Retirees looking for an affordable lifestyle are looking beyond the famous giant L&P bottle and discovering that Paeroa might be the hidden gem that fits both their budgets and their requirements.
With a decent selection of three-bedroom properties to choose from in the $500,000 price range, good amenities, walking tracks and beaches nearby, real estate agents told OneRoof more and more people are considering relocating to the town.
In December, the median house price in Hauraki District, which includes Paeroa, Ngatea and Waihi, was $545,500 – about a 20% drop compared to the same period 12 months ago, according to the latest REINZ figures released last week.
It also places Hauraki as the third most affordable district in the area, with only South Waikato and Waitomo ahead of it with median house prices of $495,000 and $360,000 respectively.
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Harcourts Gold Star Realty general manager Greg Sheppard said affordability was the big drawcard for people because $500,000 could buy them a tidy three-bedroom home on a full section in Paeroa.
Harcourts sold a three-bedroom, one-bathroom 1920s cottage on Station Road last month for $485,000 and a two-bedroom easy-care home on Railway Street marketed at first-home buyers or investors sold for $550,000.
There are also a number of properties for sale priced between $490,000 and $595,000 including a centrally located one-bedroom home with renovated sleepout at 21 Station Road, a four-bedroom, one-bathroom do-up at 10 Railway Street and an immaculate three-bedroom brick home on a large 1012sqm section at 6 Buchanan Street.
People from the bigger cities such as Auckland and Hamilton are moving into the area as part of their retirement plan, he said, and like that it is still close enough for them to travel back when needed.
A three-bedroom home at 6 Buchanan Street, in Paeroa, is priced at $595,000. Photo / Supplied
Big sections at affordable prices are feature of homes in Paeroa. This four-bedroom house for sale at $490,000 sits on a 1049sqm section. Photo / Supplied
Sheppard said: “It’s just the location of Paeroa where it’s central. It’s pretty handy, it’s affordable. With interest rates going up people are really starting to look at their costs and what they are spending and I think Paeroa is just appealing because it’s got all the amenities people are looking for. You’ve got good local clubs and pubs and The Refinery – I don’t know if you’ve ever been to The Refinery, it’s a lovely café there. So, you’ve got all the things you find in the city – it’s just a little town.”
While Paeroa has long been known for the giant L&P bottle which attracts a lot of tourists, the great trail rides and the walking tracks including through the Karangahake Gorge are also popular attractions.
“People love that, they can get out in the fresh air and enjoy the beach too if they want to – they can be in Waihi Beach in 20 minutes. It’s just a great little central town.”
Richardsons Paeroa salesperson Kylie Hedges moved to Paeroa 12 years ago with the plan to live there for six months and she’s never left and doesn’t think she ever will.
Hedges said its central location and super friendly community is what has kept her family there and why other people are probably looking at moving to it because it is a great place to live.
“We are in the middle of everywhere and it is a beautiful place ... as far as location goes, I don’t think you can get much better.”
Hedges said the majority of buyers looking at the moment are retirees, younger families and empty-nesters who were wanting to relocate from the bigger cities such as Auckland and Tauranga in order to reduce debt.
Paeroa’s giant L&P bottle is a big tourist attraction. Movers are also checking out the town, mostly due to housing affordability. Photo / Getty Images
Priced to sell at $450,000 is this two-bedroom home at 2B Park Street, Paeroa. Photo / Supplied
“People are a bit scared to stay and be over committed in the cities and they know they can sell, relocate to here. Some of them will still commute to their jobs, but be in a freehold position or in a lot better financial position anyway.”
Just this week Hedges took people from Te Aroha for viewings who even commented to her that Paeroa seemed to be a bit more affordable than there.
“We’ve got Waihi just up the road, Te Aroha is 15 minutes, Thames is half an hour – and we probably are sitting on the most value for money here.”
Since Richardsons Paeroa office re-opened after Christmas, they have noticed a huge increase in buyer enquiry, especially for properties priced between $500,000 and $600,000.
The drop in the market has also meant that local first-home buyers with $500,000 are now able to get onto the property ladder whereas last year those houses were pretty scarce, she said.
A two-bedroom brick unit at 2B Park Street is selling for $450,000 which Hedges said would have been unheard of a while ago. There are also two properties for sale on Towers Street with price tags of $525,000 and $599,000 respectively.
While those looking for something newer could pick up a three-bedroom, two-bathroom new-build at 25 Oranmore Crescent for the newly reduced price of $799,000.
