The demand for land in Tauranga’s competitive market has prompted one prospective Papamoa buyer to camp out in his car for not one, but two nights, in order to secure the section of his dreams.
This weekend Coast Papamoa Beach launched its fourth exclusive public land release of the year – releasing 19 bare sections aimed at families, retirees and investors.
And as with the first two releases, interest came hours beforehand in the form of people camping out in their vehicles. However, one man took this a step further, camping out for two nights to be at the front of the queue.
“We had a Papamoa man who sold his home about six months ago and has been renting since. He has had his eye on one section in particular and took the necessary lengths to ensure he secured it,” says Frasers Property development manager Kranish Reddy.
“This just shows that people are doing whatever it takes to secure property, and these sales are indicative of a clear market for sections at Coast Papamoa Beach.”
Latest REINZ figures show continued evidence of Auckland investors and first-home buyers spreading to other regions, including the Waikato and Bay of Plenty, causing very strong sales growth and price boosts.
In March, 386 houses sold in Tauranga, Mount Maunganui and Papamoa. That’s more than 12 houses a day and a 23.7 per cent year-on-year increase. It was the highest number of sales for the month of March in 11 years for the Bay of Plenty and Waikato.
At the weekend’s launch a 613m2 section, which sold for $450,000, was one of 15 sections sold on the day. Sections were sold on a first in, first served basis ranging in price from $289,000 to $450,000.
In order to secure one of the highly sought-after plots, potential buyers had to either be present or have a family representative at the launch, in order for the contract to be processed. They were also encouraged to contact the sales team and review a draft copy of the contract prior to the launch day.
“Having 10 groups camping overnight shows that land at Coast Papamoa Beach is some of the most sought-after stock on the Bay market,” says Mr Reddy.
“Prior to this launch, 86 sections had sold this year alone. Demand is as strong as ever. In fact, the past weekend was the busiest we’ve been.”
While recent statistics show Aucklanders account for nearly 20 per cent of all sales in Tauranga during the first quarter of the year, Coast Papamoa Beach’s sales team is fielding calls from nationwide.
“In the beginning the majority of interest came from the local region – Papamoa, Te Puke, Mount Maunganui and Tauranga.
“We now have prospective buyers from Taupo, Wellington and Christchurch, while overseas interest is coming from Australia, the UK, Dubai and Austria.”
With Tauranga being New Zealand’s fastest-growing lifestyle city, coastal locations like this are getting harder and harder to find. In fact, they are a rarity, says Mr Reddy.
“This is one of the last remaining areas of bare land closest to Mount Maunganui so, naturally, demand is high.
“Tauranga, and the Bay of Plenty, is the place to be at the moment, and it is exciting to be a part of this,” says Mr Reddy.