The prices in real estate in Pungarehu, in the Oroua County 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 Pungarehu has had a strong decrease during the last 6 months. In November, the average price per m² was $5,704. In the following month the price per m² decreased considerably to $4,670. The price for the following two months in (January, February) had a considerable decrease of 38 with regard to the prior two months. The price per m² has increased 111 % 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 $3,588.75 to $3,983 during March, and April.
Based upon to the price in Pungarehu (suburbs), this has fallen considerably in the last 6 months. In our first sample month during November, the average price is $789,500. In December This price remains at $781,400. During the following two months (January, February) the average price had a considerable reduction of 49 % 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 $586,725 to $333,000, which means a 57 % fall.