Market Profile
The following market profile will help to give you an understanding of the current real estate climate for residential, investment, commercial, business and rural property sales in the Coromandel including Whitianga, Flaxmill Bay, Front Beach, Cooks Beach, Hahei, Hot Water Beach, Whenuakite, Coroglen, Kuaotunu, Opito, Matarangi, Simpsons Beach, Otama & Ferry Landing, New Zealand.
RAY WHITE WHITIANGA.
At present, the residential market has steadied, but compared to the same time in 2007, prices and sales have dropped. Second home buyers, along with prestige buyers, continue to fuel the market. One has to remember that if you are buying and selling in the same market, there is really nothing to lose.
As in any area, the Whitianga marketplace is subject to fluctuations in terms of properties for sale and buyer activity. The state of the market is determined and directly affected by various external forces such as interest rates and inflation and more importantly, the availability of similar homes in your price bracket. The Whitianga area offers a broad cross section of property from small home units to significant waterfront homes and quality acreage properties. These external factors can affect any section of the market.
The current market is reflecting steady buyer activity; particularly for well-marketed, well-presented and well-priced properties in the Whitianga area. This has been evident by the increased number of internet traffic, hits and enquiries.
Looking toward the future, Thames Coromandel District Council recently released its 20 year projections in which it predicted that Whitianga will be the biggest East Coast settlement by 2026; growing from 3,078 in 2001 to 8,489 - an increase of over 275%. The report also predicts that the number of houses will jump 160% and the peak summer population will hit 33,455; reflecting Whitianga's growing popularity as a holiday destination. During the same period the median age of residents will be older by six years which may indicate desirability for retirees. Addressing a key concern of both retirees and general purchasers, health service providers met to hear proposals from three developers who presented proposals for a purpose built medical facility in the area. The plan is now before the Thames Coromandel District Council.
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