House sales soar

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The number of houses sold across Tauranga, Mount Maunganui and Papamoa rose more than 20 per cent last month, new figures reveal.

Real Estate Industry of New Zealand figures show sales volumes in Tauranga increased 22.8 per cent last month compared to the same time last year while in Mount Maunganui and Papamoa the numbers were up 25 per cent.

REINZ regional director Philip Searle said: "Sales volumes across the region continue to rise strongly with demand from Auckland investors being the most noticeable feature across the region.

"It seems clear that investors from Auckland are selling out of that market with its low yield and LVR restrictions and investing where yields are better and with fewer restrictions. The level of available listings is described as 'horrendously low' in the major cities, although smaller centres also have low levels of properties available for sale.

"The Halo Effect of rising median prices continues to spread from Auckland across the country, with record median prices in Waikato/Bay of Plenty, Wellington, Nelson/Marlborough, Canterbury/Westland, and extraordinary growth in Central Otago Lakes."

- Bay of Plenty Times

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