Friday, 21 February 2020

WHITIANGA WEATHER

Coromandel Property market still performing very well.

Statistics released the past two weeks indicate that the residential property market on the Coromandel Peninsula is still performing very well.

According to Ray White Real Estate, the median house price in Whitianga during the last quarter of 2019 was $670,000. That’s an increase of 11 per cent over the same quarter the year before. A total of 72 homes were sold between 1 October and 31 December last year, an increase of 16 per cent over the third quarter of 2019 and a four per cent increase compared to the same quarter of 2018. The total value of sales for the period 1 October to 31 December 2019 was a staggering $47,574,390, an increase of 17 per cent compared to the same period the year before.

Six properties have sold for more than $1 million in the last quarter of last year.

Mercury Bay’s beaches have also experienced a very busy last quarter of 2019 with 60 sales. The median house price has increased to $690,000 from $672,500 the year before. Three properties in each of Cooks Beach and Hahei have sold for more than $1 million, while the northern Mercury Bay area have seen five sales in excess of more than $1 million - one in Whangapoua and two each in Opito Bay and Matarangi.

A Matarangi property fetched the highest sale price in Mercury Bay between 1 October and 31 December last year with a price tag of $2,800,000.

Real time data from the website, realestate.co.nz, indicates that the asking price of properties on the Coromandel Peninsula decreased last month by 4.7 per cent compared to December 2019, but at $736,317 remained the third highest in New Zealand (only behind Central Otago/Lakes at 1,013,059 and Auckland at $952,861). The average asking price New Zealand-wide in January 2020 was $710,393.

The number of listings on the Coromandel last month was 4.1 per cent lower than January 2019 and only 450 homes were for sale on the Coromandel last month. That’s 19.6 per cent less than the number of properties on the market compared to a year ago.

The inventory of listings on the Peninsula - the time it would take to sell all residential properties on the market without the addition of any new listings - sat last month at 43 weeks, substantially below the realestate.co.nz long term average for the Coromandel of 127 weeks. According to realestate.co.nz, the significant discrepancy between the inventory of listings and the long-term average (where the inventory of listings is below the long-term average) indicates a strong sellers’ market on the Coromandel.

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The Mercury Bay Informer is a highly popular community newspaper, based in Whitianga. The paper is distributed throughout the Coromandel Peninsula, coast to coast from Thames to north of Colville.