Demand for Matua homes heats up

The view from Fergusson Park at Matua.

Matua and other waterfront locations have become hot property, according to the latest QV figures released today.

Tauranga real estate authorities have shown there is more confidence in property since this year's general election last month.

The September QV Residential Price Movement Index shows that home values in Tauranga City remained stable with a 0 per cent change over the past three months and but a 4.5 per cent increase year on year.

Values in the Western Bay of Plenty increased 0.4 per cent over the past three months and are 2.1 per cent higher than in they were this time last year.

QV Registered Valuer Mairi Macdonald said, "There's increasing interest from first home buyers as banks relax lending criteria and increase flexibility and there's also increased confidence in market since the election now that the result has created certainty."

"There has been increasing demand in the top end of market with multiple sales occurred over $1 million in past couple of months in the suburb of Matua and other water front locations."

"Spring has seen an increase in property stock across all sectors of the market and there has been continued migration from Auckland and Christchurch."

"House and land packages are popular with all levels of buyers particularly with first home buyers as they only need a 10 per cent deposit for a new build. They are also popular with investors and retirees particularly in Papamoa and Pyes Pa.

"Investors are active across the city looking for well prices properties."

"Home values in the Western Bay of Plenty are stable however sales in Omokoroa continue to show an increase above what other towns in Western Bay of Plenty and more in line with Tauranga which is why the district shows an increase."

"Home values in other towns like Te Puke and Katikati are not really seeing much movement in values and there is limited sales activity."