The lure of the regions
According to realestate.co.nz’s October data, demand for Auckland property has fallen while demand for property in regional markets has soared.
And QV’s October data shows it is no longer the recent hotspots of Hamilton and Tauranga that are attracting attention.
QV valuers in both cities said the frenzied activity seen in those markets earlier this year has subsided to more subdued levels.
Instead buyer focus appears to have shifted further afield.
Realestate.co.nz CEO Brendon Skipper cited Palmerston North, which has long had a reputation for affordability, as the market of the moment.
QV national spokesperson Andrea Rush said investors shut out of more expensive markets were turning their sights to more affordable markets in relatively close proximity to North Island main centres.
Such markets included the Western Bay of Plenty, Whangarei, Rotorua and the Waikato District – all of which continue to see very strong value growth, she said.
Regional markets can offer investors not only more affordable prices, but much better rental yields.
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