The detail of retail
It sometimes takes a while for retailers to catch on to the fact that their suburb has changed in nature and is showing distinct signs of becoming trendy. Those tyre yards and grubby lunch bars have a habit of sticking around far longer than they have a right to, even when it’s obvious to every one of their well-heeled new residents that the place is screaming out for a Nosh deli and a decent GPK.
Mount Albert is a typical case in point – it’s an easy commute into Auckland’s CBD, has some lovely tree lined streets and some beautiful character homes. It is increasingly attracting professional families. It also has one of the most dire shopping strips imaginable, all graffiti and cheap Chinese takeaways. This is a neighbourhood that has all the hallmarks of being the next Mount Eden but hangs on doggedly to its grunge roots. This frustrates new residents that recognise the neighbourhood’s potential and exasperates local real estate agents who realise that a dingy retail scene does nothing to support their enthusiasm for higher asking prices.
If you are a buyer facing this environment there are a couple of things to remember:
It won’t happen overnight – but it will happen
Retail is the purest expression of the market economy, it might take a year or two to react to the changing complexion of a suburb but it will react. When it does house prices will rocket and you will have made a killing.
Mallrats r’ us
Like it or not the future of retail in NZ is likely to be in purpose-built centralised facilities. Local, high street shopping will increasingly be limited to convenience stores, eateries and the like. People will not consider the lack of a local bustling retail scene to be a negative house buying omen.
Learn to embrace shabby-chic
Is that smelly cafe and musty used bookshop really so bad? Sure you might have to get into the car for your weekly foi gras fix but some of these local shops are full of eccentricity and character. You might miss them when they are replaced by sterile franchises. Enjoy them – and their idiosyncrasies’ – while you can.
