Cannons Creekhot spot?
A Porirua suburb is being touted as New Zealand’s number one property hot spot - but not everyone is rolling out the red carpet for new buyers.
Cannons Creek topped Property Investor magazine’s list of leading property growth spots for the past few months.
The looming Transmission Gully motorway and a short commute to Wellington City has Auckland investors eyeing up ‘The Creek’, as it’s known by locals, but Porirua mayor Nick Leggett says they’re not welcome.
‘‘Transmission Gully is adding greatly to property values in the area but we don’t want to see homes going to investors.
‘‘It’s one of the few affordable places left and we want houses going to home buyers that will live in the community.’’
Hamish Timmins, of Leaders Real Estate, said his most recent house sale in Cannons Creek had attracted investor enquiries from both Auckland and Wellington.
‘‘’Mum and Dad’ investors from Auckland are looking at it as a good way to spend their money, it’s a good investment.’’
Paula Mac Ewan has lived in Cannons Creek for years and doesn’t want out-of-town investors buying up the houses.
‘‘I want an engaged community that invest in our roots and don’t just take advantage of cheap mortgages.
‘‘What better place is there that’s far away enough from the city for the quiet but close enough for the fun?’’
Eastern Ward city councillor Izzy Ford said it was fantastic New Zealand had finally recognised the potential of Porirua East.
‘‘It’s definitely the start of the Transmission Gully effect and can only, hopefully be positive for us.’’
The magazine measured areas’ 12-month growth and compared it with the three months between March and May - then annualised that three-month figure.
QV national spokeswoman Andrea Rush said based on 11 sales in the past three months, prices in the suburb had risen 20% for the year ending July 1.
However, real estate agent and mayoral candidate Euon Murrell said he believed a few good sales might have skewed the figures.
‘‘I don’t believe we’re looking at the country’s new hot spot. The outside perception is it’s not a nice place to live, but that’s not the reality.’’
Tara Higgs said she didn’t want investors snapping up all the houses in Cannons Creek.
‘‘How about giving the rest of us a chance.. . It’s bad enough most people are getting kicked out of houses, they need to fix the problem that’s in their own back yard before making it worse.’’
Meanwhile Joyce Owen said it was good news.
‘‘New money, new families, a new school, new volunteers for community events. What’s not to like?’’