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Prices have gone up for apartments in a block behind Whangaparaoa New World, on Brightside Rd, long before they are even built.
Plans for the Ozone apartments were revealed in Hibiscus Matters six months ago, at which time prices for a two-bedroom apartment were in the $399,000 to $405,000 bracket.
Currently two-bedroom apartments cost $414,000 and this is expected to rise by a further $15,000 when 23 have been sold.
Project manager Rick Martin blames construction costs for the increases but says despite this, interest is high in the units with 10 already sold.
“Construction prices are running after the housing market and we think we’ve caught it in time, but it’s having a big impact,” Mr Martin says. “It is a compounding factor in the heat that’s being felt in the Auckland property market.
Construction costs have gone up a lot in the last six months.”
He says building work on the 40-apartment block is expected to begin at the start of the construction season, in October, depending on resource and building consents.
He says that the buildings will be within the 12m allowable height limit for the site.
