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NORTH SHORE PROPERTY FOCUS JANUARY 2007

INTRODUCTION

North Shore City and the neighbouring district of Rodney are experiencing significant growth with 2006 Census results showing their populations to have grown by 12% and 16.5% respectively over the last five years, with the combined population now standing at 297,726.

The rapid population growth has been the result of migrants andNew Zealanders moving from other regions due to the employment and lifestyle opportunities the region offers. Proximity to Auckland City and an expanding local commercial and industrial base have increased the employment opportunities, while the region offers residents the choice of urban, coastal or rural environments.

Major infrastructure and development programmes are currently underway which will further enhance the region’s accessibility and economic growth. The Northern Busway which will run from Constellation Drive to the Harbour Bridge will be completed in 2008, greatly improving transport links to the Auckland CBD.

State Highway 1 is currently being extended northwards, with the Puhoi link due to be completed in mid 2009 reducing the travel time from the north of the Rodney district to Auckland and making further commercial development more financially attractive.

North Shore City’s commercial and retail base will expand considerably when the proposed Albany City project proceeds. The project master plan envisages up to 15 office blocks rising to 10 levels with employment for 15,000 people. Already underway isPhase 1 of the Westfield Shopping Mall which comprises 45,000m² of retail and entertainment space. When fully complete, the Mall will comprise 70,000 m².

The growing local economy and population has promoted rapid increases in the value of both residential and commercial property. While the national economy is forecast to slow over the next two years, the locational advantages of the north Auckland region along with the improvements to the infrastructure and proposed major developments have positioned the region well for further growth in the medium to long term.