Rotorua home values have jumped 7.4 per cent. Photo/File
Rotorua home values have jumped 7.4 per cent. Photo/File
Rotorua real estate experts say now is a good time for first home buyers to step onto the property ladder as the market begins to "flatten out".
The latest QV House Price Index showed home values in Rotorua jumped 7.4 per cent year on year and 1.1 per cent inthree months. The average value in the district is now $434,253.
"But if you leave it for another six months to save money, prices are only going to be higher. It is definitely a good time to buy."
Forsyth said there had been good buyer activity in the mid-$300,000 to $400,000 price bracket.
"I think the first home buyers have always been out there, they just seem to be making more decisions," he said.
LJ Hooker Rotorua director Malcolm Forsyth. Photo/File
QV property consultant Derek Turnwald said Rotorua's residential market was experiencing "reasonably strong" demand particularly in the $220,000 to $450,000 price bracket.
"Three and four bedroom dwellings in all suburbs and residential units around the central city are in strong demand and are usually selling in multi offer situations," he said.
Turnwald said there was a continued lack of properties being listed in all value ranges, with "gradually rising" stable sale prices.
General manager of Tremains Bay of Plenty and Waikato, formerly First National, Anton Jones said investors were leaving the market, which opened the doors to more first home buyers.
Jones said proposed changes to rental property rules had made investors feel "a bit nervous" about buying.
"Few are selling because it is getting a bit too difficult, which has given the opportunity for first home buyers to come into the market," he said.
Bay of Plenty home values Tauranga Value: $709,746 12 month change: 3.3 per cent 3 month change: 1.2 per cent Since market peak in 2007: 47.4 per cent
