Perspectives Property Report July 2023

Hi, I'm Hayden Duncan, Managing Partner of New Zealand Sotheby's International Realty, here in one of the fastest growing regions of New Zealand, the beautiful Bay of Plenty.

The area has a diverse population, from the retirees enjoying the temperate climate that the Bay of Plenty is known for, through to families that enjoy the wonderful options around education right from the very youngest to university age groups.

Industry has certainly developed over the last decade or so, and we really have a very strong economy based off the ports, agriculture, emerging businesses and infrastructure. Tourism is at the very heart of the region for the Coromandel, Eastern Beaches, Ohopi and in particular around the Rotorua lakes region.

Known for its holiday homes on the coast through to the more permanent residences in the lifestyle luxury estates in the residential areas of Tauranga, Rotorua and surrounds, the real estate market reflects the population.

Although the median sale value currently sits across the Bay of Plenty at very reasonable $790,000, the range from the top end on the waterfront on Mt Maunganui Beach or on the waterfront on some of key lakes like Tarawera or Rotoiti or in fact Rotorua, you are looking at multi-million dollar investments for those lifestyle and trophy opportunities. 

The team right throughout the region has reported strong activity as is expected in a location such as the Bay of Plenty with strong demand coming from throughout New Zealand but also offshore.

A significant sale of note is 5 Harsant Avenue at Hahei Beach on the Coromandel Peninsula. Known as a destination for holiday-goers, particularly through those summer months, it is a place that is highly sought-after and considered a trophy location. 5 Harsant Avenue sold after a strong campaign that had very significant numbers of interest and ultimately selling at auction by way of competitive bidding with all parties being delighted with the outcome.

Currently on the market throughout the Bay of Plenty we have some wonderful properties that are worth note. Firstly, Waitangi Lodge. It is located on the shores of Lake Tarawera, situated on just under 5 hectares. It really is a trophy property very rarely available in the market. 

Also of note the property at 323C Oceanbeach Road on the beachfront in Mt Maunganui. Always sought-after and seldom found, the opportunity to live on one of New Zealand's most recognisable and award-winning beaches. Known for its wonderful surf, beautiful white sandy beaches and just a short stroll down to Mauao, either to climb to the top and observe the views of the wonderful views of the Bay of Plenty of enjoy the cafe culture just a short stroll away.

Moving away from the lakes and the beaches, if lifestyle is more your thing, if you want a bit of land and maybe an income, have a look at 1555B State Highway 2 at Whakamaramara. Within a half hour drive of Tauranga CBD, you can be situated on just over 5 hectares with wonderful views and a four bedroom home that does offer an income from over 500 avocado trees.

Thanks very much we look forward to seeing you soon.