REINZ: The top five sales for 2020 were all recorded in Mount Maunganui. Photo / George Novak
REINZ: The top five sales for 2020 were all recorded in Mount Maunganui. Photo / George Novak
Tauranga's top five sales for the year have been revealed as a new report shows nearly $4 billion was spent on residential property in the region in 2020.
New data also shows Tauranga's median house price jumped $125,000 in just 11 months.
According to the Real Estate Institute of NewZealand, Tauranga City's median price started the year at $710,000 and jumped 17.6 per cent to $835,000 by November.
It comes as REINZ's annual review of New Zealand's residential property market showed $3.9b was spent on residential property in the Bay in 2020 compared to $3.3b in 2019.
REINZ chief executive Bindi Norwell said this year had been an interesting one for the real estate industry.
"We've seen record median prices reached in many parts of the country, with November itself seeing 11 new regional records – the likes of which we haven't seen since October 2003 when the market was seeing significant increases in house prices.
"We are expecting 2021 to see ongoing regional growth as workplaces become more flexible, remote work continues and New Zealanders settle into the 'new normal'."
The top sales in Tauranga from January 1 to November 30 have also been revealed. That included a home on Oceanbeach Rd in Mount Maunganui that sold for $7 million by Bayleys agent Kay Ganley.
Managing director of the Realty Group Ltd, which operates Eves and Bayleys, Simon Anderson said it was no surprise all top five sales were recorded in Mount Maunganui.
"We have seen the demand for the Mount reach another level this year."
The area was attractive because of its lifestyle, the ability to work from home and quality properties close to the beach.
Managing director of the Realty Group Ltd, which operates Eves and Bayleys, Simon Anderson. Photo / Andrew Warner
"It's not just a one-off ... We've seen a number of properties with multiple interest on them."
Anderson said the $7m sale was for an "incredibly impressive property".
"It's a spectacular home, quite a recent build but exceptionally built with high spec finishings. It was always going to be a big number, it was just a matter of how big."
The $3.9b spend on property from January to November reflected the move in the market, Anderson said.
"The number of sales is on par with last year, it's just that value that is 15 to 20 per cent higher than it was a year ago."
"It was full-on. There were deals happening right through to Christmas Eve and that carried through right to the end of the month."
First National Real Estate Tauranga general manager Cameron Hooper said the Mount was popular for its lifestyle, layout and location.
"It's obviously also one of New Zealand's best beaches. Property is always about the land and there's no more land in the Mount so it's only just going to keep going up."
Hooper said the $3.9b spend on property in 2020 reflected how high confidence in the market has been.
First National Real Estate Tauranga general manager Cameron Hooper. Photo / Supplied
"Everyone is pretty confident at the moment and it's looking that will continue into next year as well."
Demand for property didn't stop heading into the New Year with agents continuing to negotiate contracts in December, he said.
A waterfront apartment in tourist hot-spot Mount Maunganui was one of the top 10 most viewed homes on OneRoof.co.nz this year.
The home at 203/424 Maunganui Rd was OneRoof's ninth-most viewed listing.
The refurbished two-bedroom unit came with a shared swimming pool, spa, sauna and gym and was listed at the start of the year with Chris Brennan, from Powers Realty, with a fixed price of $659,000 – a relative bargain for the beach suburb.
Brennan told OneRoof that re-positioning the property as the "best bang for buck in the Mount" brought in huge interest, particularly from Auckland and Waikato, but also from overseas viewers. It sold in July to a Waikato investor for $615,000.
"There's not a lot in the Mount for under $1m," he told OneRoof.
"A house you'd be lucky to get under $1.5m now. The apartment market hasn't moved as fast as houses, but in the last three weeks as house prices go up, apartments have started to catch up."
Tauranga's top 5 sales for 2020
1.
235a Oceanbeach Rd Mount Maunganui $7,000,000
2.
143b Marine Parade Mount Maunganui $5,875,000
3.
Mount Maunganui $5,700,000
4.
83 Marine Parade Mount Maunganui $5,600,000
5.
Mount Maunganui $4,170,000
Note: Sales without addresses have not yet settled and full addresses could not be given
