Happy couple find first home

Binoy Madathiparambil-Bhavanandan and his wife have bought their first home on May Rd, Mangakakahi. PHOTO/STEPHEN PARKER

Binoy Madathiparambil-Bhavanandan and his wife Karina Balkhanova have climbed on the property ladder after buying their first home on May Rd in Rotorua's hottest suburb, Mangakakahi.

Mr Madathiparambil-Bhavanandan said he had been living in Rotorua for nine years and the couple had been renting until they found their dream first home.

He works as a chef at Skyline Rotorua and she at the Polynesian Spa.

"We just wanted to get settled and it's much better than paying rent," he said.

"It's a really nice little three-bedroom house and has a small deck and a small garden."

Median property values in Mangakakahi and Utuhina have jumped 30.3 per cent, with Fairy Springs and Western Heights close behind, according to the latest Quotable Value New Zealand E-Valuer report.

Mangakakahi's median values increased from $197,000 to $256,000, while Utuhina's rose from $246,750 to $321,450 in the 12 months to September 30.

The October value for Mangakakahi was $260,100, while Utuhina recorded $319,800.​

Property owner Binoy Madathiparambil-Bhavanandan has bought in one of the suburbs that has seen the biggest gains. PHOTO/STEPHEN PARKER

Mr Madathiparambil-Bhavanandan said the whole process took about two weeks.

"Our agent Catherine from Ray White was really helpful and made it easy," he said.

Settlement on the property went though less than a week ago and they had already moved in.

"It's quite a nice area as well and I think the value will go higher.

"We'll make a few changes, like painting the walls, but apart from that it's good to go."

He said he was paying about $50 a week more than he was while paying rent and they would look to upgrade sometime in the future.

"It's a really good investment for the future. Rents have gone up really high so buying made a lot more sense to us."