Turangi feeling the heat
ROBERT STEVEN Turangi’s real estate market is heating up but still remains one of the cheapest property markets in the country.
Data from market analysis company QV shows the median value of Turangi properties rose by 3.9 per cent in the three months to April 30.
The 3.9 per cent rise, to $226,050, is the greatest median value increase in both the Taupo¯ and South Waikato Districts.
Houses in other Taupo¯ suburbs, such as Hilltop, Waipahihi and Nukuhau, rose just 2.6, 0.9 and 0.7 per cent in value, according to QV’s ‘‘E-Valuer estimate’’.
QV.co.nz’s E-Valuer estimate is a valuation based on recent, nearby, comparable sales.
Nationwide, Turangi is the sixth least expensive regional town in New Zealand.
Taumaranui is the cheapest [estimated median value of $ $146,800], followed by Kaikohe in Far North District ($180,000), Fordlands in Rotorua ($184,000), Tokoroa ($189,900) and Te Ku¯ iti ($203,200).
Kawerau ($224,000) comes in with the eighth-lowest median value, followed by Kaitaia ($225,800), O¯ hakune ($249,300) and O¯ po¯ tiki ($258,850).
Wai Johnson, Century 21 Premier Turangi owner, said QV’s median value estimation for Turangi ($226,050) was affected by the price range of properties selling.
‘‘We’ve still got houses for sale beneath that, but I suppose the big difference in the past 18 months is that more and more properties are now selling above that,’’ she said.
‘‘With Taupo¯ house prices rising in recent years, many looking for a holiday house near Lake Taupo¯ are now considering Turangi and the lifestyle it offers.’’
The median value of a house in Turangi rose by 14.6 per cent from $194,600 to $223,100 in the 12 months March 2017 to March 2018, according to QV.