Property asking prices continue to drop in Taranaki. The downturn of their primary industries (oil, gas and diary) has made home buyers wary. The rest of the country has enjoyed months of capital gains except for Taranaki which has continued on a steady decline since August 2015 according to Trade Me Sales Price Index.
Up by 9.6 percent in July 2015 and then an about turn with asking prices dropping every month up to July 2016 Taranaki is a region looking to evolve and adapt. Food innovation could be it’s key to an economic turnaround.
Wellington experienced the reverse with next to no growth for months on end then a steady climb to two year high of 11.8 percent in July 2016. Auckland’s asking prices have steadied and Trade Me Sales Price Index reports an increase of just 12.6 percent in the twelve months to July. This news will be pleasing home buyers however there’s not a lot of property on the market to snap up.
Winter is typically the quietest season and a lack of supply puts more pressure on prices as competition remains strong for all types of property. Apartments in Wellington are in highest demand and asking prices have increased by 20.6 percent since August 2015. Units are also in hot demand with double-digit asking price growth in Auckland and Wellington.
So back to Taranaki - it’s a region that has a lot going for it and it will bounce back so should we be observing it’s property market more closely as a great place to invest or retire? There is no evidence that it’s on the radar of investors on PropertyTalk just yet but watch this space.
This blog article was written for PropertyBlogs by Mobilize Mail.