Tauranga sunshine brings more houses to the market
Figures released by Reinz highlight a record median price of $667,500 for Tauranga in October a $7500 increase on the last record set in May this year.
Dee Croocks, head of communications at Reinz said the record price came from sales in Mount Maunganui and Pāpāmoa. Crook told that we have seen an 18.8 per cent, year-on-year increase to $683,000 in terms of price for the Mount and Papamoa while Otumoetai and Pyes Pa are actually down 3.6 per cent for the same period.
While prices have increased, the volume of properties sold has decrased from 243 in October 2017 to 192 in October 2018.
Simon Anderson chief executive of Realty Group which operates Eves and Bayleys said sales of high-value homes in Mount Maunganui and Pāpāmoa impacted the record median. “On the other side of the bridge first time home buyers have taken advantage of the supply,” Anderson added.
Ray White Realty Focus in Mount Maunganui and Papamoa franchise owner Greg Purcell agreed the beach “side of the city” was going pretty well. “I think, in terms of the Mount, it’s very much supply and demand,” Purcell said. “As the city gets bigger there are parts of it that simply cannot grow any more despite the demand remaining. The Mount falls into the category. He said October and March traditionally saw more stock come to the market but that had not happened this year. “There’s not a lot of properties for people to sell and move to so it’s a catch 22 situation.”