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INVESTORS AND FIRST-TIME BUYERS DRIVING PROPERTY MARKET

excerpt from Rotorua Daily Post Saturday 21 April 2018

Investors and first-time buyers driving property market
 

More than 120 propertis sold last month, making it one of the best months for house sales in a year.
Real Estate Institute of New Zealand (REINZ) figures released this week show 121 properties changed hands in March, up from 89 sold in February.

 

However, that is down on the same time last year, when 135 properties sold in a month.
Rotorua's median sale price for March was $345,000, down from $375,000 in February and $353,000 in March last year.

TOO MANY TENANTS, TOO FEW HOMES

excerpt from Rotorua Daily Post Saturday 31 March 2018
 

TOO MANY TENANTS, TOO FEW HOMES

Rotorua's growing pains resulting in a scramble for places to rent
 

Landlords selling rentals and converting properties into holiday accommodation are two of the factors driving up Rotorua rent prices, according to some pundits.

New figures from Trade Me released this week show the median weekly rent in Rotorua in February was $373 - up $23 (6.5 per cent) from January and $53 (16.5 per cent) from February 2017.

 

WOOD PLANT TO CREATE 40 JOBS

excerpt from Rotorua Daily Post Friday, March 9, 2018

 

WOOD PLANT TO CREATE 40 JOBS

A new large-scale timber processing plant to be built in Rotorua will create 40 jobs in the region.

Red Stag Wood Solutions announced yesterday that it will build a $20 million-plus Cross Laminated Timber plant at its 95ha wood processing site in Waipa.

 

 

 

 

CITY RENTS UP 16.7% IN YEAR

excerpt from rotorua Daily Post 5 March 2018

 

ROTORUA'S CLIMBING HOUSE PRICES

excerpt from Rotorua Daily Post December 2017

 

SPIKE IN RENTS ALARMS EXPERTS

RENTS STILL RISING AMID PROPERTY SHORTAGE

Excerpt from rotorua Daily Post Saturday September 23, 2017

 

ROTORUA HOUSE SALES INCREASE IN AUGUST

excerpt from Rotorua Daily Post Saturday, September 16, 2017

 

August was an "exceptional" month for house sales in Rotorua, but some real estate agents are predicting a slower September as buyers and sellers experience pre-election jitters.

More than 100 houses sold in Rotorua last month, a jump up from the 85 sold the month prior.

Real Estate Institute of New Zealand figures, released yesterday, show a 23.5 per cent jump in the number of houses sold in August (105), compared with July (85).

However, last month's house sales were still less than the same time last year when 136 houses sold.

The median price also saw a slight jump, going from $341,000 in July to $350,000 in August. The median price was $320,000 in August 2016.

 

 

BUYING A HOME STILL IN REACH

Excerpt from Rotorua Daily Post

SUBURB'S HOUSE VALUES SURGE

Excerpt from Rotorua Daily Post

ROTORUA IN TOP 10 GROWTH LOCATIONS

Rotorua is in the Top 10 Growth Locations, Nationally.

excerpt from NZ Property Investor July 2017

Top 10 Growth Locations

Location

3 Months

12 Months

Since Peak

Current Value

Kawerau District

0.6%

36.8%

10.0%

$175,142

MacKenzie District

9.6%

35.6%

65.8%

$474,921

South Waikato District

4.5%

32.0%

23.4%

$201,325

Hauraki District

8.8%

29.2%

41.2%

$394,065

Kaipara District

9.2%

25.1%

29.6%

$514,219

Upper Hutt City

2.8%

25.1%

28.0%

$449,970

Thames-Coromandel District

8.7%

24.7%

22.3%

$711,289

Lower Hutt City

3.4%

24.5%

28.8%

$505,602

Rotorua District

2.0%

23.9%

34.3%

$394,408

Matamata-Piako District

3.7%

23.8%

42.5%

$415,687

 

MORE BUYERS THAN HOMES

Rotorua Daily Post May 4, 2017

 

RENTAL SHORTAGE HITTING HARD

Rotorua Daily Post May 2, 2017

HOUSE BUYING HITS MAD RUSH

excerpt from Rotorua Daily Post April 5th, 2017

LYNMORE LEADS WAY IN SURGE

excerpt from Rotorua Daily Post Monday 6 March 2017

ROTORUA HOUSE VALUES SURGE 29 PER CENT

excerpt from Rotorua Daily Post Wednesday 1 March 2017

QUARTERLY ECONOMIC MONITOR

ROTORUA DISTRICT - DECEMBER QUARTER 2016

HOUSE VALUE GROWTH IN TOP FIVE

excerpt Rotorua Daily Post 1 February 2017

RENTS HOLDING, HOUSES SCARCE

excerpt from Rotorua Daily Post January 20, 2017

PROPERTY RISE TO GO ON: AGENTS

excerpt from Rotorua Daily Post Wednesday 11 January 2017

ROTORUA ECONOMY OUTSHINES THE REST

excerpt from the Rotorua Daily Post Saturday December 10, 2016

Town enjoys surge in growth.

Rotorua's ecomony is continuing to boom - enjoying a "stellar" quarter with economic indicators outstripping the national growth rates.
The latest Infometrics quarterly economic monitor for the Rotorua district saw Rotorua's gross domestic product up 4.1 per cent, ahead of the national rate of 3.2 per cent.

Quarterly Economic Monitor
ROTORUA DISTRICT - SEPTEMBER QUARTER 2016
Indicator Rotorua District New Zealand
Annual average % change
Gross domestic product 4.1% 3.2%
Traffic flow 6.2% 4.8%
Residential consents 5.2% 14%
Non-residential consents 37% 6.8%
House prices* 25% 11%
House sales 50% 5.0%
Guest nights 7.6% 6.2%
Retail trade 6.0% 2.7%
Car registrations 5.7% 3.2%
Commercial vehicle registrations 29% 10%
Jobseeker Support recipients -3.4% -0.04%
Level
Unemployment rate
     6.1%     5.0%
International net migration      973     69,947
*Annual percentage change (latest quarter compared to a year earlier). Source: Infometrics

 

PROPERTY VALUES ROCKETING

excerpt from Rotorua Daily Post 5 December 2016

TENANTS BATTLE TO FIND HOMES

excerpt from Rotorua Daily Post November 28, 2016

THREE SUBURBS LEAD PRICE RISE

excerpt from Rotorua Daily Post 4 December 2017

ROTORUA GROWTH IN TOP 10

ROTORUA DAILY POST

MIGRANT ARRIVALS AT 25-YR HIGH

ROTORUA DAILY POST


AGENTS WELCOME NEW METH HOUSE GUIDELINES

Rotorua Daily Post 28 October 2016

RENTAL SITUATION WORST IN 25 YEARS

excerpt from Rotorua Daily Post 30.9.16

Median renting price in Rotorua $290, good tenants miss out.

A long-term property manager has described Rotorua's rental situation as the worst he has seen in 25 years, as people struggle to find properties.
Rotorua Rentals co-director Richard Evans said there was a shortage of listings, with good homes snapped up and those missing out often having to settle for less than an ideal house.
It comes as the Trade Me rental price figures for August show the median price of a rental in Rotorua is $290 - something realestate agents say is reflective of the lack of larger, suitable rentals available.

HOUSE VALUES KEEP RISING

Rotorua Daily Post Article

ALL SUBURBS GAIN FROM BOOM

Rotorua Daily Post article 5 September 2016

ECONOMY GOING GREAT GUNS

MEAGRE PICKINGS FOR RENTERS

excerpt from Rotorua Daily Post 25 August 2016

Meagre pickings for renters
Demand outstrips supply as tenants queue for properties.

There appears to be no end in sight for Rotorua's rental shortage as demand continues to outstrip supply.
Desperate tenants searching for homes are queuing with up to 60 other people as they fight to win the few vacant rental properties on the market.
It comes as Trade Me has released the latest rental price figures which show the median rental price in the city was $310 a week.




HOME OWNERS SITTING PRETTY

excerpt from Rotorua Daily Post Wednesday, August 3, 2016

Rotorua home owners can sit back feeling "more financially comfortable" with news property values have skyrocketed almost 25 per cent in the past year.

Rotorua has seen one of the most significant jumps in years with its average house value jumping 24.8 per cent to $338,679 according to the QV House Price Index for July.
The figures, released yesterday, show the average value of a house in Rotorua is now 9.2 per cent higher than three months ago and 15.3 per cent above the 2007 market peak.

ROTORUA'S RENTAL CRISIS

excerpt from Rotorua Daily Post Saturday 30 July 2016

...Hopeful Rotorua renters are being urged to get organised and prepared as demand for homes skyrockets and an increase in savvy Aucklanders puts pressure on the local market.

LJ Hooker principal Stephen Pepper said there was pressure right across the property market and much of that was due to an increase in people - especially Aucklanders - moving to Rotorua.
He said some coming from out of town were better prepared and, in the current market, more pressure was on renters to prove they would be good tenants.
It comes as the latest Trade Me figures show the weekly median asking price for rentals in Rotorua is now $310, 11 per cent up on the same time a year ago.
Data showed listings are being snapped up faster than the same time a year ago - with the average time on the site for Rotorua listings dropping from 22 days to 15.

ROTORUA HOUSE VALUES RISE

DEMAND SKY-HIGH FOR RENTALS

excerpt from Rotorua Daily Post May 30, 2016

Demand for rentals is fueling fierce competition for those wanting to get into a property and it could get even tougher for those looking with one agent saying the cost of renting Rotorua is set to rise. The latest Trade Me figures have shown an increase in rental properties across the board with houses going up from $300 to $310 a week in price and units going up from $195 to $250 in comparison with April 2015 to April this year. Overall the figures showed that rental properties had an average weekly price of $290 - $10 more than this time last year, but $10 less than the previous two months.

What you can get in different price ranges:

- $100 to $200 - $160 one bedroom, one bathroom flat in Koutu.
- $200 to $300 - $285 three bedroom, one bathroom house, single garage in Utuhina.
- $300 to $400 - $360 two bedroom, one bathroom, off road parking in Glenholme.
- $400+ - $470  four bedroom, two bathroom, double garage in Lynmore.

HOME VALUES AT EIGHT-YEAR HIGH

excerpt from Rotorua Daily Post 5 May 2016

Fierce competition to get homes is pushing up Rotorua property values with the average now sitting at the highest level in more than eight years. The average value of a house in Rotorua is $310,109 - up 12.4 per cent on the same time last year, according to the QV House Price Index for April. the figures released yesterday, showed the values had also risen 5 per cent in the past three months, and now sit about 5.6 per cent higher than the 2007 market peak.

HOMES UP 13.8% ON LAST YEAR

excerpt from Rotorua Daily Post 7 April 2016

Rotorua's QV property statistics.

Average house value in Rotorua $305,603
13.8 per cent higher than March last year
3.6 per cent higher than December last year
4.1 per cent higher than 2007 market peak

RENTALS GETTING TOUGH TO FIND

excerpt from Rotorua Daily Post January 22, 2016

Finding and bagging available properties is proving to be a mission for those looking to rent good quality houses in Rotorua. Real estate agents say the number of rental properties available is low and outweighed by demand - one saying his agency had never had so few properties on its books. It comes as new Trade Me figures show Rotorua's median asking weekly rent increased by 5.4% from December 2014 to December 2015.

Rotorua's median asking weekly rent;
December 2012: $250
December 2013: $260
December 2014: $280
December 2015: $295
                          Trade Me

CITY HOUSE SALES SKYROCKET

excerpt from Rotorua Daily Post 12 May 2016

The number of houses sold in Rotorua last month skyrocketed by 120 per cent, with 183 houses sold compared with 83 in April last year. New figures released by the Real Estate Institute of New Zealand yesterday also showed an increase in the number of houses sold compared with March this year, with that number up 4.6 per cent. As well as the big jump in house sales, the median price has increased to $275,100 - a 1.9 per cent increase on March and a 2.3 per cent increase on April 2015.

HOUSE VALUATIONS ON THE UP

excerpt from Rotorua Daily Post January 14, 2016

Rotorua's average house value has risen above that of the 2007 market peak for the first time, with figures showing investors becoming more active in the local property market.
Rotorua hot property
Current average value, $295,082
Up 9.3% from last December
Up 4.1% from three months ago
0.5% abvoe the 2007 market peak
- QV figures December 2015

ROTORUA IMPRESSES INVESTOR

excerpt from Rotorua Daily Post September 7, 2015

An Austrian timber manufacturing company wants to build a $32million facility in the Asia-Pacific - and has been in Rotorua checking out the region's suitability.

KLH Massivholz GmbH managing director Mario Wagner spent five days in Rotorua visiting businesses, construction sites and sawmills. The visit was co-ordinated by Grow Rotorua and supported by New Zealand Trade and Enterprise (NZTE)....

...KLH manufactures large-format glued laminated timber elements that are often used worldwide as structured wall, ceiling and roofing elements...

NEW HOTEL FOR CITY

excerpt from Rotorua Daily Post September 12, 2015

Plans have been unveiled for a new multi-million-dollar four-star hotel in Rotorua, which developers say will bring about 30 jobs to the city and attract more tourists.

The proposed hotel, on empty land at Koutu, will have 100 rooms and include a swimming pool, restaurant and tennis courts as part of the development. It is being developed jointly by Rotorua couple Alex Leu and Selina Zhang with two other investors - one based in Auckland and one in China.

It is one of several new accommodation facilities planned for Rotorua. Pukeroa Oruawhata plans to develop a five-star hotel and spa at Rotorua's Lakefront, and has also announced it is converting the old Lakehouse into a 250-bed upmarket spa hostel. Meanwhile, the Ramada Lakeside Resort and Spa is planned for nearby Whittaker Rd.

NEW HOTEL PROPOSED FOR CITY'S ZEN CENTRE

excerpt from Rotorua Daily Post September 15, 2015

One of Rotorua's tallest buildings is on course to be turned into a 150-room four-star hotel under the ownership of property magnates, the Chow brothers.

John Chow confirmed to the Rotorua Daily Post yesterday that the Zen Centre at 1135 Arawa St would be turned into brand new hotel.... it will have a couple of restaurants, 150-rooms and everything you would expect from a four-star hotel.

TOURISM MARKET ON A HIGH

excerpt from Rotorua Daily Post August 26, 2015

The Number of international tourists visiting Rotorua has hit a seven-year peak, according to Destination Rotorua.

This comes as the country attracted 3 million international arrivals in the year ending July for the the first time.

BOP ECONOMY JUMPS TO SECOND PLACE

excerpt from Rotorua Daily Post August 25, 2015

GROWTH
Bay employment increased 8.3
per cent according to figues released for the last quarter, and new car sales rose by 7 per cent.

The Bay of Plenty has jumped to second place in a quarterly
economic scoreboard - an encouraging sign for the region, economic experts say.

The region bounded ahead in construction, up by 57 per cent on the same quarter last year,
the third biggest increase nationwide.

House prices followed suit, increasing by 6.2 per cent year-on-year...

RENTS SOAR 15%

Extract from Rotorua Daily Post 6 May 2015

Tenants in Rotorua are forking out more for a rental home as prices climb.

TradeMe's Rental Price Index shows the asking price for median weekly rent in Rotorua was $320 in March for a medium-sized home (3-4 Bedrooms), which is a 15 per cent increase on the $277.50 being sought in March 2014.

Pam Jones from Pam Jones Property Management in Rotorua said rent increases were due to rising costs for landlords.

"Most of my properties have had rent increases in the past year, but that is because property costs have gone up," she said, "Insurance and rates have gone up so, of course, rents have been increased slightly to cover some of the costs. It is really that increased landlord costs are forcing us to have to put rents up."

Mrs Jones said there was high demand for rental properties in Rotorua.