The housing boom is turning many country towns into real estate hotspots as home buyers search for cheaper alternatives to skyrocketing city prices.
Figures compiled by the Sunday Star-Times show the country’s hottest residential property market is in Foxton, a small North Island town 20km north of Levin.
According to figures from the Real Estate Institute of New Zealand, the median selling price of homes in Foxton was $180,000 last month, a massive 59 per cent increase on the $113,500 median price in November last year. Over the same period the number of homes being sold in the town has more than doubled.
In the 12 months to November 2011, only 34 homes were sold in the town, but in the 12 months to November this year the number of sales jumped to 77. The figures do not appear to be an anomaly.
Also rating highly on the Sunday Star-Times’ list of top-20 real estate hotspots were nearby Foxton Beach and Waikanae Beach.
Other small towns to feature on the list were Arrowtown and Darfield in the South Island, Helensville on Auckland’s northern outskirts, and Oneroa on Waiheke Island.
Given the way the Auckland property market has grown this past year, it is surprising that only four central suburbs made the list: Mt Roskill, Parnell, Grafton and Epsom.
To be included on our list, suburbs or localities had to have recorded an increase in their median price of at least 30 per cent between November 2011 and November 2012 and a minimum 30 per cent increase in the number of sales in the 12 months to November (refer to graphic for the full list).
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