High confidence in Bay property market

Confidence remains high in the local property market. File photo.

Confidence in the Bay of Plenty's commercial and residential property markets remains high, with Tauranga/Mount Maunganui maintaining the top four ranking in the latest Colliers International quarterly survey results.

The results show net confidence in the Tauranga/Mt Maunganui commercial market is the second highest in the country at 56 per cent, behind only Queenstown.

While the result is down from 65 per cent in the last quarter, the city has maintained its second place ranking for the third quarter in a row.

The Tauranga/Mount Maunganui residential market also remains strong, with net confidence at 56 per cent, putting it in third place.

Colliers International Tauranga director Simon Clark welcomes the city's continued high confidence ratings.

“It's indicative of the continued population growth we are experiencing, and the growth in all sectors of the market to cater for these new residents moving to our city.

“This is also further enhanced by the prosperity of Port of Tauranga, the kiwifruit industry and tourism.”

Confidence in the Rotorua market also remains strong. The city was ranked ninth in the commercial survey (4 per cent) and eighth in the residential survey (40 per cent).

Colliers International Rotorua commercial and industrial broker Mark Rendell says the city is experiencing strong demand in the industrial sector in both leasing and sales, with demand exceeding supply and forcing prices up.

“In the commercial sector, the strong demand for high quality offices continues, with business owners becoming increasingly conscious of employees' safety and job satisfaction.

“The new Kmart development is opening up opportunities for new convenience retail, although secondary retail is getting enquiries but at reduced rental rates.”

The Colliers International surveys found overall net confidence in the New Zealand commercial property market remains positive at 24 per cent, down from 32 per cent in Q4 2016, while confidence in the national residential market remains steady at 41 per cent.



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Monarch butterflies enjoying the sun. Photo: Glenice McDonald. Send us your photos from around the Bay of Plenty. photos@thesun.co.nz