Continuing low interest rates are probably contributing to the home buyer frenzy in the regions. Auckland investors keen to secure more investment properties are competing for rentals in surrounding areas including: Bay of Plenty, Waikato and Northland. However there are signs in the Wellington area that it’s on their radar as well.
PropertyTutors, the property trading mentors posted this comment on their Facebook page recently about Wellington:
“The Wellington property market is taking off. With incredibly low numbers of listings buyers are scrambling to secure a property often at 100k above the GV.”
In Kapiti, 50km north of Wellington, a three bedroom fibre cement cross lease property in average condition sold at auction this week for $90,000 more than its CV. An outcome that surprised all in the auction room, though in retrospect property in the Wellington region has been undervalued for some time so this may well become the new norm for properties almost everywhere.
Rotorua has seen high property sales activity in January 2016 compared to last January. Desperate property hunters have resorted to creative tactics to get a head start on property listings. NZHerald reports a local realty photographer has become aware she is being followed while on the job photographing homes for real estate agencies.
Media’s attention on high yielding areas has driven strong interest from investors. These areas include: Gisbourne, Whanganui and Otago. Property sales activity is so buoyant finding the high yields will be a lot harder.
This blog article was written for PropertyBlogs by Mobilize Mail.