Despite the country officially being in a recession, the property market is very strong. Demand from buyers who have access to very low interest rates and an increase in the numbers of ex-pats returning to New Zealand have resulted in competition driving prices up. The low level of properties currently for sale has meant that demand is out pacing supply. The outlook is that these conditions are likely to be with us for a while longer yet. What’s more, this seems to be the situation right across the country.
The median sale price in August for residential property in Tauranga City was recorded at $745,000. That’s a record high. Properties have generally been selling quicker and there have been a similar number of sales compared with 12 months ago.
Have a look at the reports below.
Sales by Suburb Tauranga City August 2020
High End Sales Tauranga City August 2020
The Bay of Plenty Regional Report August 2020