A window of opportunity for first home buyers
While Turangi is only a short 40 minute drive away from the ‘Big Smoke’ of Taupo, it may not register on the radar as a potential option for many people trying to purchase their first home in Taupo. There is however, a growing trend of savvy buyers that are looking to the Southern end of our lake for a place to call home.
And who would blame them? Not only is Turangi and the southern shores of Lake Taupo home to some of the most spectacular scenery on Earth, Turangi itself is a vibrant community sitting with action and adventure on your doorstep all year around. But best of all, you will get a lot more bang for your buck when purchasing a home if you are prepared to take one of the most picturesque commutes in New Zealand from Turangi to Taupo to work each day.
The first home buyer (FHB) landscape across NZ is a tough one to say the least, and entering the world of home ownership seems to become more like a pipe dream every year for many Kiwi’s.
However, with the market prices softening over the last six months and lending conditions stabilising, things are looking relatively favourable for FHB’s in the coming months. With the median house price for Turangi sitting at $450,000 in April compared with $810,000 in Taupo, it is no wonder FHB’s are at times looking outside of Taupo to spend their hard earned money.
48 Mawake Place, Turangi - bayleys.co.nz/2701346
“The past 15 months have seen 10+ first home buyers from the Taupo district purchasing property at the southern of the lake. Pre-approval has been anywhere between $300,000 and $450,000 with the odd one being slightly higher. Taupo is simply not an option for many buyers, but in Turangi you could achieve a very tidy property to get you on the first step of the property ladder”
- Stacey Kingi
Median house price - Taupo vs Turangi
Considering the average price house price in Taupo has increased by 64% over the last 5 years, and with banks having tightened their belts on lending in recent months, it can make saving enough for a deposit a monumental challenge.
Most Aucklanders wouldn’t bat an eyelid at a forty minute commute to work, and maybe that’s the price to pay to get your foot on the elusive property ladder in our region. And the clock is ticking, there may be a swarm of investors coming back into the market in the next few months with the reduction in the Brightline taxation coming into play in July, and changes to the rental legislation looming.
Now might just be the best time to consider a first home property on the beautiful Southern shores of Taupo.
Stacey Kingi
Licensed Salesperson Bayley Turangi
REAA 2008
To put this in perspective, Bayleys Turangi salesperson Stacey Kingi currently has a four bedroom, one bathroom, fully fenced section, healthy homes compliant property with a 6.9% rental yield just listed on the market with an asking price of $350,000. You would be lucky to get a section of bare land in a modern subdivision in Taupo for that price.