A quick stop into Kmart on the weekend and I hear background music playing – Christmas carols! Throw more into the mix of this crazy year and it’s now time for Christmas shopping too! I like many of you, would like to leave this year behind, I certainly do not want to wish time away but it sure has been a heck of a year.
Rotorua’s Property market, like many other parts of New Zealand has been riding that same rollercoaster, we have a real shortage of listings and plenty of buyers out there, an awful lot of first home buyers and they are competing with the investors and we seem to be seeing some of those investors from various other regions of the central north island.
With this competition happening this I feel is a strong reason property prices are on the rise as there is an arm wrestle between buyers to secure them, seeing a lot going into multi offer and higher than anticipated prices paid. Rotorua has yet again another record high median house price of $580,000 - a whopping $100,000 more than the same time last year but seeing the biggest growth over the last 3-4 months.