Demand is high for small, centrally located properties as an ageing population battle it out with investors. Photo / Michael Cunningham
Demand is high for small, centrally located properties as an ageing population battle it out with investors. Photo / Michael Cunningham
Out-of-towners are snapping up Northland property, with one real estate agent saying half of his residential sales in May were buyers from out of the region.
Bayleys Whangarei branch manager Tony Grindle said a strong interest from investors has contributed to the strongest three-month sales period since the global financialcrisis (GFC).
"The provinces have been in a suppressed state," said Mr Grindle. "But in the past six months, it's been very much a different story for our residential property here in Whangerei. We've had vastly more sales."
Demand is high for small, centrally located properties as an ageing population battle it out with investors, Mr Grindle said.
"Over half of the properties we're selling are by way of multiple offer."
This increase in demand is showing - the average asking price for a 1-2 bedroom house in Northland is now over $300,000, according to Trade Me's Property Price Index. This is a 5.3 per cent increase since April - more than $15,000.
Northland property across the board rose 8.5 per cent in the year to May, slightly less than the national average increase of 9.1 per cent.
Almost all regions in the country saw an increase in property price in the 12 months to May.
