An economist expects a flood of cheap money coming into popular summer towns housing markets to further worsen affordability for locals.
Waihi Beach (pictured) resident Ross Goudie says locals can hardly afford to live in the town any longer.
Photo: Unsplash / Douglas Bagg
Year-on-year sale prices in Waihi Beach and Akaroa rose 50 percent, and others easily topping 20 percent, including Mangawhai Heads, Omaha, Mount Maunganui, Whangamatā, Taupō and Arrowtown.
In the three months to November, the median sales price in the Bay of Plenty town of Waihi Beach was up 50 percent compared to a year ago, to more $1 million.
That s up from $700,000 at the same time last year, with more houses sold this year too.