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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
Bayleys Real Estate
New Zealand
Bayleys is New Zealand's largest full-service real estate company. We offer expertise in the marketing and sale of a wide range of property, including residential real estate, farms and lifestyle blocks, and commercial and industrial property. This includes tourism and business sales such as hotels and motels. We also cover the real estate markets in Fiji and other Pacific Islands.
Bayleys also provides a complete property and facilities service including property management and valuations teams focused on achieving both Owner and Tenant satisfaction.
No other real estate company can match our breadth of coverage across all market sectors throughout New Zealand.
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