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Bayleys Real Estate has set a new record in the Bay of Plenty after it sold a $5.5 million apartment in Mt Maunganui and home renovations appear to be on the increase, after months of decline.

Monday, April 19th 2010, 5:00AM

by The Landlord

Bayleys claims Bay of Plenty record
Bayleys Real Estate is claiming a Bay of Plenty record for a residential dwelling in the Bay of Plenty, after a Mt Maunganui apartment sold for $5.5 million.

The sale price for the four-bedroom penthouse apartment in the Eleven development overlooking Mt Maunganui beach eclipses the previous record set in 2004 of $3.2million paid for an apartment nearby on Marine Parade, Bayleys Mount Maunganui sales consultant Peter Clarke said in a statement. 

The real estate firm said the latest sale was to a well-known Auckland businessman, who plans to use the apartment as a weekend retreat. It boasts a rooftop infinity swimming pool, home cinema and parking for eight vehicles, he said.  

More than half the 65 apartments in the Eleven development have sold and the remainder are on sale at prices ranging from $895,000 to $3.45 million.  

"While the economy may still be recovering from recession, there are still plenty of wealthy people in New Zealand who have successfully weathered the economic slump and are now in a strong position to take advantage of realistically valued property - both as holiday homes and as primary residences," Clarke said. 

Figures today from the Real Estate Institute showed both sales and prices of residential properties rose in March. 

Renovations on the increase
Property owners are regaining confidence in renovations, says Builderscrack.co.nz.

The latest Builderscrack.co.nz Tradesman Index shows the average size of jobs completed by tradespeople rose by 12% in March, breaking three months of decline.

The index, which is based on the cost of trade jobs completed through Builderscrack.co.nz, remains 5% below March last year.

"The increase was primarily driven by fewer cancellations of large jobs," says the site's director Kieth Roberts.

He says the past three months have seen many cancellations of jobs due to people's changing circumstances.

"Competition between tradespeople remains strong, but it feels like home owners are slowly regaining confidence to take on bigger projects."

The rebound has been strongest in the North Island, with Auckland leading the way. South Island cities and towns appear to be taking longer to come back.

Builderscrack.co.nz is a website where people can find tradesmen, get quotes and review tradesman performance.

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BNZ - Std, FlyBuys 4.55 3.75 3.99 4.39
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Kiwibank - Offset 4.40 - - -
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Liberty 5.69 - - -
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TSB Bank 5.34 ▼3.59 ▼3.79 ▼4.19
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