CoreLogic says the apartment market is bouncing back, now tourists and international students are returning post-pandemic.
The property data company’s head of research Nick Goodall said the housing market appeared to be bottoming out, with values declining for the better part of two years.
However, Goodall said short-term accommodation, like apartments or Air BnB homes, seemed to be lifting a little faster than other parts of the market.
New visitors and international students were looking for options that were close to town and allowed for easy touring, he said.
Goodall also said putting newly built houses on Air BnB in the short time could be a way for a developer to ride out the drop in the housing market.
“With the rates you can charge for a short-term accommodation like AirBnB, it can certainly help out with that cash flow at tough times,” he said.
Goodall said it likely wouldn’t work as a long-term business model, however.
Stuff reported Williams Corporation had been putting townhouses from some of its developments across the motu on AirBnB during a down turn in the market since 2021.
CoreLogic was forecasting muted growth in the housing market as a whole, over the next year or so.
https://www.rnz.co.nz/news/business/496686/apartment-market-rising-as-international-students-return-corelogic Apartment market rising as international students return – CoreLogic