Ryan Bridge: Why aren't people buying apartments?

I was driving through a street just out of Auckland’s CBD yesterday and saw all these apartments for sale. New buildings. Many looked empty. Loads of 'for sale' signs.  Why don't people want to buy them? Is it the price?  Some older 70s brick and tile types close the city are apparently selling in the $400 thousands. Newer ones seem to run more, depending on location. Wellington has a few steals at the moment. But again, not many interested buyers. Is it the economy? Is it the annoying body corporate fees? Is it the leaky building memories? The fact you can’t swing a cat in most of the living rooms? Having to see your neighbours in the lift? Are they poorly designed and made? Perhaps they overheat in summer?  Or is it just that we still want a stand-alone house with a backyard?  We just hate apartments? The Government yesterday just announced a 23% reduction in new homes for Auckland as part of changes, but we are still getting 1.6m new homes. And many of them will be apartments.  My question is, will any of them sell? There’s an entire block in Auckland, newly built by a developer, that had to be rented because they wouldn’t sell. A recent housing survey found 80% of people would consider living in a standalone house. 69% a townhouse. An apartment? One third. I get it, ideally, we all want space and gardens and lawns to mow. But if we can’t get that and want somewhere to live, why aren’t we buying apartments? Especially young people, who apparently don’t mind high-rise living as much. We can’t be that dissimilar to the rest of the world, surely? I think what it comes down to is that people don’t want to invest in something that’s relatively expensive vs. income, doesn’t appreciate like land, and may not sell quickly if you need to get rid of it. Which makes you wonder who’s going to buy and live in all these one and two-beddy’s going up all over town. See omnystudio.com/listener for privacy information.