Property boom for popular Kawakawa

Kawakawa is enjoying a real estate boom, at least in terms of house prices.

The current median sale price of $315,000 is 26 per cent up on a year ago, and with many of the homes there being bought to live in, the town now has a shortage of rental properties.

Figures released by property website OneRoof this week show that after rapid house price inflation growth is slowing in the region’s three territorial local authorities areas. OneRoof editor Owen Vaughan said 1618 properties had sold in the Whanga¯rei District in the past year, the median price rising 10.5 per cent to $525,000. The Far North median was $450,000, up 8.4 per cent, with 1084 properties sold, and Kaipara rose 4.46 per cent to $585,000, with 446 properties sold.

Kawakawa’s 267 per cent increase was the biggest in Northland, followed by Parihaka, in Whanga¯rei, up 21 per cent to $515,000, and the Karikari Peninsula, up 20 per cent to $480,000.

Mr Vaughan said firsthome buyers remained the largest group of Northland buyers, making up 27.6 per cent of new mortgage registrations. Investors (with three or more properties) accounted for 18 per cent.