transfer to the apartment sector.


Bayleys Research said in its annual January survey of the market, released this week, the net effect of transfers out of secondary space into new A grade space, the addition of some uncommitted new space, demolitions to make way for apartments & sale for conversion to apartments was that the overall fringe office vacancy rate was slightly down on the previous 2 years at 9.7%.


“While a number of new office developments did come on line during 2003, the amount of new space added was well below levels of preceding years.


“However, this slowdown will be short-lived as the city fringe is set for another wave of strong growth, with a number of new developments planned or under construction,” Bayleys Research, headed by Gerald Rundle, said in the latest report.


Bayleys includes 5 localities in its definition of the city fringe office market – Parnell, Grafton, Newmarket, College Hill & Newton.


In those areas, it said only 3.5% of A grade space was vacant, 11% of B-C grades was vacant & more than 27% of D grade was vacant. That’s after the researchers removed a number of mostly redundant vacant properties from the inventory.


Newmarket


Newmarket led fringe growth from 200-02 as Symphony Group Ltd redeveloped the Abels site on Carlton Gore Rd, but the only notable addition last year was Marac House, occupied by Marac Finance, on the corner of Gillies Ave & Teed St.


The development slowdown allowed the leasing market to catch up.


Bayleys said Newmarket’s overall vacancy fell 4 points to 5.7% in a year, its second-lowest level since 1997, but construction of another 16,000m² in several buildings would test the vacancy level.


Existing Newmarket businesses had shown a high level of precommitment to this new space.


Among developments:

ANZ Bank will move from its Broadway premises to a new ANZ House being built on Carlton Gore Rd
A 4-level building is being erected at 139 Carlton Gore Rd
A 7-level building is under construction at the corner of Khyber Pass Rd & Kingdon St.

Newton


Vacancy remains around 8%. Main occupants remain businesses in communications, marketing & media and travel.


College Hill


College Hill’s office vacancy rate has see-sawed, from 8% in 2002 to 11% in 2003, back below 10% in January 2004.


The main reason for an improvement was the removal of just over 7000m² of redundant space for apartment conversions.


Grafton


The Grafton Gully motorway project has been under way for the past year and has had a major impact on leasing.


Grafton’s vacancy rate hit 15.5%, but Bayleys said completion of the roading network would position Grafton better. Health-related businesses wanting to be near Auckland Hospital led 2003 leasing, and Bayleys Research understands more health-related businesses plan moving to move there.


Parnell


Parnell’s vacancy rate rose 4 points in a year to just under 11%. Bayleys Research said its small office area made it more sensitive to change.


Tenancy sectors


Leading fringe office tenants are in the marketing & media, communications and information technology sectors. The space occupied by the education sector fell by just over 11%.


Bayleys Research said local opportunists in the education sector faced difficulties, but larger experienced offshore companies were playing a bigger role in the education market, so it was too early to gauge the full extent of the sector’s downturn.


Website: Bayleys


 

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Southern corridor vacancy below 7%

Southern corridor vacancy has dropped below 7%, Bayleys Research said in its report out this week on the Auckland city fringe & southern corridor office markets.


 


The drop in southern corridor vacancy was a big turnaround from last year, when Manson Developments Ltd (Ted Manson) had just completed the Meridian Centre and it was still 87% empty. The precinct’s vacancy rate then was about 20%.


 


Now the 9200m² development is fully leased, with tenants such as Mainland Products Ltd, the Ministry of Social Development and Courts Department all committed to long leases. Avanti Finance, which moved locally, has naming rights.


 


2 investment syndicates recently bought the centre for $26.7 million on a 9% yield.


 


Manson has now begun building Trinity Park, 20,000m² of office space in a 3-building office park on the former Daihatsu site on Great South Rd, Greenlane.


 


Other developments include:


 

205 Great South Rd, 3190m² in a 4-level retail & office building
666 Great South Rd (Central Park), Macquarie Goodman Industrial Trust has a 4-level addition planned for Central Park, each floor with 2000m² floorplates
Ascot office park (Ellerslie racecourse), a 5-level building with 8600m² of office space on 3 levels and 2 parking floors is planned beside the Ibis hotel.

 Tenancy sectors


 


Tenants in the finance sector have become the biggest occupancy group in the southern corridor, followed by Government, pushing information technology back from first to third. Health is the fourth-biggest sector and property fifth.


 


Bayleys Research noted that, as well as strong growth in development & tenanting of new buildings, other office grades were also enjoying increasing occupancy, indicating a wider spectrum of office users had chosen the corridor as a business location.


 


Website: Bayleys

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Horwath Asia Pacific produces first comprehensive hotel & tourism outlook

Horwath Asia Pacific Ltd (Terry Ngan & Stephen Hamilton) has issued its first comprehensive Hotel Tourism & Leisure Outlook with a wide range of discussion topics.


Subjects include domestic & international visitor trends, public sector investment in new event venues & facilities, hotel profitability & investment, strata title hotels, asset management and regional tourism product development.


The report says the tourism industry is poised for more strong growth over the next 2 years because overseas visitor numbers are forecast to rise by 5.7%/year, reaching 3 million in 2009, and because airline seat capacity has greatly increased.


Horwath Asia Pacific said the 3 million forecast might be exceeded slightly because of the competitive airfare structures now prevalent both domestically & internationally, the greater seat capacity and New Zealand’s high profile.


“This forecast growth should improve industry profitability, encourage further asset refurbishment & upgrading, prompt new product development & service delivery improvements, and increase sales & marketing activity.”


The report said an increase in sales & marketing was vital to lever off the $A20 million the Australian Tourism Commission is investing to address the 1.3% decline in overseas visitors Australia has experienced in the past 2 years.


While hoteliers can be expected to complain that a high $NZ will hold overseas tourists back, Horwath Asia Pacific argued that it also meant they could spend more on overseas marketing.


The report said New Zealand was increasingly being positioned as a high-yielding niche destination, but premium pricing & value depended on continuous improvement in delivering visitors both a unique & world-class experience.


Horwath Asia Pacific said hotels in most centres should achieve occupancy & room rate increases this year & next as demand exceeds the growth in supply. Auckland, Rotorua, Christchurch & Queenstown each have a new hotel being built. Wellington might prove the exception to the growth in returns scenario, with 300 strata title & other hotel rooms in 3 projects under construction & due for completion in 2005.


The report said the growth rate of strata-titled hotels had slowed in most centres and developers were increasingly introducing income-pooling for investors.


“Guarantee periods are becoming shorter & guarantee levels lower than in the past,” the report said.


Strata-titling was the most significant change in hotel investment in recent years, boosted by the promotion of initial guaranteed returns which proved to be far higher than real market returns. In the past 6 years, 54% of hotel rooms developed or sold were strata investments, worth a total $400 million. In the previous 4 years strata investments were worth $340 million and made up 34% of hotel offerings, and before 1994 they didn’t feature.


The full outlook report is on  Horwath Asia Pacific’s website.

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New retail category beats malls & bulk

New retail category beats malls & bulk


The Property Council has introduced a new retail category to its 6-monthly performance index, and it’s rated very highly.


The new category isn’t new at all – it’s the traditional shopping strip’s specialist retailers and small malls, called “other retail” – but Property Council calculations of the retail industry only took account of large shopping centres until June 2002, when bulk retail was introduced to the index.


“Other retail” has come along for its first survey and beaten the other retail categories by a sizeable margin, giving a capital return of 6.28%, income return of 9.38% & total return of 16.09% for the year.


Auckland bulk retail scored a 4.03% capital return, 9.86% income return & 14.18% total return.


NZ shopping centres scored a 2.1% capital return, 9.03% income return & 11.27% total return.


Across all sectors, the capital return was 1.3%, income return 9.3% & total return 10.69%.


Full Property Council performance index returns for 2003:


                                   Year Ending Dec 03        Year Ending Dec 02


Total %

Capital %

Income %

Total %

Capital %

Income %


NZ composite property

10.69

1.3

9.3

9.86

0.22

9.62


NZ CBD office

9.96

0.78

9.12

7.93

-1.53

9.57


Auckland CBD office

8.33

-0.17

8.51

6.43

-2.04

8.6


Wellington CBD office

12.95

2.6

10.16

10.31

-0.78

11.15


NZ non-CBD office

9.71

0.47

9.21

7.57

-1.6

9.28


Auckland non-CBD office

10.12

1.16

8.88

6.8

-1.77

8.69


NZ industrial

11.1

1.1

9.93

11.17

0.91

10.19


Auckland industrial

10.93

0.88

9.98

11.11

0.89

10.15


Christchurch industrial

17.12

7.09

9.54

10.21

0.11

10.09


NZ retail

12.23

2.73

9.31

11.28

1.64

9.53


NZ shopping centres

11.27

2.1

9.03

10.84

1.42

9.33


NZ bulk retail

15.53

4.88

10.28

12.85

2.44

10.23


Auckland bulk retail

14.18

4.03

9.86

13.59

3.58

9.75


NZ other retail

16.09

6.28

9.38

NA

NA

NA

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Short-term stays rise 9%

Short-term accommodation use rose 9% in January to 3.8 million nights, the highest monthly total since Statistics NZ began its accommodation survey in July 1996. Otago’s rise was the highest, 22%. International visitors accounted for 1.4 million guest nights, up 24%.

There were some significant gains. Hotels & resorts improved from 50.1% to 58.1% January occupancy. The peaks for the year in that accommodation category were February at 66.8% and November at 65.8%.

Over the whole accommodation market with the exception of the backpackers/hostels segment, a low level of capacity increase was matched by solid rises in guest nights. The total occupancy rate (excluding caravan parks & camping grounds) rose from 54.7% to 59.5%, on capacity up 3.7% and guest nights up 13.3%.

Hotel/resort capacity rose only 2.4%, but guest nights rose 20.9%, with the average stay steady at 1.7.

Motels, motor inns & apartments increased occupancy from 58.9% to 63.9% on capacity up 1.8% and guest nights up 9.3%.

The backpacker & hostel market was the tightest, with a 6% increase in establishments, capacity up 9.4% and guest nights rising only slightly more, by 9.8%. Occupancy fell from 59.8% % to 59.5%.

In the camping/caravan segment, the number of establishments fell 1.6% to 424, capacity fell 2.5% and guest nights rose 1.9%. The net effect of those changes was a rise in occupancy from 31.3% to 32.5%.

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Office capital returns get closer to positive

Industrial & retail continue to outperform office

Office property got closer to positive capital returns in the March 2003 year while the total return on the Property Council’s composite property index rose from 7.74% to 9.51%.

Industrial and retail property continued to outperform office, New Zealand bulk retail showing a 14.2% total return and industrial an 11.11% total return.

Capital returns remained negative across the whole office sector and income returns were lower. The Auckland central business district capital return improved from negative 4.9% to negative 1.11%. The income return fell from 8.98% to 8.4%, but the total return rose from 3.75% to 7.22%.

Wellington’s cbd office capital return improved from negative 1.96% to negative 0.73%, the income return fell from 11.7% to 10.69% and the total return improved from 9.57% to 9.9%.

The Auckland non-cbd office capital return improved from negative 2.63% to negative 0.74%, the income return fell from 9.43% to 8.54%, and the total return rose from 6.61% to 7.75%.

Auckland industrial property showed a 0.9% capital return, income 10.14%, total return 11.11%. Christchurch showed a 0.52% capital return, compared to a negative 0.85% the previous year, a 10.1% income return & 10.65% total return.

Shopping centres moved from a 0.91% negative capital return to 0.8% positive, improved from 8.57% to 9.19% income return and showed a 10.05% total return, up from 7.61%.

Auckland bulk retail improved from a 2.4% capital return to 3.24%, fell from a 10.11% income return to 9.79% and improved from a 12.68% total return to 13.26%.

Wellington industrial and Christchurch cbd office results weren’t reported because the sample size was too small.

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Barfoot says house & rental markets stabilised in May

Increased listings cut rental average

Barfoot & Thompson said its latest monthly figures indicated house prices had stabilised.

The average house price fell $45,000 from April to May, from $398,650 to $353,403. Director Peter Thompson attributed the high April average to a disproportionate number of high-value sales.

“During April 39% of the properties we sold were over the $500,000 mark, which drove the figures up to an unrealistic average house price. The sales figures from May saw the average price return to a more realistic figure in line with the previous 3 months.” 33% of unconditional sales in May were for more than $500,000.

Mr Thompson said the rental market has also stabilised, as the average weekly rental fell from $340 to $328.

“The key factor in the stabilisation of the average rental price is the number of houses & units we have available to let to tenants. In May the figure returned to 719 properties, up from 617 in April.”

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22% rise in families, 26% rise in households projected

Couples without children soon the most common family type

Statistics NZ issued a stack of projections on families & households on Monday – the kind of information that can send you bonkers as you try to work out what kind of housing might be needed over the next 2 decades.

The projections through to 2021 (from 2001) showed a 22% increase in family numbers, by 230,000 to 1.28 million. Over the same period, the number of households is projected to rise 26%, by 380,000 to 1.82 million.

When Statistics NZ refers to a family, it means a couple, with or without child(ren), or 1 parent with child(ren), usually living together in a household. A household consists of either 1 person usually living alone, or 2 or more people usually living together & sharing facilities, in a private dwelling.

Families consisting of couples without children are expected to become the most common family type from 2006, surpassing 2-parent families, rising by 207,000, or 51%, to 614,000.

Couple without children families are expected to number 614,000 in 2021 compared with 407,000 in 2001, an increase of 207,000 or 51 percent.

1-parent families are projected to rise by 53,000, or 27%, to 251,000.

2-parent families are expected to decline,
by 28,000 or 6.3%, to 418,000. Statistics NZ said these changes would reflect a continuation of recent trends of lower birth rates, more single parenting & general ageing of the population.

General ageing will be the primary reason for a projected 45% increase in 1-person households, by 149,000 to 482,000.

Website: Statistics NZ

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