When we finally get around to looking for an apartment to buy in Wellington we'll have to pay careful attention not only to the condition and safety of the building but also to government and council earthquake safety ratings and other regulations. These can change so a bit of professional advice will be needed.
Here's an example of what can go wrong: EGMONT STREET
In 2020 we took a lease on an apartment in that Egmont Street building. The apartment and the building seemed strong despite the earthquake warning notice posted on the front door. I feel sorry for the owners who have had to go for years now with uncertainty and changing requirements not to mention the financial penalties.
I've noticed from a quick look at Wellington apartments for sale that the body corporation or bodycorp rates differ wildly. We've owned apartments before in Auckland and are familiar with bodycorp arrangements. The different yearly costs have mostly been linked to the value of the apartment. In Wellington it seems that bodycorp costs differ mainly due to the earthquake safety rating of the building. It's the insurance cost that makes up the bulk of the costs. Instead of the $4k to $7k per yer that we've been used to, in Wellington yearly bodycorp costs can vary between $10k and $30k!
We like older buildings and houses and the 1920s, 30s and 40s styles in Oriental Bay appeal. What won't appeal though is buying something that is unsafe or likely to bring with it a whopping great refurbishment bill further down the track - on top of ridiculously high bodycorp rates. Buying into a new, earthquake strengthened building is probably more sensible. That, or buying a townhouse without any bodycorp arrangements.