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Oversupply of coastal property affects prices

Oversupply of coastal property leaves some vendors beached


An oversupply of coastal property around Mangawhai will mean property prices in the township have drifted downward according to the latest property research and statistics from leading real estate agency Bayleys.

The Bayleys Regional Residential Report North of Auckland 2008 out this week highlights that large scale subdivision of farm and inlet land around Mangawhai has occurred over the past few years.

Bayleys research analyst Bronwyn Harverye said that while there had been an overall weakening of New Zealand residential sales since the later part of 2007, the long term view for the region was positive.

“The purchase of coastal land over the past five years around Mangawhai has often been viewed as an investment with capital gain potential. However, recent changes in the residential and lifestyle scenes have seen this market contract – and values have fallen considerably over the last six months given a significant oversupply of property being put on the market,” Ms Harverye said.

“There are a number of Mangawhai subdivision projects still underway which will add further to this already oversupplied market.”

“However, for purchasers looking to secure an affordable holiday property, now may be an ideal time to consider purchasing – providing they are willing to invest long term.”

Ms Harverye said that by comparison, the Kaipara Coast has remained largely under-valued – “reflecting the different types of property available, with more ‘Kiwi baches’ available on the West coast.

The full Bayleys Residential Research Report for the Rodney District – including Otamatea County - is attached…


ends

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