Late 2018 - Nelson, like usual, is on fire!
Heres the link to the question asked about New Zealand house prices in 2018?
And I tried to reply in full - but Linked-In obviously has "you've not paid enough this year" thing that limits you to the amount of txt you can include in your reply to this question.
So herewith is my full answer....
Nelson Bays has an enclave known by "those in the know" as the Poets Corner, in NZ's favourite suburb STOKE.
Reason being it encapsulates St's called Tennyson, Keats, Dickens, Marlowe, Kipling...et al ... think you get the drift?
Anyway back in 75 she was $35k a deal. ..then in the mid 80's $70k was the price, then by mid 90's $140k, and following on...mid naughties $280k.
But now a hiccup...because by mid 2010's no it was at all $560k....but a few years later (say 3?) - there's reports from many local agents of a "catch-up" and prices are now hitting that $500-550k zone very easily.
What makes this a litmus location is a couple of extra factoids.
From a distance now, as I am not a practicing agent currently, I just take photos of homes and properties these days as a real estate photographer for the Top of The South. (plug intended there!)
On the ground locally, gracefully it was a "Coro St situation" ..... whereby pretty much to a "T" the sections (dozens and dozens of them) were 600-620m2 and each home - well she was a basic 3 bedroom home somewhere around 150-170m2 built apon. What I mean is - they were pretty much built to like a "State house" ideal" (well at least that's what they thought was ideal back in the day)
Sure - over the years many had obviously been remodeled - but the prevailing "solid" basics - well, they were still there ... exactly what they started with - at least from a "Valuation model" academic (Uni theory I mean) Point of View.
However - the main foundation here Alistair is that Nelson has consistently been in the news for decades (as it was just last week) for "punching above its weight for such a small NZ town?
But - theres an even more important metric involved here too....huh? (Heaps of further evidence if readers want to ask me)
Yup - Nelson regularly sits right in the middle of the NZ house price charts - as the average / mid / call it what you will - residential home price.
The Nelson Bays is (actually has ever been in my lifetime) all about "supply and demand" and in reality thats the ONLY THING that drives real estate pricing.
BUT - its driven pricing from what I have seen for at least 40 years.... some earlier agents indicate 50 or even as far back as nearly 55-60 years.....so for once in life - financial crisis-global crisis - global warming -whatever...you make your own decisions - but there is some history there nevertheless.
And as I remember when Mum and Dad moved here because they wanted to too ..... its also where I found the love of my life....so its kinda obvious that I really like the place.