Shy and retiring or boom town?
Monday 5 January 2004
The people of Mahia value the peace and beauty of the area. Now, it seems, everyone wants a piece. Bernard Carpinter reports.
By The LandlordRight now, the population of Mahia in northern Hawke's Bay is about 10 times the normal level.
The permanent population of the remote Mahia Beach township is about 800, but sun, surf and scenery bring in holidaymakers in their thousands.
More and more of those visitors are looking at buying houses or sections – but some will get a fright when they see the way prices are rising around Mahia Peninsula, between Wairoa and Gisborne.
Local people point out sections in the sleepy-looking township that are changing hands for $100,000 and one man tells of buying a house and then watching its value rise by $5000 a week in a few months.
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It’s full steam ahead for the Stevenson Group’s $800 million, 361-hectare industrial and residential development in South Auckland – despite the uncertainties of the post-Covid-19 era.
Periods of house price decline are rare and "short-lived", says economist Tony Alexander, amid forecasts of a drop of 10%-15% this year.
The Reserve Bank says the commercial property sector is vulnerable to the Covid-19 crisis. But PMG Funds' chief executive believes that while there’ll be short-term pain, the biggest long-term impact will be structural change.
Mortgage lending fell to its lowest level on record last month as the property market ground to a halt during the Covid-19 lockdown.