Rotorua in top 10 boom spots list

The Property Investor feature article, which names Rotorua in the top ten hottest boom places lists a number of recent property developments such as the Redwood Centre.

Rotorua has been named one of the country's '10 Hottest Boom Spots' in the latest edition of NZ Property Investor magazine.

The national investment publication said Rotorua had always been an investor favourite because of its affordability and excellent yields.

It said picking the right town for investment before it takes off is a "recipe for outstanding gains and sometime solid yields too."

In the feature, Graeme Leigh, owner of the Mortgage Centre in Rotorua, said indications for Rotorua's future were positive.

"The lifestyle with mountain biking, forests and lakes, plus the central location, is starting to lure people to settle here.

"New retail and commercial developments, a dining precinct named Eat Streat, and major events such as Crankworx, are fostering a new image for Rotorua. In addition, a huge lakefront complex is in the pipeline that could create as many as 400 new jobs."

Rotorua Lakes Council economic growth portfolio lead, Deputy Mayor Dave Donaldson, says the article is a timely outside endorsement of the economic potential of Rotorua.
"Our business sector and other key stakeholders are working closely together with the council to make things happen for the district. There are really encouraging indicators coming through that signal an increasingly positive period ahead for our local economy - such as a reversal in net migration and improving visitor statistics.

"Investment interest in the district is growing and there's a strong feeling that Rotorua is on the cusp of some exciting times. It's great to have that view reinforced in this independent article."

NZ Property Investor said commercial buildings in Rotorua are at their highest level since 2010, with 251 consents issued last year (2014). They cite other projects expected to start this year including a state-of-the-art dementia village in Ngongotaha, and a $6 million Child health centre, both creating employment opportunities.

The Mortgage Centre's Graeme Leigh said many of his clients were investing in Rotorua and are very happy with the returns.

"They love Rotorua because the affordability is outstanding - the value for money for investors is off the charts," he said.

The Property Investor feature article lists a number of recent property developments including shopping centres in Tarawera Rd and Fairy Springs Road, a mall being built in Te Ngae Road, commercial offices in Fenton Street and a supermarket in Fairy Springs Road.