Real estate agents catch Cup fever
While a win is not yet in the bag, real estate agents are already talking up the benefits of an America’s Cup property boom.
Harcourts agent Paul Hebditch is already showing potential buyers a mockup of the race could look like (see picture).
He says while his listing is a bit tongue in cheek, there was a rise in house prices, especially for coastal property outside Auckland the last America’s Cup was held in New Zealand.
“There was a lot of activity and a spike in property prices when the around that time.”
New Zealand Property Investors Federation president Andrew King says cup views could sell properties.
“For those that are buying something which looks out over the water is a huge selling point - but not as an investment property.
“Properties which look out over the water don’t get a very good yield so don’t stack up.”
Mr King says it is far to early to tell New Zealand has not yet brought home the Auld mug - and it is undetermined where the course will be held.
“If anything there could be long term benefit from investors because if it is held here it will showcase the beauty of New Zealand.”
Property commentator Alistair Helm says agents suggesting a property boom are somewhat optimistic, although a cup win would have a positive affect.
“Overall there is potential for it to have affect but it would not be enormous, who know what the market will be like in three years?”
Mr Helm says last time the cup was held in New Zealand there was a lot of demand for high-end property in rentals and to buy.
“It’s a great sporting event because it runs for such a long time and attracts high net worth groups.”