Another year has started and the Bay of Plenty real estate market doesn’t look to be slowing down anytime soon. As with last year, rental properties are in hot demand and the Tauranga Region is still the place where everybody wants to move. After such a fantastic summer it is not hard to see why families and business owners want to move to the best Region in the country!
But it’s not just our sunny climate and beaches making Tauranga attractive, last year Tauranga was said to have New Zealand’s fastest growing economy, and the fastest growing job market. With the continued growth of the City we are seen as a great place to invest by property investors from all over New Zealand and overseas.
So with 2016 in mind what are we predicting for Real Estate and property investing in the Bay? Here are our predictions:
- Current demand from Aucklanders wanting to move here will continue. This migration has been caused by increasing house prices in Auckland, traffic woes, and the attraction of our Tauranga lifestyle – none of these factors look to change anytime soon so we expect many more to be migrating south to our shores.
- We expect high demand for housing in suburbs such as Papamoa, Bethlehem and The Lakes to continue. We discussed these three suburbs in a blog at the end of last year. They are areas that have proven to be ‘hot’ in the housing market and we expect demand for rentals in these areas will continue throughout 2016.
- With current low interest rates and high rental demand there are good yields possible for property investors who invest in the area. We predict rents will continue to increase through 2016 as demand for rental properties still far outweighs supply.
- Renovations and rebuilds in other suburbs have caught our eye and point to an increase in value in these areas. When value is added to a number of properties in a neighbourhood it has the effect of lifting the values of all those properties around the neighbourhood as the desirability of the location improves. Astute property investors should also keep a look out for these areas.
If you are considering a Tauranga Property investment give Chris Jenkins a call at Connect Realty Property Managers. Chris has a wealth of experience in Real Estate and property investment in the Tauranga area and can provide you with the latest property stats and rental information to help guide you with your real estate choices. Connect Realty also offer a free rental appraisal for your future house investment.
Call the Connect Realty team today on 0800 333 221 or email [email protected]