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retirement apartments hit an average sale price of $1m

The average sale price of Oceania Healthcare's retirement apartments has hit an eye-watering $1 million.

That was revealed when the company released its annual result for the year till the end of May 2019 and posted a $45.4m profit after tax.

The aged care provider is in the midst of a multi-million dollar modernisation and construction programme decommissioning older units and rooms and redeveloping and expanding its aged care and retirement villages throughout New Zealand.

Oceania said its $1m average apartment sale price for New Zealand resulted from higher prices for new apartments in Auckland at The Sands and the Meadowbank aged care and retirement complexes located in high-value suburbs.

The Sands is on the waterfront in the pricey Auckland suburb of Browns Bay and Meadowbank similarly is a leafy suburb neighbouring upmarket Remuera.

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