Historical media coverage, first shared in 2018. Figures and development plans below reflect the original reporting, not a current offer.
Source: The Press / Stuff — read the original article. The following is an excerpt from that coverage.
The inner city apartments were supposed to be new homes for trendy young things. But, heaven forbid, oldies are buying them up.
Developers and city planners envisaged a shift by young urban professionals into the city’s centre as new apartments came on stream.
But the buyers are just as likely to be the older generation.
Williams Corporation has sold three-quarters of its 39 one-bedroom units in its development, 420 Hagley Ave, overlooking Hagley Park. Their main buyers? Older Cantabrians keen to invest and downsize.
Starting at $375,000, the Hagley units are at the lower end of the new apartment market in Christchurch.
Williams’ managing director Matthew Horncastle said they were surprised their customers were significantly older than envisaged, as none of their marketing had been geared to that demographic.
“We truly thought our biggest market would be first home buyers.
“We have lots of Kiwis mum and dad investors that plan to retire there in five years. They say ‘I’ll buy it now because I know they’re never going to be cheaper. I’ll get a tenant in there then I know I have a place to retire in five years.”