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Supplied / Stuff
A former hydroelectric house in TÅ «rangi has seen a price increase of more than 130% since it was last sold in 2017.
An old ‘hydro house’ in Tūrangi has seen a price increase of nearly $ 200k in the two years since it was last sold.
The home sold for $ 139,000 in 2017, but recently sold for $ 330,000, a price increase of more than 130 percent, and now local realtors are clamoring for more listings given the relentless demand for homes.
The four-bedroom house in Tūrangi is typical of those built for employees working on the Tongariro hydroelectric power plan in the 1960s and 1970s.
Century 21 agent Patrick Barry listed and sold the hydro house, saying that possibly adding to its charm is the fact that the 85m2 house on a 741m2 corner site has changed little.
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“Since it was sold by the Ministry of Works in the early 1980s for just over $ 30,000, only two families have owned it,” Barry said.
“They have both enjoyed it as singles and have kept it pretty much the same.”
A week after the house went on the market, four offers were made to Auckland-based vendors who were impressed by the instant interest and offers they had asked for “inquiries over $ 290,000.”
Tūrangi Century 21 owner Wai Johnson said an educated guess would be that hydroelectric houses account for 70-80 percent of all Tūrangi properties.
“They are very solid houses, built to last, although with strange designs and in some cases, very small.”
Nicknamed the ‘Trout Fishing Capital of the World’, Tūrangi is known for skiing, hiking, mountain biking, rafting and boating in the immediate vicinity, helped by its proximity to Lake Taupō, Mount Ruapehu and, for of course, to the famous Tongariro river. just past. The Sky Waka gondola to Whakapapa is also a welcome tourist attraction.
STEPH RANGI / THINGS / Things
Interest for housing in Tūrangi is on the rise, but prices are at an all-time low.
But as Taupō has become more expensive, many permanent residents and tourists are opting for Tūrangi.
Johnson said that what attracts many is the well-planned nature of the former hydroelectric city.
“The popularity of Tūrangi is on the rise and the housing brand in recent months has seen great demand in sales,” he said.
Tūrangi quotes are at an all-time low, which Johnson says is driving market prices to record highs.
“The inquiries come from all sectors of the market, including investors; first home buyers, locals, and returnees, “he said
“Almost all property offers, especially in the $ 250-300k range are multiple offers. Buyers are buying without being seen and with exclusive conditions, such as construction reports, to make their offer more attractive in a multi-offer situation.
“Rents are now increasing, not helped by the fact that many of the sales are not returning to the rental market.”
Johnson added that it is difficult to say when this ‘bubble’ will burst, but as interest rates decline, investors seek more profitable returns, Kiwis are seeking to return home, and the lack of affordable housing in urban centers is driving demand. the provinces.
