The Tauranga property market is growing. For property investors – or even first-time homeowners – who are interested in property, the importance of being aware of the bullish trend cannot be understated.
Prices are rising due to the increase in demand. And yet the area and wider Bay of Plenty area still offers affordable, well-priced investments.
Albeit the surge in demand over recent years, it’s likely that the amount of affordable homes in the Bay of Plenty area will be plenty for some time – yet we can’t ignore the fact that prices may hike up soon.
This compared to only 130 homes under $130,000 in Auckland. And many of these are smaller and typically only have 1 or 2 rooms at the most.
With higher prices expected to enter the Tauranga real estate market over 2017, there’s no question that it offers many ideal investment opportunities. The market often reflects that of Auckland’s, so property valuation increases may be around the corner.
Tauranga Property Market Soaring statistics
As per another recent report, the average home value in Tauranga rose by 23% in June alone, bringing it to about $600,000. This spike in price was the fourth highest in all of NZ, just below Counties Manukau, Hamilton and Queenstown Lakes.
This growth surpasses most of Auckland; most sales during the recent boom consisted of property valued between $500,000 and $750,000.
Real estate commentators talk about the fact that the price hike is the result of a lack of supply and sudden increase in demand. But that the market experienced much more stability when compared to the 2003 boom.
Uncertainty in the world revolving around Brexit and the American election may be another factor that drives demand in the Tauranga property market.
Building new in the Bay of Plenty
If mortgage and interest rates maintain stability, it’s likely that the continuation in demand will be inevitable. And it’s certain that the price of a new built home won’t become lower.
Building a brand-new home offers competitive advantages for potential investors. Customisation is also a drawcard for prospective homeowners.
Are you looking to build a new home in Tauranga in 2017? Consider our experienced, trusty team at Build7 BOP. We are Bay of Plenty builders who can help with the entire process. From choosing the perfect section to final construction, we can help you get the absolute best value for your hard-earned money.