Rotorua has a wide and varied range of residential real estate options from the $1 million dollar plus lake side proprieties to an excellent variety of three bedroom homes in great suburban locations for around $150,000.
The residential real estate market in Rotorua can be classified in four key areas, lakeside living, suburban living, rural living, and lifestyle living with a small, but growing, number of inner city living opportunities.
Rotorua's residential property market has always shown steady growth, but has not been subject to the great fluctuations experienced in other parts of New Zealand. Properties represent very competitive buying with the median house price in Rotorua between $170,000 - $180,000 for a three bedroom home on a 800 -900 square metre section.
There is also the opportunity to purchase reasonably new homes in desirable subdivision areas for around the $290,000 - $380,000 price bracket.
Lakeside properties are available at Lakes Okareka, Tarawera, Rotoiti and Rotorua for around the $500,000 - $1million range. An emerging market in Rotorua is desirable lifestyle properties within 10 -15 mins of the heart of the Rotorua City, generally with stunning lake views on 2 – 5 hectare blocks. These properties range from around the $300,000 dollar mark.
Rotorua also has a number of recent residential subdivision developments, that will let you create your own dream home in paradise, or take up the offer of one of the many design and build options. These sections vary in price depending on location, size and views.
Rotorua has a strong residential rental market offering great value and a wide range of options. You can get yourself and your family into a reasonably modern three bedroom home from around $200 – $250.00 per week, or move up to a luxury split level modern four bedroom home for around $350.00 per week.
Recent Property Valuations reinforce growth in Rotorua's Economy
30 November 2005
The three yearly revaluation of properties in the Rotorua District reveals strong increases in values across the property spectrum, in keeping with national trends. The new valuations, were carried out for the Rotorua District Council by independent valuation service provider Quotable Value Ltd.
Rotorua District Council chief executive Peter Guerin says all property owners will be posted notices setting out the revised valuations for their properties, and residents can also view the new valuation property rolls at the Council’s Civic Centre, or by checking out the Rating Information Database online at www.rdc.govt.nz.
The revaluations will not come into effect for rating purposes until the 2006/7 financial year.
The new total capital value of the district’s 28,759 properties has increased by $3.41 billion, up 51%; while the corresponding land value has increased by $2.28 billion, up 84%.
Quotable Value takes into account property sales, and the most recent and relevant are analysed to formulate the basis of valuations as at 01 September 2005. The values are assessed under the Rating Valuations Act 1988 and audited by the office of the Valuer General.
The Quotable Value results reveal the residential market has been particularly buoyant in 2005 with capital values increasing by an average of 53% and land values by 95%. The average capital value is now $235,000 (excluding chattels) while the average land value is $105,000. While these figures are the average across the whole district, there are variations within different areas.
The Okareka/Tarawera Lakes area showed an average capital value increase of 82% and 130% on land value. In smaller rural townships such as Mamaku and Reporoa, land value increases were greater but moved from very low base figures. For example, a typical Mamaku section’s 3-yearly land value movement was $8000 to $20,000, and Reporoa from $9,000 to $30,000.
Rotorua’s lifestyle property group comprises a diverse range of properties with good demand evident. Overall, capital values moved by an average of 51% and land values by 80%.
Quotable Value says the rural market has remained strong. Dairy farms rose by approximately 70% in capital value and 89% in land value, while pastoral properties were up 83% and 100% respectively. The forestry sector is undergoing change in some areas with the overall forestry sector showing a 29% land value increase.
The commercial sector has shown moderate growth over the three year period with movements varied, depending on property type and location. The commercial office and retail categories showed a 35% capital and 45% land value increase, and industrial categories 46% and 64% respectively.
“People requiring more information can also call the council’s rating valuation hotline on 07 350 1757, and out-of-towners can call toll free on 0800 738 258.”
“Overall these results show that Rotorua has been catching up with the growth that many other parts of the country have already experienced. They are indicative of how attractive Rotorua has become as a place to live and do business.”
For a detailed and well illustrated map of Rotorua follow this link to Wises Maps online:>> Wises Maps
For more information on Rotorua Real Estate check out the links below to Real Estate companies registered on our Web site.
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