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The kiwi dream of the house, the bach and the boat is becoming a luxury few can afford.
Home prices in some vacation hot spots are skyrocketing as more families choose to make the bach their permanent residence after a year of uncertainty, closures, and the realization that working from home could also mean working from the beach.
Median home prices in popular seaside cities have risen more than 50 percent compared to the same period last year, according to the latest data from the New Zealand Real Estate Institute (REINZ).
Dean Kozanic / Stuff
Median home prices in some vacation hot spots rose more than 50 percent compared to the same period last year, according to REINZ.
The unofficial winner of the party hot spots popularity contest is Akaroa, a small town on the Banks Peninsula, just an hour and a half drive from Christchurch.
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Akaroa, home to some 750 permanent human residents and 1,000 vulnerable Hector’s dolphins nationwide, had the strongest median price increase of any vacation spot in the country of 58 percent.
Its median price skyrocketed from $ 525,000 for the three months ended November 30, 2019 to $ 830,000 for the same three-month period this year.
Second largest increase in North Island coastal city
In the summer months, Waihī Beach is flooded with tourists and runaways from the city of Auckland, Hamilton, Coromandel, Tauranga and the Bay of Plenty in general.
The many bush walks to the waterfalls and pōhutukawa laden bays appeal to those seeking a classic Kiwi vacation.
It’s no wonder the North Island beachside village destination saw the second-largest median price increase of 50 percent.
Christel Yardley / Waikato Times
Waihi Beach, a white-sand destination on the North Island, has seen a 50 percent year-on-year median price increase, from $ 700,000 in November last year to $ 1.05 million this year.
Property prices in Waihī Beach increased year over year from $ 700,000 to $ 1.05 million.
Sales volumes also increased significantly. Only 14 sales were made to the white sand destination during the three months ended November 2019, compared to 40 for the same period in 2020.
“Waihī Beach is the quintessential kiwi,” said Portia McKenzie, who moved to the city with her husband, Cameron, and their 11-year-old son Koen from Rotorua in 2018. Travel of things.
“Sand in your hair, bare feet in Four Square, biking to the dairy for ice cream and barbecuing on the street at the end of the cul-de-sac with the neighbors.”
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Real estate investors will now need 40 percent equity capital when borrowing from ANZ.
REINZ CEO Bindi Norwell said that beach destination vacations have always been an important part of kiwi culture and this year’s research on vacation hot spot prices shows demand has increased. in 2020.
“This is no surprise, considering that vacation abroad is not an option for many New Zealanders this year, and Kiwis are looking to our own shores for a longer-term option,” he said.
“Additionally, with the various blockages that New Zealanders have experienced this year, we have noticed that individuals and families have taken a closer look at their living situations.
“Some have decided that they now have the option of moving to a beachside destination and working remotely, or having a [or] holiday home to which they can ‘escape’, in case we find ourselves in a similar situation of confinement again. ”
Christel Yardley / Waikato Times
Waihi Beach’s sales volumes have also increased significantly, from 14 sales during a three-month period last year to 40 in the same period this year.
However, the prices of vacation homes have not gone up across the board.
Prices in the Onetangi north shore settlement on Waiheke Island fell 17% from $ 1.1 million in 2019 to $ 921,000.
This is likely due to the fact that many properties in Waiheke have been used as Airbnb properties and may not have had the same returns throughout the year, meaning that the owners are choosing to sell.
Fourteen properties were sold in the small community this year, double the seven that were sold in 2019.
New Zealand’s most expensive vacation spot, Omaha, also saw an overall 22% rise in median prices, from $ 1.76 million to $ 2.15 million in 2020.
However, this was down from a peak earlier this year of $ 2.35 million in April.
Oscar Leo Bezzant / Supplied
Although prices fell at Onetangi’s Waiheke location, sales volumes increased.
Other vacation towns that enjoyed a significant 20% more increase in their median prices were: Arrowtown (up 27% to $ 1.56 million); Mangawhai and Mangawahi Heads (up 28 percent and 24 percent, respectively, to $ 765,000 and $ 875,000); Mount Maunganui (up 25 percent at $ 940,000); Papamoa Beach (up 23 percent at $ 875,000); Taupō (up to 25 percent at $ 550,000) and Whangamatā (up to 26 percent at $ 950,000).
But if summer vacation makes you think you’d like to make your family camping spot a little more permanent, there are some cities where prices have gone up instead of up.
Prices on Banks Peninsula increased 6 percent from $ 495,000 to $ 525,000 and in Waipū only 4% from $ 760,000 to $ 790,000. Happy bach scouting.
