The prices in real estate in Ngatea, in the Coromandel region have had a strong fall in the last couple of months. The real estate prices for second hand homes have gone through a strong fall in this city.
The price per m² in Ngatea has had a strong decrease during the last 6 months. In October, the average price per m² was $4,883. In the following month the price per m² decreased to $4,294. The price for the following two months in (December, January) had a considerable decrease of 67 with regard to the prior two months. The price per m² has had a considerable deflation of 43 % in the last two months compared to the average price for the previous four months. This was obtained by comparing the first four months of the period going from a price per m² of $3,827.25 to $1,631.5 during February, and March.
Based upon to the price in Ngatea (suburbs), this has fallen considerably in the last 6 months. The average price during our first sample month during October, is $598,300. During November the price went through a considerable rise reaching $718,143. During the following two months (December, January) the average price had a considerable reduction of 85 % with regard to the previous two months. During the last two months the average price has had a strong fall compared to the previous four going from $607,586.5 to $218,000, which means a 36 % fall.