Aerial image of Pāpāmoa. Photo / George Novak
Tauranga’s property values have fallen more than $180,000 since the height of the market boom but are still well above pre-pandemic levels, new data shows.
The latest figures from the OneRoof-Valocity House Price Index show the city’s average property value was $1,078,000, 30.40 per cent - or $252,000 - more than it was in March 2022 before the pandemic began.
The Tauranga suburb that had performed the best was Pāpāmoa Beach, which climbed nearly 40 per cent - or $312,000 - since before Covid.
However, the city’s property values have fallen 14.9 per cent - or $188,000 - since its peak of $1,266,000 on March 14 in 2022.
Tauriko’s property values fell the most in the city, dropping more than 20 per cent - or $487,000 - since its peak
In the Western Bay of Plenty, property values were 33.5 per cent - or $282,000 - better than its $839,000 value pre-Covid but 12.30 per cent - or $157,000 - less than its peak of $1,278,000 in April last year.
OneRoof editor Owen Vaughan said Bay of Plenty property values were still significantly higher than the rest of the country - up $222,000 compared to March 2020 just before the Covid-19 pandemic hit.
That was more than the $185,000 national property average change since pre-Covid-19.
Vaughan said Tauranga property values had picked up speed this year due to a number of factors.
Those factors included a crunch in the number of properties being sold, he said.
“We are seeing in the Bay of Plenty, like the rest of the country, the number of total listings on the market is down month on month.
“There is a big crunch in the number of new listings coming to market.”
Vaughan said fewer listings had led to increased competition.
“Quality houses have been selling quickly and for good prices.
“But for the vast majority, there is still that unease whether properties were sitting at the right price level.”
Buyers had more power in terms of their ability to choose what they want, he said.
“The price declines have put them in the driver’s seat but they are still facing rising interest rates.”
However, he said, first-home buyers’ share of property sales in Tauranga had “bounced back” from 32 per cent in the last three months of 2022 to 35 per cent in the first few months of 2023.
“We have seen first-home buyers increase their share in the market. That means first-home buyers are still quite active.”
Tauriko
Current value: $1,869,000
Peak value: $2,356,000
Date of peak: 11/04/2022
% change since peak: -21.2
%Value pre-Covid: $1,503,000
% change since Covid: 23.5%
Bellevue
Current value: $775,000
Peak value: $948,000
Date of peak: 03/01/2022
% change since peak: -18.70%
Value pre-Covid: $623,000
% change since Covid: 23.60%
Parkvale
Current value: $636,000
Peak value: $781,000
Date of peak: 18/04/2022
% change since peak: -18.70%
Value pre-Covid: $499,000
% change since Covid: 27.20%
Greerton
Current value: $704,000
Peak value: $846,000
Date of peak: 11/04/2022
% change since peak: -18.20%
Value pre-Covid: $575,000
% change since Covid: 20.30%
Tauranga South
Current value: $892,000
Peak value: $1,075,000
Date of peak: 11/04/2022
% change since peak: -18.10%
Value pre-Covid: $716,000
% change since Covid: 23.00%
Hairini
Current value: $763,000
Peak value: $921,000
Date of peak: 28/03/2022
% change since peak: -18.00%
Value pre-Covid: $607,000
% change since Covid: 24.40%
Judea
Current value: $721,000
Peak value: $871,000
Date of peak: 10/01/2022
% change since peak: -18.00%
Value pre-Covid: $584,000
% change since Covid: 22.30%
Matua
Current value: $1,173,000
Peak value: $1,419,000
Date of peak: 27/12/2021
% change since peak: -17.90%
Value pre-Covid: $908,000
% change since Covid: 28.30%
Bethlehem
Current value: $1,094,000
Peak value: $1,329,000
Date of peak: 11/04/2022
% change since peak: -17.80%
Value pre-Covid: $870,000
% change since Covid: 25.50%
Brookfield
Current value: $784,000
Peak value: $948,000
Date of peak: 11/04/2022
% change since peak: -17.60%
Value pre-Covid: $628,000
% change since Covid: 24.30%
Gate Pā
Current value: $659,000
Peak value: $791,000
Date of peak: 09/05/2022
% change since peak: -17.40%
Value pre-Covid: $538,000
% change since Covid: 21.60%
Ōtūmoetai
Current value: $1,041,000
Peak value: $1,241,000
Date of peak: 11/04/2022
% change since peak: - 17.10%
Value pre-Covid: $826,000
% change since Covid: 24.60%
Maungatapu
Current value: $896,000
Peak value: $1,065,000
Date of peak: 21/03/2022
% change since peak: -17.00%
Value pre-Covid: $710,000
% change since Covid: 24.30%
Mount Maunganui
Current value: $1,439,000
Peak value: $1,700,000
Date of peak: 21/03/2022
% change since peak: -14.80%
Value pre-Covid: $1,078,000
% change since Covid: 34.20%
Poike
Current value: $686,000
Peak value: $796,000
Date of peak: 20/12/2022
% change since peak: -13.90%
Value pre-Covid: $551,000
% change since Covid: 24.40%
Pāpāmoa Beach
Current value: $1,118,000
Peak value: $1,282,000
Date of peak: 28/02/2022
% change since peak: -12.30%
Value pre-Covid: $806,000
% change since Covid: 39.30%
Source: OneRoof/Valocity