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The past year has been an interesting one for the real estate market in the Bay of Plenty, with prices generally rising in response to increased demand in the area. For those planning on purchasing their first home, it’s especially important to pay attention to what the horizon will bring. Read on to find out more about our outlook.
Despite the rise in demand over the last few years, we will likely see a relatively high number of affordable new homes in and around the Bay of Plenty. In 2015, reports by the New Zealand Herald show that more than 530 homes were listed under $300,000 by July 1.
That includes 391 under $250,000. This compares to a scant 136 homes listed under the $300,000 mark in the Auckland city area, of which the majority were one or two bedroom houses. On the contrary, some of the homes for sale in Tauranga were over 800 square metres. There’s no question that there is great potential to make a smart investment despite higher prices creeping into the market. It’s reasonable to note, though, that the Tauranga housing market often closely corresponds to that of Auckland. Those high prices could be coming our way soon.
As long as mortgage rates remain stable, the market should follow, though it’s likely new homes won’t get cheaper. Talking to a homebuilder in Tauranga is an important consideration for anyone looking to buy a new home in 2016. It’s a smart way to gain more control over your future living space – building a new home grants you more floor plan options and can provide access to an area that has an otherwise saturated market.
Choosing to design and build also allows you to circumvent the competition coming from outside investors, and now is the time to do it. Plots for custom-built homes are only going to see an increase in demand in 2016, especially as housing values likely continue their upward trend. Building a home brings especially strong potential to deliver a sound return on your investment in this climate.
It’s important to explain all your personal needs to your construction company before you start building. If resale value is a strong concern for you, be sure to ask your house design specialist what they recommend based on your desires and recent changes in the market.
Navigating the changing real estate market can be difficult. Doing it with the help of an award-winning homebuilding company like Sentinel Homes can make things much easier. Sentinel Homes offers a range of home design choices around the Tauranga area.
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