Bay of Plenty takes the top spot
Latest data from the realestate.co.nz has revealed that majority of average asking prices in the country have increased over the last decade, with Bay of Plenty taking the top spot.
Bay of Plenty’s Kawerau had the highest asking price increase over the last decade, with a whopping 112%. It was followed by Auckland’s Rodney district with 87% increase and Waitakere City with 86%. The report noted that the average asking price for a house in Kawerau in January 2010 was $153,579, which more than doubled by December 2019.
“Kawerau has long been known as an industrial town and has in recent years been identified as a ‘surge region’ by the government. As part of the Provincial Growth Fund, the government has announced that Kawerau will receive more than $5,000,000 in funding for various local projects,” the report said. “These recent boosts to industry, training and infrastructure via the provincial growth fund as well as a general upward trend in employment rates since 2014 could suggest that Kawerau is on the up.”
Read more: ANZ economists expect 8% house price inflation
Meanwhile, prices in Whakatane, Waitomo, and Greymouth decreased over the last decade by 33%, 20%, and 11% respectively. The report noted how Waitomo lost its glow over the years, adding that those who bought houses in January 2010 may be disappointed at the district’s 20% decrease in average asking price.
“Data shows that in January 2010 the average asking price in Waitomo was $381,098* and in December 2019 the average asking price in the district was just $304,484,” the report said. “In Hamilton, house prices have increased by 63%; rising from an average asking price of $408,739 in January 2010 to $664,696 in December 2019. In Matamata-Piako and Waipa the average asking house price has increased by 47% and 45% respectively.”
