As the property market continues to be somewhat unpredictable, slowing down in Auckland while racing ahead in other centres, the latest QV data for the Bay of Plenty shows some real highs - along with a few, mostly modest, lows.
Across the region, only one location, Pyes Pa, in Tauranga, had negative growth, year-on-year, at 0.4 percent.
Over the first quarter, the most spectacular rises can be seen in Rotorua, where median value rocketed in Hillcrest, which is around three kilometres from the CBD.
Year on year, the suburb has enjoyed an increase of 18.8 percent in median value and was still rising in the three months to March 31, jumping 8.8 percent.
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Utuhina was another good performer, up 6.6 percent in the first quarter of this year, while Western Heights, which includes Mount Ngongataha Scenic Reserve, was up 5.9 percent to March 31 and an impressive 19.2 percent over the year. Glenholme is next on the winners’ list, up 3.8 percent in 2018 and 15.3 percent on the same period in 2017. Mangakakahi, the last suburb in the top five, was up 3.4 percent in the first quarter and 14.2 percent since the end of the first quarter in 2017.
Anita Martelli, of Ray White Rotorua, says Hillcrest appeals to many people because it has excellent access to amenities, particularly schools and many of the homes are big, solid dwellings, built in the 1960s. It’s popular with a range of property hunters including first home buyers and investors.
She says that Mangakakahi and Utuhina are similarly well-positioned while Glenholme is a perennial favourite and many of its quarter-acre sections have been subdivided for tidy townhouses and units.
According to Martelli, Western Heights is definitely a hot spot for people seeking to get on the property ladder.
When it comes to growth in values, Tauranga is largely standing its ground at the moment. But Bay of Plenty suburbs that reported lower median values in the first quarter included previously popular Bethlehem, known for its retirement establishments and smart executive homes. It was down 1.9 percent in the three months to March 31, 2018, but still up a modest 2.1 percent since the same time last year.
Also down was Greerton, six kilometres from the CBD and an attractive shopping destination with lots of antique stores and a newly-refreshed main street. It dropped 0.5 percent in the first quarter but was up 2.5 percent annually.
Likewise, in Tauranga, Parkvale dipped a little, by 0.5 percent, in the first quarter to March 31 this year. However, this family-friendly suburb is close to the CBD and in the 12 month period, its median value rose by 3.0 percent.
Elsewhere in the region, otherwise-booming Rotorua saw a decrease in median value in Fordlands, a largely residential suburb with easy access to a number of parks and a popular golf course. The median value here decreased by 1.9 percent in the first quarter but rose by 12.9 percent over the year.
In Pukehina, Western Bay of Plenty, 45km from Tauranga, this attractive seaside settlement moved down by 0.6 percent to March 31 this year, but was up by 5.5 percent from 2017.
Bayleys Tauranga manager Dickie Burman doesn’t believe that the decrease in median values for Bethlehem and Greerton in the first quarter means anything significant is happening.
“It’s negligible really,” he says. “They’re still quality suburbs, popular with retirees in particular, and are long-term good performers.”
Burman says that the market remains strong and he’s still seeing plenty of interest from first home buyers, Aucklanders escaping the big smoke, and even investors, who’ve been keeping a low profile for a while now.
“They just need to get their head around all the new rules, then they’re going to be back.”
