Live, work and buy in North

First National real estate agent Mike Proctor is pictured outside a Deveron St bungalow which had a CV of $385,000 but sold recently for $615,000. Photo / John Stone

Northland has become a very attractive place to live and buy property, according to local real estate principals.

Bayleys Real Estate's Tony Grindle said Whangarei had a lot to offer and this was reflected in house sales - with record prices the norm - and stock availability plummeting.

"There were 95 residential properties sold in May 2015 - this May there have been 142 residential sales. And anecdotally, the number of listings for the city is at the lowest since the 2008 global financial crash."

This has contributed to the Whangarei median property price jumping from around $287,000 in May 2015 to $335,000 this May. He believes much of that pressure on the Whangarei market is coming from people returning to New Zealand as well as skyrocketing Auckland prices.

"There's no question this is being driven by people from Auckland buying properties up here," Mr Grindle said.

"And the fear of Aucklanders buying here means people are paying top dollar."

Allan Inglis, principal for First National Whangarei, with offices in Rawene, Kaitaia and Manganui, said the high volume of sales and rising values in Whangarei were mirrored in the Far North.

"There's a shortage of good properties at good prices now."

He said the property market is not as strong now as it was just before the GFC, but there are positive differences.

"Aucklanders now can sell their property and buy or invest in Whangarei or the Far North and still have quite a bit of money left to play with.

"And Whangarei still offers employment, which is an attraction."

John Monteith, director of Ray White Whangarei, Tutukaka and Bream Bay suggested Whangarei had "matured" and now has a lot to offer. "There's a buzziness in the district - the positivity is something that I've never seen before," he said.

However, that has changed the dynamics of the real estate market, leaving buyers with less choice. "And there are no more bargains."

Mr Monteith said Ray White very rarely had a property on the books for longer than three to four weeks, and most properties were selling quicker than that.

Anecdotally, he believes non-Whangarei residents make up 35-40 per cent of sales with Aucklanders, both investors and people moving to Whangarei, making up the bulk of that percentage.

- If you have any business news, tips or ideas contact me at biz@northernadvocate.co.nz or (09) 470 2838.