Property in Tauranga is selling hot, hot, hot! Real estate agents say suburbs with a more affordable housing market are selling fast. Some areas in the city have made CoreLogic's list of fastest-selling suburbs. Property reporter Zoe Hunter looks into which of the city's suburbs are spending the least number of days on the market. Real estate agents also share their knowledge on what type of property buyers are snapping up and what they are leaving a little more time to think about.
Tauranga Central is the city's fastest-selling suburb, new data has revealed.
The latest CoreLogic data showed parts of Tauranga where houses spent the least number of days on the market in the past year, with houses in Tauranga Central selling the quickest.
Homes in the small suburb of about 1062 residential properties sold within a median of 20 days on the market and had a turnover rate of 4.5 per cent. The suburb recorded 48 sales in the past 12 months.
However, houses in Pyes Pa took the longest to sell.
Homes up for sale in Pyes Pa spent a median 50 days on the market with a turnover rate of 7.7 per cent. A total of 255 sales were recorded in the suburb in the past year.
CoreLogic senior research analyst Kelvin Davidson said fast-moving areas with high turnover rates and low days to sell are simply where people want to live.
"Population growth is high and people are buying up houses. So property that goes on to the market sells pretty quick."
Areas with a low turnover rate are generally more expensive and there is not as much demand from buyers, Davidson said.
OneRoof editor Owen Vaughan said nationally, suburbs with a higher percentage of affordable homes were seeing shortened sales windows.
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"Buyers are looking for affordable entry points into the market and competition for these homes is driving prices' lifts in these areas," he said.
Simon Anderson, chief executive of Realty Group, which operates Eves and Bayleys, said properties in the avenues were popular.
"It is a desirable place to live. There is a good mix of property types due to location, proximity to schools and the hospital."
Anderson said Pyes Pa also had a range of property types to choose from, including a lot of newer homes.
"It is becoming a recognised area and that turnover could change over time. Pyes Pa could be the next little secret."
Tremains Bay of Plenty and Waikato general manager Anton Jones said places like Pyes Pa tended to take longer to sell because people were waiting to secure one of the many new homes being built.
"There is also a big catchment in Pyes Pa."
Jones said Tauranga Central was a more established suburb that was close to town and good schools.
"It is a very popular place and has a smaller catchment area."