Squeeze on Bay housing market
Monday 16 August 2004
Hawke's Bay has turned into a renters' nightmare as a housing boom and an influx of professionals and families put a tight clamp on the property market.
By The LandlordPrices of rental homes and units are skyrocketing as a result of higher property values and Hawke's Bay's growing popularity as a place to live.
Hawke's Bay Realties Napier property manager Katrina Mortensen said there had been an influx of families and executives shifting to the region from areas such as Wellington, Auckland, Taupo, Nelson and overseas.
"There is definitely more demand, and that is the underlying problem. We need more rental housing to become available."
People were looking for good family homes with garages, but there was a scarcity of long-term rental properties. A typical three-bedroom home with a garage in Taradale was fetching $250 to $280 a week.
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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.