With Northland's coastal property sales and values recovering much faster than urban areas, comparing town and coastal markets is like comparing apples and bananas, says the head of a major real-estate company.
Mark Macky, of Bayleys, said there was little point in likening property values and demand in places such as Mangawhai, Tutukaka Coast and Karikari Peninsula with small service towns in the region.
"There are two totally different sets of dynamics, with different buyers and different vendors, different motivations and different outcomes," Mr Macky said.
Nor did a rise in sales translate into a rise in prices.
"There are still some pricing expectation gaps between buyers and sellers, as there always will be. It is important for vendors to remember that while there are plenty of buyers out there, we are certainly not yet seeing upwards pressure on prices," he said.
His comments followed Quotable Value figures showing Northland's urban property markets in a flat phase, with Whangarei house prices down 0.7 per cent in December compared with the same month in 2011.
Last week, the Northern Advocate reported these figures, with comments from Maggie Dixon Real Estate managing director Graham Lester, who suggested the recovery of Northland's property market was dependent on new employment opportunities in the region. But Mr Macky said while employment was a factor, there were different reasons for people selling or buying in outlying coastal areas.
He believed the coastal market was predominantly driven by Aucklanders or wealthy out-of-towners and investors buying into the Kiwi dream of a "home away from home". In light of the boom in Auckland prices, Northland's coast looked affordable to Aucklanders.
In contrast to the flatter residential Whangarei market, the coast was experiencing stronger buyer interest and deals than in any of the past five years. Last year, Bayleys sold 20 properties in the million dollar-plus range - in Kerikeri, Bay of Islands, Mangawhai and Langs Beach, partly due to the ripple effect from a stronger Auckland economy and real estate market.
LJ Hooker Whangarei's sales manager Paul Beazley agreed interest in the coastal market did not mean prices were going up, but was a sign of sellers meeting the buyers' market, with bargains available. Mr Beazley also said it would take some time yet for the Auckland boom to impact on Northland.