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Home / Rotorua Daily Post

City property market booms

Rotorua Daily Post
10 Sep, 2015 09:52 PM3 mins to read

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Andrew Devine's home was snapped up in less than a week. Photo / Ben Fraser

Andrew Devine's home was snapped up in less than a week. Photo / Ben Fraser

Rotorua properties are selling fast, with figures for August sales revealing more than double the number sold compared to August last year.

According to REINZ data there were 155 sales in August, compared with 71 for August last year, with Rotorua outranking other similarly size cities.

Tauranga City, which does not include Mount Maunganui and Papamoa, recorded 153 sales, Napier had 128 sales.

There were 83 sales in Nelson and 75 in New Plymouth.

Andrew Devine was one of those who sold a house in quick time. His house on Otonga Rd sold within five days of being listed.

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"It was awesome," he said.

"It was good not having to sit around and wait for things to happen. I thought it might take a month or two. To sell in under a week was fantastic and it went for more than what I thought."

He said the property market at the moment was "pretty hot".

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"Every other day we'd have a different agent dropping their leaflet in our mailbox."

One homeowner, who did not want to be named, said he was surprised at how quickly his Lynmore home sold in August.

"We knew it would sell becauseit was in a good area, but not as quickly as it did," said the man, who has since moved out of the region.

"We had planned for an auction a month out but it sold within two-and-a-half weeks. It was a big weight off our shoulders.We're pleased it sold as fast as it did."

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Ray White Rotorua co-owner Anita Martelli said it was the best month she had seen in her 10 years in real estate.

"I've not seen the market like this," she said.

"It's good for Rotorua. It shows that people are seeing what great value we have here.

"Now we're trying to get the stock. People are wanting to move here but getting the stock is getting hard.

"We've got the buyers."

Ross Stanway, chief executive of Realty Services, which operates Eves and Bayleys Real Estate, said they had noticed an increased demand throughout the Bay of Plenty.

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"Rotorua is featuring in that and that's down to recognition there's really good value for money," he said.

"There's definitely some of the Auckland effect that has been publicised.

"That's featuring in terms of shorter days on the market and we're seeing that in our operation. That's a great boost for Rotorua."

McDowell Professionals sales manager Phil Hereford said August had been a strong month "both for the company and the city".

"It's a huge jump from July and long may it continue."

What do you think?
Comment below or email editor@dailypost.co.nz, write a letter to PO Box 1442, Rotorua or text OP (message) to 021 242 4568.

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