Thursday, 22 August 2019

WHITIANGA WEATHER

Residential property market heating up

According the date released for April by real estate website, realestate.co.nz, the residential property market on the Coromandel Peninsula is heating up with the average asking price increasing to an all-time high of $786,037. That was an increase of 12.1 per cent over March this year.  Nationally the average asking price decreased by 4.1 per cent to $649,662.

The Coromandel’s average asking price in April was the third highest in New Zealand. Only the Auckland region ($889,916) and the Central Otago/Lakes region ($919,351) recorded a higher average asking price.

Compared to a year ago, the number of new listings on the Coromandel in April has also increased by 10.2 per cent. Across New Zealand, the number of new listings fell by 9.6 per cent.

The total amount of properties listed for sale on the Coromandel in April was 5.7 per cent lower than in April 2018. Nationwide, the number of properties that was available for sale was 6.1 per cent higher than a year ago.

The inventory of listings (the time it would take to clear all stock) on the Coromandel for April this year was 44 weeks. That’s a third of the realeatste.co.nz long term average for the Coromandel of 132 weeks. The New Zealand-wide inventory of listings for April was 20 weeks.

“The second half of [last month] was dominated by school holidays, Easter and ANZAC Day, which plays a part in the fall in new listings and in the time people had to focus on property in general,” says realestate.co.nz spokesperson, Vanessa Taylor.

“It’s unlikely that [the government’s ruling out of a capital gains tax] had a major impact on the property market during April given the nature of the month, but it will be interesting to see what activity this decision drives over the next few months.”

According to statistics released by Ray White Real Estate earlier this month, 75 residential properties were sold in Whitianga during the first quarter (January to March) of this year. That was an increase of nine per cent over the preceding quarter (October to December 2018), but a 12 per cent decrease compared to the same quarter last year.

The total value of sales during the first quarter of this year was $46,693,600, an increase of 13 per cent compared to the preceding quarter, but a decrease of 10 per cent on the same quarter last year.

The median house price in Whitianga for the first quarter of this year was $626,000. That represents a four per cent increase on the preceding quarter and a one per cent decrease on the same quarter last year.

From January to March this year, eight properties in Whitianga were sold for more than $1 million.

The Mercury Bay beach areas have seen a decrease in activity in the first quarter of this year compared to the same quarter last year. The median house price rose, however, by seven per cent.

The most expensive property sold in Mercury Bay in the first quarter of this year was a beachfront bach in Whangapoua that sold for $1,805,000.

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The Mercury Bay Informer is a highly popular community newspaper, based in Whitianga. The paper is distributed throughout the Coromandel Peninsula, coast to coast from Thames to north of Colville.