CoreLogic says Mount Maunganui's median property values have skyrocketed 77.6 per cent in the past five years. Photo / Getty Images
CoreLogic says Mount Maunganui's median property values have skyrocketed 77.6 per cent in the past five years. Photo / Getty Images
Mount Maunganui's median property values have skyrocketed 77.6 per cent in the past five years, tipping over the million-dollar mark and topping the charts for the city, a new report shows.
CoreLogic's Best of the Best 2021 report shows Mount Maunganui's median values jumped from $792,500 in 2016 to justabove $1.4 million.
Median values in the seaside suburb climbed 31.9 per cent in the past year alone.
Some of the biggest sales were recorded in the Mount this year, including a $7.5m property in Oceanbeach Rd and a $9.5m sale in Marine Parade.
The slowest rise in median values was in Judea, but the suburb still recorded a 53.4 per cent increase in the past five years - and 24.2 per cent in the past year alone - to reach $764,150.
CoreLogic chief property economist Kelvin Davidson said Tauranga's property market upturn in the past 12 to 18 months had been across all suburbs.
That growth was driven by low mortgage rates and tight supply/listings, he said.
The large gains in prices across each suburb also created affordability challenges, Davidson said
"This will be an issue for Rotorua and Tauranga next year, slowing these markets – alongside things like higher mortgage rates, tighter lending rules, and a rise in listings."
Simon Anderson, managing director of Realty Group Ltd, which operates Eves and Bayleys, said there had been some "extraordinary sales coming out of the Mount this year".
"We have seen a number of very high sales, which a few years ago would have been unheard of."
Simon Anderson is managing director of Realty Group Ltd, which operates Eves and Bayleys. Photo / NZME
Anderson said the large sales and high median values were a reflection of plenty of available cash, a Covid-19 pandemic, and more people working from home.
It showed people's desire to live by the beach, and with limited property available people were willing to pay for it, he said.
"We have seen that drift down the coast to Pukehina and Waihi Beach, which is off the coat-tails of the Mount market.
"Matua is also very much a favourite."
Anderson said it was a "bit scary" Parkvale's median value was close to $700,000, but people continued to see value in the area, as well as Greerton, Poike and Welcome Bay.
