Second suburb joins the $1 million club
House price report shows Matua catching up to Mount Maunganui
Matua has become the second Tauranga suburb to join the million-dollar club, according to a new house price report. Corelogic’s Mapping the Market 2021 report showed Matua has reached a median property value of $1 million.
Meanwhile, the city’s cheapest suburb, Parkvale (or Merivale), topped the charts for growth in median values in the past 12 months, reaching $586,900.
Senior property economist Kelvin Davidson said Mount Maunganui was the first suburb to crack the milliondollar mark, just last quarter.
“Its median value is now $1.11m, while Matua has also gone to $1m,”
Davidson said. “Parkvale is the cheapest. However, Parkvale has topped the growth ranking (18.9 per cent) over the past 12 months, with Matua’s gain ($132,300) the largest in dollar terms.”
According to the Real Estate Institute of New Zealand, there were 114 sales in Matua, 519 in Mount Maunganui and 36 in Parkvale in the 12 months ending in February.
Bowls Matua president
Cliff
Osborne has lived in Matua for 21 years and said there had been many changes since 2000.
“A lot of houses have had facelifts and a lot of people were adding Airbnbs. A lot of people are doing up their gardens too and investing in landscaping.”
Osborne said the bowls club was an asset to the community, with the area boasting lots of great amenities and good bus routes. “It’s a quiet suburb, close to the sea. We just fell in love with our house.” Matua Primary School principal Marcus Norrish said the school had a growing roll of more than 500 children as younger families moved into the area.