Average house price more than $700k

The average house price in Tauranga is now more than $700,000. File photo.

The average house value in Tauranga has now ticked over $700,000 and is sitting at $706,825, according to the latest QV report.

Tauranga home values have risen 4.9 per cent year on year and 2.8 per cent over the past three months.

The Western Bay of Plenty market rose seven per cent year on year but dropped back 0.6 per cent over the past three months. The average value in the district is now $622,227.

'With such a great summer, activity in the market was slow initially to take off after the holiday period,” says QV Tauranga senior consultant David Hume.

'However, during February the market has shown good activity, with reports of properties with little interest in late stages of 2017, now getting multi offers. The easing of the loan to value restrictions has helped market activity as have low interest rates and the strong regional economy here.”

He says stock levels in the Mount Manganui area are very low, with the top end of the market there remaining very strong and a substantial amount of building activity happening at present.

'The Western Bay of Plenty market is also still seeing plenty of activity with Te Puke housing in demand off the back of the kiwifruit market achieving record highs.”

He says buyers in Te Puke include those priced out of the Mount and Papamoa looking for bigger houses out of the city, while the new highway has made commuting easier.

'It seems Tauranga has now grown from a town to a city and along with this we are seeing that school zoning is also becoming more important with more traffic meaning the desire to be closer to schools has become far more prominent.

'Schools zones like Mount Maunganui, Omanu and Bethlehem are commanding huge prices an example of this is sections in Bethlehem that were selling for $500,000 near Bethlehem College are now fetching around $850,000.”

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1 comment

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Posted on 07-03-2018 13:10 | By Anton

Let in more immigrants and it will be $1 million soon.


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