Prospects lift for Rotorua
A surge in sales is being heralded as a sign of brighter prospects for the Rotorua property market.
Monday, December 1st 2014, 12:00AM
by The Landlord
The latest statistics from the Real Estate Institute show the city had 96 sales in October, the second-highest number since June 2009.
Compared to September, that was a 29% increase in turnover. It was also up almost 15% on the same time the year before.
Its median price of $275,000 was up $20,000 on October 2013.
REINZ representative Ian McDowell said the city had been quiet for the past six years but things were starting to move.
“There seems to be a lot more inquiry coming from outside Rotorua. We’re still getting a number of investors but also people moving into Rotorua.”
He said his office of the Professionals network had recorded 57% sales to out-of-towners over the past two months.
“We’ve even had people who work in Tauranga buying in Rotorua because it’s cheaper, then they’ll commute to Tauranga. For a long time it’s been the other way around, people have bought a house at the beach to retire.”
The wider Bay of Plenty region was also buoyant. Tauranga had an increase in sales of 27% and the eastern Bay of Plenty an increase of 30%..
The median price across the region increased $8250 (+2.5%) compared to September with prices increasing 36% in Gisborne and9.7% in Taupo. Prices also increased by 3% in Tauranga. Compared to October 2013 the median price rose by $6,750 (+2%) with prices rising 29% in Gisborne, 8% in Rotorua and 6% in Tauranga.
| « Mixed bag for regional performance | Priciest homes sell as first-time buyers squeezed out » |
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