A building boom for Coromandel
Thursday 6 May 2004
The Coromandel is transforming itself from a sought after holiday destination to one of the fastest growing districts in New Zealand.
By The LandlordLast year Thames Coromandel District Council issued 594 building consents - a 44% increase on the 2002 figure and a 70% increase from 2000. All figures relate to dwellings.
In contrast, between 2000 and 2003, there was a 13% increase in the number of new dwellings nationally.
The value of the building consents authorised by TCDC last year was more than $100 million.
The fastest growing area is Mercury Bay where 651 dwellings were approved between 2000 and 2003. Tairua/Pauanui had 233 new dwellings, Whangamata 235, Thames 169, Coromandel/Colville 93.
"These figures underline the popularity of the peninsula as an area where people want to work, play and invest," says TCDC chief executive Steve Ruru.
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There’s no sign of a slow-down in Wellington’s property prices with Trade Me Property’s latest data showing that asking prices continue to rise solidly.
Vacancy rates in the commercial property sector are set to increase as changing economic conditions dampen demand.
Take note, investors: It is "quite possible" fixed rate mortgages have hit their lowest point in this cycle, according to economists at ASB.