Retirees in Auckland are doing their sums and finding they add up to a better answer outside the city.
A tidal wave of cashed-up retired Aucklanders will help drive up property prices in Mount Maunganui and Papamoa, a leading city real estate agent has predicted. . .
John O’Donnell, who owns LJ Hooker’s branch in the Mount and Papamoa, . . . said half of the people coming through their doors were baby boomers aged over 60. They were people taking their life’s savings out of Auckland and building or buying in the Mount and Papamoa.
“It is the start of a tidal wave of people coming out of Auckland.” . . .
Selling up and settling elsewhere is a sensible move for retirees if they don’t have strong family or other ties to Auckland.
It could put pressure on other hot-spots but there are plenty of other places for retirees to settle.
An Oamaru real estate agent told me she’s seeing some Aucklanders down this far.
They are able to sell a modest home up there, pay off any mortgage, buy a much better property down here and have a good sum of money left over for a comfortable retirement.
The exodus will take some of the heat out of the Auckland housing market which will be good not just for people trying to buy houses there but for the rest of the economy.