We ask young people around the NZME office about their home owning aspirations and expectations.
Mount Maunganui property values have grown an average of $1238 per day in the past year, new data shows.
That equates to $452,000 a year and $209,000 in the past three months.
The latest property report from OneRoof and data partner Valocity shows property values in the seaside suburb havegained in the past three months close to what the entire country's property value growth was for an entire year.
OneRoof editor Owen Vaughan said Tauranga had seen huge gains in the past three months, which included another round of Covid-19 alert level restrictions.
"The market has accelerated."
Mount Maunganui's property values grew the most in the past three months, up 15.9 per cent - or $209,000 - to $1,527,000 from $1,318,000.
"The amount Mount Maunganui gained in the last three months is almost as much as the amount of property gains for all of New Zealand for an entire year."
In 12 months, the suburb grew a whopping 42 per cent - or $452,000 - from $1,075,000.
New Zealand's average property value as a whole climbed $213,000 to $1,000,000 in the last year.
Property values in the Mount grew more in a single day ($1238) than what some suburbs did in an entire year, Vaughan said.
"It's going gangbusters."
Managing director of the Realty Group Ltd, which operates Eves and Bayleys, Simon Anderson. Photo / NZME
Managing director of the Realty Group Ltd, which operates Eves and Bayleys, Simon Anderson said the Mount had become an attractive option for many people.
"We've realised working from home is very possible and people have a lot of connections to the Mount from when they were younger."
Anderson said many homes were selling for above $2m and some also in the $7m-$9m bracket and there were multiple people chasing those properties at auction.
An increase of $209,000 was a bid on one of the beachfront houses these days, he said.
He believed the demand in the past three months had been driven by a lack of stock, a start to the spring market and uncertainty created by the latest lockdowns and restrictions.
"There is still a lot of cash in New Zealand. People can't travel so they are choosing to buy."
While there was still a shortage in listings, more properties were coming to the market in the past few weeks, indicating a normal spring market.
"We're hoping the current lift will enable a more normal market."
The property report showed Tauranga, as a whole, managed to space the slowdown seen elsewhere across the country and was the country's strongest metro housing market.
Tauranga's property values grew 9.5 per cent in the three months to September, up from 6.26 per cent in the three-month period before that.
That growth is the equivalent of an extra $97,000 on the price of a typical house in the city.
Tauranga grew almost $100,000 during the latest lockdown to $1,115,000 from $1,005,000.
Valocity senior research analyst Wayne Shum. Photo / Supplied
However, Valocity senior research analyst Wayne Shum said listing numbers were low before the Delta lockdown and "exasperated" post-lockdown.
"Whilst some new listings are coming online now the region is at level 2, it is not enough to satisfy demand."
Shum said demand was fuelled by movers from other cities seeking to relocate, often releasing equity from their existing homes allowing them to buy higher-priced properties.
"The area continues to attract Aucklanders wishing to relocate out of Auckland and away from frequent lockdowns. This trend may continue over the coming years.
"The city is a powerful economic base offering a variety of employment opportunities. The proximity to Auckland and Hamilton also makes the city attractive."
Tremains Bay of Plenty general manager Anton Jones. Photo / NZME
Tremains Bay of Plenty general manager Anton Jones said there seemed to be a lot of cash being spent in the Mount.
"People are prepared to pay to get the good spots and everyone loves to be by the beach.
"When the Mount property values go up, they go up significantly, certainly the ones by the water."
There was still a stock shortage but plenty of demand for property, he said.
