Property Market Update

Residential and rural markets have been relatively bouyant over the last 18 months, with particularly strong buyer interest in the lower price brackets.

Whakatane & Ohope Residential

The residential property market within Whakatane and Ohope has picked up significantly since early 2015.   In Whakatane 2015 saw a 57% increase in transaction volumes over 2014, and 2016 saw a further 40% increase over 2015.  Recent buyer activity has been strongly focussed within the $300,000 - $400,000 price bracket and local rea estate agents are reporting an extreme shortage of listings.  Within Ohope there has been a similar pattern, with 2015 transaction volumes increasing by over 33% compared with 2014, and by a further 10% in 2016.  

The market in 2017 remains strong, with prices and sales volumes remaining at high levels.  Both Whakatane and Ohope are sellers markets, and there are often multiple buyers bidding for new listings.

Lifestyle Market

The lifestyle property market within the Eastern Bay of Plenty has also seen an increase in activity over the last 2 years with a strong level of buyer inquiry, particularly for properties below $650,000.  The early part of 2017 has continued in the same vein, and the high transaction volume is expected to maintain pressure on prices.