Editorial: Keep money local

Rotorua has a lot to be proud off, great people, great shops and great activities.

Investing in our city appears to be a smart move.

Figures released from Quotable Value in the year to December show Rotorua property values have risen slightly in the past year but other parts of the Eastern Bay are lagging.

Rotorua values increased 2 per cent to an average of $274,812.

However, Whakatane and Opotiki suffered a 0.8 per cent and 2.4 per cent slump respectively.

It's not all roses however, with values across the region remaining well below the 2007 market peak. Our increase is still below the national property values which rose at a 10 per cent annual pace to hit an average current value of $466,022.

Looking forward, 2014 should see property owners get an even larger return with property values continuing to increase.

To those who don't own a home, property values may not seem important but they are. It's almost like the thin edge of the wedge.

If values are up it means people are spending money. If they are spending money it means they have jobs and so on.

So to keep property values on the up it's important that we look to invest our hard-earned dollar within our own community. Sure it's easy to say always look to get value for your dollar, which sometimes means buying out of town. But taking your money out of town actually hurts you in the long run.

Money not spent here means businesses suffer and employment takes a hit which in turn drives people out of the area to seek work, bringing house prices down. A vicious cycle? Yes indeed.

The Rotorua District Council is looking to lead the way in this attitude of looking to buy local first. The council is looking at its procurement processes which will give local businesses more opportunity to competitively bid for council business.

It means businesses in Rotorua have the opportunity to thrive which has a flow-on effect to employment which in turn turns the cycle into a positive one for the community.

We have plenty to be proud of in Rotorua; great people, great shops and of course great things to do in our city. So let's look to play our part and invest in our future.