Tremains director of projects and marketing Richard Graham. Photo / Supplied
The two-bedroom townhouses were ideal for first-home buyers and professionals, teachers, hospital workers and students in the area or property investors, he said.
"The price point also helps. We're inviting inquiries over $690,000. I think it is a price point that will suit a lot of people."
Figures from the Real Estate Institute of New Zealand showed the latest median house price for two-bedroom homes in Greerton was $530,000 - up from $488,000 a year ago.
Greerton's median house price for all homes in the year to March was $610,000 compared to $800,000 for Tauranga City.
An artist's impression of The Stables. Photo / Supplied
The smaller 70sq m townhouses feature open plan ground floor living with courtyards and allocated parking, with two double bedrooms and a bathroom upstairs. With the housing demand and shortage of stock, Graham said it was good to have affordable options for those struggling to get into the market.
"We're really excited about this project."
Developer and TYBI director Shannon Moyle said he bought the 2400sq m site earlier this year in a bid to make a more affordable price-point for buyers in the area.
Moyle said he was working within the council's new plans for higher-density housing to be able to achieve that.
An artist's impression of The Stables. Photo / Supplied
He put the demand down to the region's housing shortage and buying off the plans becoming more popular.
Greerton Village Community Association manager Sally Benning said more housing was needed in the area.
"Opposite the racecourse, not on it will be a big plus," she said.
"I would think it will be a plus as more locals should equate to more local shopping."
'Part of Tauranga's growth'
Meanwhile, all 23 luxury townhouses making up a new residential development at Mount Maunganui have sold off the plans.
Bask, a residential development on the corner of Maranui St and Oceanbeach Rd, features 23 townhouses that had now all sold. Fifty per cent of the development had sold by September last year.
Hayden Duncan, of New Zealand Sotheby's International Realty, said the Mount development had "hundreds and hundreds" of inquiries from locals and out-of-towners.
"Interest in this development just blew us away."
An artist's impression of the new Bask development in the Mount. Photo / Supplied
Duncan said there was "renewed energy" and interest in new builds since the Bright Line test was doubled from five to 10 years, particularly for investors.
Developer Shannon Moyle said demolition of the existing houses had now begun.
