Tauranga property investors have had plenty to smile about lately. The latest Quotable Value New Zealand figures show property prices in Greerton, Gate Pa and Parkvake have risen more than 30% in the last 12 months! The popular family suburb of Greerton had the biggest gain with median house prices rising from $323,200 to $429,650 in the last year, a gain of 32.1%.
Situated on the southern gateway to Tauranga, Greerton is very handy to Tauranga downtown only 6km away. This suburb has always been popular with families due to good local schools and a shopping ‘village’ complex with over 120 retailers –Tauranga’s third largest shopping centre. Astute property investors are investing in the $400-500,000 bracket because of the excellent rental returns they receive, and the knowledge that they are getting good long-term tenants. Investors in this area will also find well-built established homes that do not require large renovation costs to bring them up to market standard. Often the homes just require some insulating and cosmetic touches to lift their street appeal.
Gate Pa is handily located 5km from central Tauranga. This suburb also contains a shopping centre, supermarkets, restaurants and schools. Tauranga Girls College is a very popular high school and many families are looking to rent in this area.
Parkvale is located on the coast about 5km from the city centre. Parkvale is a pleasant residential suburb with a range of lovely family homes throughout the area. The local primary school is Merivale.
These suburbs also appeal to investors because it is difficult to find a property under $400,000 in Tauranga, with houses in many other suburbs being snapped-up the day they are listed and/or before they even get to auction.
This, unseen, demand for housing is pushing up house prices in the whole of the Tauranga Region. Real Estate figures show that most sales in April 2016 were for homes in the $400-499,000 price band whereas the same time last year it was for homes in the $300-399,000 band. In addition, the sales of million-dollar homes in Tauranga has jumped by 93% compared to the same time last year!
Demand for rental properties is also huge, with many great tenants on our waiting list waiting to find a decent home in a good suburb.
So if you are considering investing in property in any of these suburbs, or Papamoa, Mt Maunganui and other suburbs in Tauranga, call Christine Jenkins at Connect Realty. Chris will guide you through the process, give you a free rental appraisal, find you high-quality tenants and manage your property with expertise and experience.
Chris Jenkins, Connect Realty 0800 333 221.