Housing market soars
House prices are rapidly rising in the South Waikato as families and investors scoop up what they can while they can.
The latest figures from Quotable Value Limited (QV) show a massive 24.1 per cent rise in the average value, $159,854, of South Waikato residential properties in the last 12 months. That’s a rise of 5.1 per cent in the last three months which places the average value at only 2 per cent off the 2007 market peak.
With so few properties on the market the upward trend is making itself right at home.
massive 24.1 per cent rise in the average value, $159,854
a rise of 5.1 per cent in the last three months
places the average value at only 2 per cent off the 2007 market peak
❚❚❚Harveys Real Estate Tokoroa agent Barb Mcmullen said she has never seen the demand so high.
‘‘We are getting locals, out of town investors, Fonterra employees, and a lot of young families coming in who have been renting out of town where their houses have sold,’’ she said.
‘‘Prices have definitely been going up very substantially which is an absolutely positive spin for our town and in the 11 years I have been doing this, this is the best it has ever been. It is amazing.’’
She said people were realising just what the area has to offer and its perceived bad reputation was beginning to subside.
‘‘Some people ask why you’d buy in Tokoroa because they think there is a lot of crime but there is a presence of that in every community and you generally manage to stay away from it,’’ she said.
‘‘On average I used to have around 30 listings on my books but at the moment I only have seven and there is very little that is not currently under contract.’’
‘‘I brought my kids up here and it is an amazing community. If you go for a walk people say hello and if you get a flat tyre several people will come up and help. It’s who we are, it’s a great place to live, and I love it,’’ she said.
She said now was the time for vendors to sell.
‘‘Definitely give us a call and we can come and do an appraisal. I’m sure many would be very pleasantly surprised by what their properties are worth.’’
* These houses are currently listed with Harveys.