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A million bucks ain’t what it used to be….

Pictured: 12 Hazel Terrace, a previous Cashmores client.

Remember those wistful days in the school playground, or over lunch with your colleagues, when you’d chat dreamily about what you’d do if you hit the jackpot and won a million dollars? That figure felt so vast and life-changing, just a few short years ago…

How quickly things have changed. As average property prices in Tauranga now sit comfortably over $1million, it no longer conjures up ideas of beachfront lifestyles with infinity pools and ensuites off every bedroom. And it’s not just here in Tauranga. In 2021, the number of properties sold nationwide for $1 million or more increased by 69.1% compared to 2020.

We’re fortunate to represent some incredible properties in the Bay of Plenty, and have an inside idea of what’s happening at this end of the market.

Here in Tauranga, sales in the $3m+ bracket shot up from a total of 20 in 2020, to 55 in 2021. That’s a shift of 175%. If we look at properties over $5m, the increase was 350%

The most expensive property sold in Tauranga last year went for over $10million, with another two sales close behind at over $9.5m each. Those big sales have historically been reserved for beachfront properties – all three of these sales were in Mount Maunganui. For those looking for a quieter lifestyle, the next place you may turn your attention to is waterfront Otumoetai and Matua, which saw several sales in the $3m+ bracket last year.

With the borders opening up to returning Kiwis and New Zealand looking like a very appealing prospect for International buyers, can we expect to see more record-breaking sales in the months to come? Time will tell, but give us a call and we’ll give you our best guess.

 

All data via REINZ

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