Kerikeri tops Northland housing

Lifestyle, low interest rates, consumer confidence, investment returns and the influence of the high priced Auckland market is continuing to drive demand for Northland housing.

In May, Northland recorded a sales increase of 60 percent compared to May 2015 – the third highest for Northland for any month, and only 10 sales below a new record.

Data released by the Real Estate Institute of New Zealand show May sales in Kerikeri up 57 per cent, Whangarei City up 50 per cent and Otamatea County up 48 per cent on May 2015.

The median price has also risen in Kerikeri; it’s now $595,750 up from $420,000 last year, while Whangarei district is $562,500 up from $430,000 and Whangarei city is $335,000 up from $290,000.

Ray White Whangarei director John Monteith says low interest rates and confidence in the economy is seeing more first time buyers stepping on to the property ladder while other homeowners are taking the opportunity to upgrade into second homes.

‘‘Around 42 per cent of our sales have been to people from outside of the area. Some are investors, some are people who are selling up in places like Auckland and Tauranga and buying where they are getting better value homes for their money.’’

He says in the past retirees and investors made up the larger part of this market but ‘‘more working families with younger children are now coming to live here.’’

‘‘The lifestyle market is the strongest since 2006-2007.’’

The spin off into property based industries such as building and furnishing retailers is very positive.

Monteith believes record immigration numbers into Auckland are also adding to the ‘halo effect’ of the Auckland market.

Kerikeri Harcourts managing director Dennis Corbett says low interest rates, value for money and lifestyle in and around Kerikeri are driving the local market with returns on residential investment driving the Kaikohe market.

With the exception of the four months to February Kerikeri sales over $600k have been strong – investors are snapping up listings up to $500,000 – but the most popular range remains $300k to $600k.

In May approximately two thirds of Kerikeri buyers came from Auckland.

Looking for something to do in Kaikohe and Kerikeri? Willi Henley is calling on young people to join him to learn about drama, theatre and themselves. The Kaikohe Youth Theatre will take place every Wednesday at Castle Duo from 5-6.30pm. From July 4...