North Island holiday homes 'cost significantly less than other holiday destinations'

Prices continue to rise in New Zealand's sixth cheapest suburb, which has become an attractive alternative to pricey holiday homes

North Island holiday homes 'cost significantly less than other holiday destinations'

Regional property strength has continued as prices in and around Turangi jump by 14.6% in the year to the end of March.

Turangi is currently listed as New Zealand’s 6th cheapest regional suburb, with central North Island town Taumarunui taking the top spot with a median house price of $145,100. According to data from real estate agent Century 21, median house prices in Turangi have still been steadily increasing with a 3.9% rise within the last quarter alone – one of the largest quarterly increases across all suburbs nationwide.

Century 21 Premier (Turangi) owner Wai Johnson says home buyers are slowly realising that a mountain house, lake beach or fishing cottage in the central North Island will cost them significantly less than other holiday destinations.

“According to QV, Turangi’s median house value rose to $223,100 in the last quarter,” says Johnson. “We’ve still got houses for sale beneath that, but I suppose the big difference in the past 18 months is that more and more properties are now selling above that.”

According to Johnson, Turangi has become a popular alternative to homes around Lake Taupo, which have been steadily increasing in price. She says the town has also benefited from New Zealand’s tourism boom, and has drawn in travellers with its multitude of hospitality, accommodation and adventure tourism businesses.

Turangi’s central location has also been part of its revival, with the ongoing Waikato Expressway improvements and Transmission Gully bringing it closer to Auckland and Wellington.

“Now is the time to buy in Turangi as its popularity will only continue to increase,” says Johnson. “As well as the nearby skiing, mountain biking, whitewater rafting and boating, we’re of course also the ‘Trout Fishing Capital of the World,’ with the internationally regarded Tongariro River running right past us.”

According to Century 21 national manager Geoff Barnett, regions continue to experience solid price growth across the board.

“The latest QV figures reflect what we’re seeing across the country at the moment,” says Barnett. “Many regions in particular continue to experience some really good price growth.”

 

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