New Zealand apartment and townhouse market continues to grow
The New Zealand apartment and townhouse market shows no sign of abating and is forecast to grow another 9.2 per cent next year, a sign that the Australian market could follow suit, new research from IBISWorld shows . Multi-unit apartment and townhouse construction will be fastest growing industry in New Zealand ahead of in-demand industries such as superannuation funds and aged care residential services . Apartment and townhouse prices will continue to grow 16.2 per cent a year until 2018 and then taper down to 2.3 per cent a year between 2018 and 2023. Driving this is strong population growth of more than 2 per cent, which is higher than Australia's, IBISWorld senior industry analyst Tommy Wu said. Australia's population is growing at 1.6 per cent at the end of 2016, according to the Australian Bureau of Statistics. "The New Zealand market has similarities with the Australian market. They both have low interest rates – which drive the demand – but the main reason Ne...