Holiday Home Demand Still Growing Across NZ, says REINZ

Holiday Home Demand Still Growing Across NZ, says REINZ

As we head into summer, temperatures are set to rise around the country as buyers from far and wide search for their piece of paradise. New Zealand’s holiday destinations are still in growth mode and many areas are showing a level of strong demand according to the Real Estate Institute of New Zealand (REINZ) - source of the most complete and accurate real estate data in New Zealand.

Holiday hot spots with some of the highest growth over the last two years are:

• Waiheke Island’s desirable beach location is Oneroa where the median price for the 3 months ending November 2017 was $1,240,000. This hot spot has risen 46.2% over the last two years due to its proximity to Auckland and its blend of beaches, restaurants and vineyards

• Whangamata has shown an even higher level of growth with a two year increase of 52.5% and a median price for the 3 months ending November 2017 of $675,000

• Lower South Island idyllic spot - Te Anau shows a median price for the 3 months ending November 2017 of $339,000 and an increase over the past two years of 54.1%.
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Bindi Norwell, Chief Executive at REINZ says: “As we’ve seen for some years now, prices in holiday hotspots continue to increase in value. Real estate agents in coastal towns are bracing themselves for a plethora of enquiries over the Christmas/New Year period. Our figures demonstrate signs of a buoyant market in some of the top holiday destinations across the length and breadth of New Zealand.”

Other holiday hot spots that have shown growth over the last two years include

• The jewel in the South Island crown is Wanaka where there is skiing in the winter and a stunning crystal-clear lake to play in during the summer - it’s a great destination for families. The region has seen an increase of 67% in price over the last two years and the median property price currently sits at $950,000 for the 3 months ending November 2017.

• Paihia in the sun soaked North has a median price for the 3 months ending November 2017 of $450,000 and offers great value for money, but prices have risen 45.2% in the last two years given its attraction

• The South Island’s Hanmer Springs is a great place to get some rest and relaxation and has had seen a decrease of -13.6% over the past two years with a median price for the 3 months ending November 2017 of $337,500 – so there may be opportunities for a more affordable holiday home option

• Popular New Year’s Eve hot spot Mount Maunganui has a median price for the 3 months ending November 2017 of $695,000 an increase of 27.5%. Just down the road, the increasingly popular Papamoa Beach has a median price for the 3 months ending November 2017 of $615,000 and a two year increase of 7.0%

• Omaha, a popular getaway spot for Aucklanders, is the most expensive of the holiday hotspots with a median price of $1,330,500 for the 3 months ending November 2017 but prices have remained steady over the last two years, with only an increase of 1.2%. However, Pauanui – another popular spot for Aucklanders – saw an increase of 19% over the past two years with a median price of $595,000.

“Now is still a great time to look into purchasing a holiday home. If you are thinking of renting out your holiday home local real estate agents often offer a personalised local rental appraisal to ensure you understand the value and requirements involved,” concludes Norwell.

ENDS

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