House prices in Tauranga South are so hot right now they'd melt the iceberg that sunk the Titanic.
Valuation and data service Myvalocity's latest property trend report shows Tauranga South is the hottest suburb in town with house prices experiencing 34.8 per cent year on year growth.
Tauranga median house price is the second highest in the country with properties selling for an average price of $550,000. Photo: File
Rounding out the top five hottest Tauranga suburbs are Pyes Pa in second with 28.7 per cent YoY growth, Papamoa Beach in third with 25.1 per cent, Otumoetai in fourth with 27.7 per cent and Gate Pa in fifth with 24.1 per cent.
Myvalocity founder Carmen Vicelich says over the past year Tauranga has experienced strong growth with an increase in median sales price of 28.5 per cent.
'Tauranga is seen as a more affordable place to purchase property with an average sale price of $550,000,” she says in a statement released to SunLive.
A number factors are driving this increase, says Carmen, including the flow on effect from the Auckland property market, confidence in low interest rates, and a lack of supply – even though new building consents are up 9 per cent.
'Demand is strong for properties under $400,000 however the greatest volume of sales are of properties ranging in price from $400,000 to $900,000 which accounts for nearly 75 per cent of the market.”
The largest number of sales were for houses costing $400k-$500k, which made up 19.8 per cent of all sales and accounted for 20.3 per cent of the Tauranga's total housing stock.
While at the upper and lower end of prices, houses under $300k accounted for 3.2 per cent of all sales and 1.6 per cent of housing stock, while house over $1 million accounted for 4.4 per cent of sales and 6.9 per cent of housing stock.
Since August 2014, Tauranga's median price has increased by from $400k to $550k in May 2016. Over the same period, the national median price has increased from $440k to $485k.
Nationally, Auckland has the highest median house price with $802k (9.1 per cent YoY change), Tauranga is second with $550k (28.5 per cent) while Hamilton comes in third with $480k (30.6 per cent – the highest change of New Zealand six major cities).
TAURANGA's HOTTEST SUBURBS:
Suburb |
YoY Growth |
Tauranga South |
34.8% |
Pyes Pa |
28.7% |
Papamoa Beach |
25.1% |
Otumoetai |
24.7% |
Gate Pa |
24.1% |
Ohauiti |
22.8% |
Brookfield |
21.9% |
Welcome Bay |
20.7& |
Greerton |
19.5% |
Bellevue |
19.2% |
1 comment
yay
Posted on 11-07-2016 16:22 | By lpm67
We're putting our house on the market in August and it'll be under $400k and with new kitchen and bathroom. We should get a good quick sale.
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