- Oamaru’s affordable housing market is attracting first-home buyers, retirees, and a growing Pacifika population.
- House prices in the town are significantly lower than those in neighbouring Dunedin and Timaru.
- Friendly community and employment opportunities make it appealing to new residents.
The home of New Zealand’s annual Steampunk Festival has become a haven for first-home buyers, retirees paying off mortgages, and a thriving Pacifika population.
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Oamaru real estate agents say an influx of new migrants are cashing in on a property market offering “a lot more bang for buck” while the area maintains its status as a “super friendly town”.
LJ Hooker principal Oamaru Stephen Robertson said the town’s median house price of $465,000 offered “very affordable” housing compared to other neighbouring towns and cities, where prices can be $100,000 to $200,000 higher.
A two-storey manor at 35 Wansbeck Street, in Oamaru, is seeking offers over $849,000. Photo / Supplied
Robertson said they were working with “many first-home buyers” as lowered interest rates had brought them back to the property market. Some could buy a two to four-bedroom home from $290,000 in Oamaru, he said.
“I’ve definitely seen an increase in younger singles and couples purchasing their first homes and getting out of the renting cycle. Approximately 25% of our property sales have been with first-home buyers and 30% are out-of-town buyers.
“Really good employment opportunities” and an improving market helped Oamaru’s appeal, with a “big draw” coming from Auckland, Queenstown and Wanaka areas, he said.
“Recently an elderly couple purchased a property in the mid $300,000 range from Auckland sight unseen. We have another couple from Auckland who are buying in the low $300,000 range. They intend to rent the property out and then retire to Oamaru.”
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Oamaru was also home to the largest Pacific community per capita than any other town in New Zealand, he said.
This was due to work offered through several large seasonal industries plus an established Pacifika community that helped welcome and support new residents as they arrived, he said.
One Agency property specialist Kelli Williams found people moving in to Oamaru were mostly driven by the greater ability to get on the property ladder, or rid their mortgage by downsizing.
“They might be selling up from Wellington and Waiheke Island,” she said.
Williams said people could pay $700,000 for something “truly extraordinary” and there were not many properties over $1.5 million.
“You get a lot more bang for buck.”
At the time OneRoof spoke to Williams, she was in the process of listing a heritage two-storey manor with four bedrooms plus a former maid’s quarters for $850,000. The property was built by Forrester and Lemon, the main builders responsible for the town’s iconic Victorian streetscape, she said.
Oamaru’s historic town centre and proximity to the ocean are big drawcards. Photo / Getty Images
Oamaru was great for new residents because “the reality is, we’re a super friendly town, no one’s judgey”, she said.
As of December, there were more than 180 houses for sale in Oamaru.
First-home buyers looking for property up to $450,000 could get “quite a range”. This included the town’s thriving Pacifika population, she said.
The Oamaru Pacific Island Community Group has helped more than 200 families move to the town, making up 20% of Oamaru’s population which was 13,107 in 2018.
Chief executive Hana Halalele said Pacifika families moved to Oamaru for employment, church establishment, lifestyle, and family connections. Several manufacturing, meat-processing, and dairy-related employers got the bulk of their workforce from the Pacific community, she said.
But it was challenging for some to find a home, with many staying with their families until they could buy, she said.
The organisation helped new migrants settle and establish connections in the community. It also helped them on their home-ownership journey, including offering donated furniture for their homes.
“We are working with Mortgage Hub in Auckland, which visits our organisation and holds workshops with our community, providing support for those who are eligible for home ownership. These are great opportunities for our families,” Halalele said.
Oamaru is famed for celebrating Steampunk and dedicates a themed playground and museum to the sci-fi vintage movement.
The town also boasts New Zealand’s only surviving water-powered flour mill, the Kakanui sunflower field, and the Janet Frame house.
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