Thursday, 03 December 2020

WHITIANGA WEATHER

The Coromandel remains a seller's market

According to statistics released last week by property website, realestate.co.nz, the average asking price of residential properties on the Coromandel Peninsula was in October this year still the third highest in New Zealand.

Only Auckland ($1,015,383) and Central Otago/Lakes ($971,891) recorded a higher asking price than the Coromandel’s $852,780. The Coromandel’s average asking price increased by 2.9 percent compared to the month before. Nationwide, the average asking price was $772,288, an increase of one percent over September this year.

Worth noting is that the Coromandel’s asking price is closing the gap with the Central Otago/Lakes region compared to the same period last year. In October 2019, the Coromandel was $267,086 behind Central Otago/Lakes. The gap last month was $119,111.

Housing stock on the Peninsula remains under pressure. Last month, only 295 properties were listed on realestate.co.nz as available for sale, a reduction of 37 percent compared to October 2019. At 140, the number of new listings in October this year was down by 7.9 percent compared to the same month last year. That is bucking the national trend, which saw an increase of 13.8 percent in new listings compared to October 2019.

Most telling of the state of the property market on the Coromandel is the fact that if no new listings were to come onto the market, it will take only 15 weeks for all the properties currently on the market to change hands. A year ago, it would have taken 29 weeks to clear all stock. According to realestate.co.nz this is indicative of increased activity and a strong sellers’ market.

The residential property statistics for Mercury Bay for the third quarter of this year (July to September), as provided by Ray White Whitianga, also indicates rising prices and an increase in activity. The median house price in Whitianga was $680,000, up two percent on the same quarter last year. The 97 sales that were concluded, an increase of 56 percent on the same quarter last year, was the most sold in any quarter during the past decade. The value of all transactions was $70,547,500, an increase of 74 percent compared to last year.

During the quarter, nine Whitianga residential properties sold for more than $1 million, seven of them in the Whitianga Waterways. The three most expensive properties sold for $1,990,000, $1,910,000 and $1,800,000 respectively. All three of the properties are situated on Leeward Drive.

Whitianga’s surrounding beaches - Cooks Beach, Hahei, Kuaotunu, Matarangi, Opito Bay and Whangapoua - have seen 49 properties changing hands during the quarter (including 10 sections and lifestyle blocks), 15 more than the same period last year. The total value of sales was $38,958,000, an increase of 71 percent over the same period last year.

With 28 properties changing hands, Matarangi accounted for more than half of all the sales at the surrounding beaches. The most expensive property in Matarangi, situated on Matarangi Drive, sold for $2,275,000. One other Matarangi property attracted a sale price in excess of $1 million.

Seven properties sold in Cooks Beach and six in Hahei during the quarter. Two of the Cooks Beach and four of the Hahei properties sold for more than $1 million. The most expensive Cooks Beach property is situated on Admiral Drive and sold for $1,110,000. The most expensive Hahei property, situated on Tutaritari Road, attracted a sale price of $3,400,000.

Kuaotunu attracted seven sales during the quarter, Opito Bay one and Whangapoua three. In Kuaotunu the most expensive property, on State Highway 25, sold for $1,150,000. It was the only property to break into the $1 million or more price bracket. The Opito Bay property, on Otama Beach Road, sold for $935,000 while none of the Whangapoua properties attracted a sale price of more than $1 million.

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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.