If you want big capital gains, Gisborne is the place to be right now.
When Auckland’s median house price hit the $1 million mark recently, it grabbed the headlines. So too do the regular reports of escalating prices in the big cities.
But Gisborne, the first city to see the sun in the world, is currently home to one of the hottest markets in the country yet rarely rates a mention.
Looking to the latest round of residential property data reveals a consistent tale of spectacular price growth and fevered competition. Take Realestate.co.nz’s November data: it has Gisborne turning in year-on-year price growth of 31.1 per cent year. That left the city’s average asking price at $561,995, which is more than $130,000 higher than in November last year.