Signs of Rotorua property market heating up
14 August 2015
The Rotorua Daily Post is today reporting a record month of property sales in Rotorua, with some houses being snapped up before sale signs come out.
One hundred and twenty Rotorua houses were sold in July, the largest monthly sales figure since 2007, according to Real Estate Institute of New Zealand statistics. Last year in July, 72 houses were sold.
According to the Daily Post, Ray White Rotorua co-owner Anita Martelli is attributing the increase in sales to a number of factors including an over-cooked Auckland market meaning more people were moving to Rotorua.
First National Real Estate principal Ann Crossley identified four categories of Aucklanders buying property in Rotorua - semi-retired or older people selling up and buying something more affordable; people who cannot afford to buy in Auckland at all; others who want an investment property; and first home buyers.
REINZ Rotorua district forum leader Ian McDowell says Rotorua house prices are gradually beginning to rise.
[Source: Rotorua Daily Post 14 August 2015]