HOLIDAY HOT SPOTS HEATING UP AGAIN
Following the global financial crisis the coastal property market took a hit as holiday homes became a luxury many could no longer afford. Now it seems the tables have turned and holiday hot spots are heating up again.
Recent QV valuation figures show prices in Tauranga, a key holiday destination for Aucklanders, were up 20 per cent, while homes in the Western Bay of Plenty were selling for almost twice what they were 12 months earlier. In the South Island, prices in the Mackenzie District were up nearly 27 per cent, indicating that more and more holiday home hunters are resorting to the region as a more affordable alternative to Queenstown and Wanaka.
In some cases people are jumping in on sections still in development, and waiting for two to three years for the titles to come through. This suggests buyers have pretty solid long-term confidence in the market.
The renewed confidence in the holiday home market is backed up by stats from property research house, CoreLogic, which show the following price increases in prime holiday locations:
Whangamata up 17.5 per cent in the last year.
Central Tauranga up 19.9 per cent.
Mt Maunganui up 18.8 per cent.
Waihi up 28.9 per cent.
Wanaka up 24.8 per cent in the last year.
If you've been considering a holiday home purchase now could be a great time to take action. Get in touch to explore how we can help make it work for you.