Porirua turnover rate still NZ’s lowest

If you’re buying a home and want plenty of choice, Porirua is not the place to be – it had the lowest turnover of properties last year, second only to Wellington, according to homes.co.nz.

Just 5.4 per cent of properties in Porirua changed hands over 2020, and 5.8 per cent of properties in Wellington.

At the other end of the spectrum was the Auckland suburb of Papakura, which had the country’s highest turnover last year of

12.3 per cent of properties selling. Also at the top of the table was the Tauranga suburb of Papamoa, with 9.9 per cent turnover, Taupo¯ with 9.2 per cent turnover, and Invercargill with 8.9 per cent.

One of the most-sold properties in Papakura was built in the

1960s, with three bedrooms, one bathroom and a garage. It remained in the same hands until April, 2012, when it sold for $208,000.

Its price rose for each of the six transactions between then and December, 2016, when it was bought for $640,000. The next buyer was in luck however – when it next sold, in December,

2019, the last time it changed hands was for $557,000.

Its current value estimated by homes.co.nz is between $630,000 and $690,000.

One of New Zealand’s most transacted properties was a threebedroom, one-bathroom house in Hamilton, built in 1990. It first sold in March, 1990, for $75,500. It sold another 35 times until its last purchase, for $575,000 in March,

2020, just before the level 4 lockdown.

It currently has an estimated value of $630,000 to $695,000, according to homes.co.nz.

In the Auckland suburb of Otara, a three-bedroom, onebathroom house built in the 1960s was first sold for an undisclosed amount in July, 2011. Less than a month later, it sold for $230,000, and then another five times until it last sold in August, 2020, for $675,000.

It currently has an estimated value of between $685,000 and $790,000, compared with the $735,000 estimate for Otara as a whole.

On Waiheke Island, a twobedroom, one-bathroom house built in the 2000s first sold in September, 2014, for $380,000. A year later it was bought for $515,000, then once again in January, 2017, for $680,000.

Given a rateable value assessment of $670,000 in July, 2017, it sold for the last time in June, 2019, for $650,000.

Just 5.4 per cent of properties in Porirua changed hands over 2020.