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 Landlord

Prices 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.

Read More - Opens in a new window
Commenting is closed

House Prices

High demand keeps pushing prices up

Treasury might be expecting house prices to fall - but market data suggests otherwise, with Trade Me Property’s August data the latest to show rising prices and high demand.

Commercial

Augusta Capital takeover bid now unconditional

ASX-listed Centuria Capital has declared that its takeover of New Zealand property funds manager Augusta Capital is now unconditional, as it has secured nearly 66% of Augusta’s shares.

Mortgages

Borrowing boom in July – before second lockdown

Home lending soared to $6.5 billion in July during New Zealand's Covid-free period, reaching its highest level since November last year.

Site by PHP Developer