The Real Estate Institute of New Zealand (REINZ) has released their latest figures today and, according to the new data, Tauranga house prices have jumped 4.5 per cent.
The latest data shows the median house price in Taurangas jumped to $635,000 in July 2018 from $607,500 in July 2017. Interestingly though, However, the median house price dropped 3.1 per cent from $655,000 in June 2018 to $635,000 in July 2018.
According to the REINZ regional director Philip Searle, as quoted in the Bay of Plenty Times, the Bay of Plenty market was still seeing low stock levels with a number of new listings attracting multi-offers.
“Investor numbers are jumping and are up to 60 per cent of the total buyer interest, and most of the investors are locals who know the area well.”
Searle said the low listing numbers were keeping the prices strong with vendors’ expectations remaining at the same levels.
You can read the full Bay of Plenty Times article Here.
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Property is often the largest investment many of us will make, so it is worth the time to ensure you have the right team of industry professionals supporting you in reaching your goal, giving independent advise on where best to invest your money.