Welcome to Key Real Estate's monthly Property Report.
We'll look at properties for sale in Rotorua, the Bay of Plenty and across the country. Check out the house price highlights below!
Median prices for residential property increased by 2.7%, from $775,000 in March 2023 to $800,000 in March 2024. Bay of Plenty's median house price was $785,000, down 4.3% compared to the same period last year. In March, the Rotorua District's median house price was $639,000, a 6.5% increase compared to last year.
The median nationwide price excluding Auckland was up by 2.3% to $711,000. Month on month prices showed a slight increase in growth, up 1.1% across the country during March. Bay of Plenty's median house price was down 4.3% compared to February. The Rotorua District showed a small increase from February 2024 at $639,000.
Inventory levels continue to increase. The total number of properties available for sale nationwide increased by 13.5% from March 2023 to 33,245, the highest level since 2015. The Bay of Plenty had a decease in inventory levels of about six weeks from March 2023. New Zealand’s stock levels also saw a year-on-year increase, which means more available properties for sale and more choices for buyers.
Jen Baird, REINZ CEO, noted: "This summer has seen a return to a more normal level of real estate market activity after a relatively slow and subdued 2023. Reasons for this will vary, for example some vendors may prefer not to wait any longer and are willing to ‘meet the market’ with their price expectations. Some buyers may want to act now ahead of potential further lifts in sale prices or potential increased competition for properties, as upcoming changes to bring the bright line test back to two years, and the reintroduction of interest deductibility on investment properties, are expected to draw some investors back to the market in the next few months.
The current economic environment with higher interest rates and some uncertainty in the jobs market will mean some buyers remain cautious, with prices still off their peaks from a couple of years ago, however growing numbers of buyers are acting now. Most agents are cautiously optimistic that market activity will continue to pick up as we move into the cooler months.”
We hope you enjoyed this month's Property Report.
With so much movement in house prices, contact Key Real Estate, your Rotorua property specialists, to find out your property value!