Tight Times for Winterless North
Described as the “city with 100 beaches”, Whangārei has attracted property investors, retirees and first home buyers alike. For the price of an Auckland house two could be snapped up in Whangārei. Internal migration and returning expats have sustained Whangārei’s recent growth along with the plethora of small businesses, but this expansion has now meant a massive housing shortage and not a fix in sight.
There are simply not enough houses to buy or rent, a dearth of new homes and builders booked up to two years in advance, according to local agents.
Total housing stock for sale in May was 638 houses compared with 1,086 in May last year, a drop of 41.2% in Whangārei. Across Northland there is just 13 weeks of housing stock for sale.
A lack of stock means average house prices have been increasing at a rapid rate. Increasing values were led by One Tree Point with a year-on-year rise of 26.6% to $1.058 million from $836,100 at June 1 last year, according to CoreLogic data.