Where Have All the Off-Plan Projects Gone?

If you’ve been looking for quality off-plan developments lately, you’ll have noticed something strange. There aren’t many. Especially not the sort you actually want to own.

It’s not your imagination. The off-plan pipeline has dried up, and here’s why.

The Oversupply Hangover in Outer Auckland

Over the last few years, developers went hard in the fringe suburbs. Land was cheaper, buyers were desperate, and the build-to-sell model made sense while prices kept climbing. But then the music stopped.

Now we’re seeing a glut of completed or near-complete stock sitting unsold in the outer suburbs. Interest rates rose, affordability dropped, and the market turned. Many developers are stuck offloading existing units at a discount, or worse, sitting on mothballed stages.

Banks noticed. And just like that, finance for new projects all but vanished. Especially for large-scale builds in oversupplied zones.

So Why Aren’t We Seeing More Inner-City Projects?

Because they’re harder. Land is scarce. Consent takes longer. Build costs are higher. And unlike the cookie-cutter suburbs, these projects need real vision and real buyers who can see the long game.

But here’s the upside. While the outer belt is flooded, central Auckland has a shortage of new, high-quality, boutique developments. Especially those that offer something different - architectural design, resilience features, walkable amenity, long-term capital growth.

The smart developers see this. So do the cashed-up buyers.

A Golden Window

We’re in a rare moment. Construction costs have levelled off. Builders are chasing work. And well-located off-plan projects are few and far between.

That’s not a problem. It’s an opportunity. When there’s less competition, the right project stands out. Especially if it’s in a tightly held area like Ponsonby, Grey Lynn, or city-fringe spots where you’re not competing with dozens of lookalike builds.

If you’re looking to buy into something off-plan, don’t waste time chasing what isn’t there. Focus on quality. Focus on location. And most of all, focus on what the market will want in 18 months, not what it’s afraid of today.

Soak up the Surplus Stock

Some developers are discounting recent new build stock so why take the risk of off-plan if your ideal property is ready to occupy. This phase won't last for long.