The ‘Naki: it’s the new hot spot

• Property investors are turning away from Auckland’s overheated property market and setting their sights on Taranaki’s residential and commercial buildings, industry figures say.

  But despite sales volumes in June being 30 per cent higher than the previous year, with deals wrapped up 10 days faster, first-time buyers in Taranaki have been told there will be no repeat of the crisis currently affecting the country’s biggest city.

  Garry Malcolm, owner/broker of RE/MAX NZ Team Realty New Plymouth, said as well as continued demand for residential properties, out-of-town buyers were beginning to eye up investment and commercial properties.

  “We are certainly noticing greater interest across the board actually and we’re seeing a lot more investors coming from Auckland and looking at hotels and blocks of flats – that’s been quite prevalent in the last two months.”

  READ MORE:
  *Big Read: Home ownership still affordable in Taranaki despite hot Auckland property market
  *Real estate agent wants to send former boss Mike Pero to real estate school
  *Housing crisis also a worry for older homeowners, new survey shows
  *Three for one houses in Taranaki or Auckland
  *Taranaki housing market flourishing under low interest rates

Robert Charles/FAIRFAX NZ