There has been some great news lately for rental property owners in the Bay of Plenty, the latest Real Estate Institute figures show that the median house price in Mount Maunganui and Papamoa rose to $435,000 during May from $410,500 a year earlier.
Many rental property owners are already enjoying steady revenue from their tenants, so it is an added bonus when the capital value of their property investment increases.
It is often hard to predict trends in Real Estate, especially after the economic downturn over the last few years, however it seems property in the Bay of Plenty is in demand and that demand is not going to let up any time soon.
While Mount Maunganui and Papamoa have seen the highest increase in average sale price, Tauranga has seen a slow but steady increase with the median house price $363,000 in May, up from $356,000 a year ago. It is great for investors to hear their investment has increased by this much, especially compared to the returns you will see from long term bank investments in the current market.
While we haven’t experienced the huge leap in prices that Auckland is seeing, the Bay of Plenty figures show that Real Estate is still a great investment option.
So if you have a property investment you need us to manage, or if you are thinking of buying an investment property, then contact Connect Realty to find out how we can help you. Property Management is our specialty, and we have personal local knowledge of Tauranga, Mount Maunganui and Papamoa.