PHOTO: Waiheke Island. FILE
Houses in a popular Waiheke Island suburb are going for $184,000 less than they did 12 months ago, new real estate data shows, in a year when properties in most other holiday hotspots surged.
An analysis from the Real Estate Institute of New Zealand (REINZ) shows median property prices in Onetangi, on the northern side of the island, have plummeted 17 percent in the year since November 2019.
REINZ says this is likely because many properties on Waiheke are used as Airbnb homes, which wouldn’t have seen the same returns this year, prompting owners to sell.
But Onetangi is in the minority of holiday destinations to have fallen in value, with Coromandel (-11 percent) and Te Anau (-3 percent) the only other locations out of the 30 analysed to have seen property values drop.
A handful of areas – Hahei, Huntingdon, Kaiteriteri and Russell – saw no change in value, but the vast majority saw median house prices surge.
Among the biggest increases is Akaroa – a popular holiday destination for Christchurch residents – which saw property values skyrocket a jaw-dropping 58 percent in the last year, with median prices now sitting at $830,000.
Waihi Beach in the northern Bay of Plenty also jumped 50 percent to over $1 million, while Hokitika (41 percent rise), Mangawhai (28 percent), Arrowtown (27 percent), Mt Maunganui (25 percent) and Taupo (25 percent) all experienced marked increases in value.
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