Tauranga home values rose 1.7% year on year although they dropped 0.2% over the past three months. The average value in the city is $702,850. The Western Bay of Plenty market rose 1.9% year on year and dropped by 0.2% over the past three months. The average value in the district is now $629,627.
Tauranga Property Consultant, Steven Dunn says: “The ‘top-end’ of the market continues to sell well. Vendors are still achieving good sales prices, with demand continuing to trend upwards as people seek a lifestyle change from larger centres such as Auckland.
“Low property supply across most of Tauranga and Western Bay Of Plenty is also supporting value growth. The only exception to this is in Papamoa, where supply exceeds demand and value growth is subdued.
“In saying this, the rate of growth has dropped when compared to this time last year. We’re seeing prices moderate, as many buyers consolidate after a period of sustained growth.”
