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Friday, 12 March 2010

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09 Feb 2010 10:01 a.m.

Low turnovers in Eastern Bay property market

The Eastern Bay property market remains on the decline.

Kawerau and Opotiki have been listed by Quotable Value as two of five districts nationwide which had the smallest turnovers in 2009.

Both areas sit on 3.4% property turnover- almost half the national average of 6. 7%.

The turnover amount is a measure of what proportion of properties are selling over a given time period.

QV statistics also show that Whakatane's house prices are still declining.

Over January, prices dropped 2.8% - the second largest drop on the East Coast region.

Some experts are suggesting it could be six months before the Eastern Bay catches up with other urban centres.

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