Rotorua has finally shed its reputation as a "poor cousin" in the real estate market with prices booming by 26 percent.
Thursday, October 13th 2005, 7:48AM
by The Landlord
Figures released this week show the average sale price in Rotorua was $212,207 - up 26 per cent from the same month last year.
Other Central North Island districts are also experiencing growth in property values with September prices in Opotiki averaging $163,971 - a huge 63.8 per cent rise on September 2004.
In her 10 years in the real estate industry, Bayleys Rotorua residential sales manager Beth Millard said she had never seen such an exciting time for the district, or such growth in the market.
She said people were finally starting to feel confident investing in Rotorua and there was no sign of the trend slowing. The amounts properties were selling for was at times so high it stunned even the real estate agents selling them, she said.
