Rotorua Housing Market Booms In Face Of Slump

News Release
For Immediate Release
July 6, 2005

Rotorua Housing Market Booms In Face Of New Zealand Property Slump

While the number of building consents being issued around the country continues to decline, Rotorua is proving resilient to the trend.

Latest Statistics New Zealand figures show Auckland, Wellington and Christchurch had significant drops in consents issued during May 2005, but the Bay of Plenty has remained steady.

Rotorua real estate agents and developers say despite nationwide slumping house prices, the Rotorua residential market is still flying high, with one new home and land subdivision selling out in only three months.

Riverside – situated on Old Taupo Road – has set a benchmark for all other Generation Developments subdivisions with all 33 of its home and land packages sold in record time.

Generation Developments director David Mansel believes the success of the company's first Rotorua subdivision was due to a combination of factors.

"Rotorua's real estate market is booming at the moment, driven largely I believe by the growth of the tourism industry.

"When Generation entered the residential market offering premier home and land packages, including our guaranteed-move-in date and fixed-price promise, home buyers realised they were on to a winner."

Generation Developments build to a strict 12-week programme, guaranteeing homeowners can move in on a scheduled date and pay exactly the quoted price.

Mansel says Generation had been looking to move into Rotorua for some time before launching Riverside, and with the development's success will certainly be exploring further options in the city.

ENDS

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