Let's take a look at the March REINZ property report. As usual, we'll compare how real estate has performed in Rotorua and Bay of Plenty compared to national property statistics. New Zealand hit record median house prices before COVID-19 hit.

Rotorua's median price increased from $452,000 in March 2019 to $480,000 in March 2020, representing a 6.2% increase year on year. 

The Bay of Plenty's median price now sits at $665,000, producing an increase of 13.7% from March 2019. The New Zealand national median house price set a new record in March 2020, rising to $665,000, an increase of 9.3% annually.

Sales volume for Rotorua was down 24.3% in March 2020 compared to a year prior, reflecting the impact of COVID-19. This was also reflected across the country with property sales volumes down 4.8%.

A positive in March was the current days to sell for Bay of Plenty fell 11 days compared to March 2019, sitting at 33 days, much lower than the 10-year March average of 48 days. 

Bindi Norwell, REINZ CEO noted: "How big the effects of COVID-19 are is up for debate, but the impact will depend on a huge number of factors including how long the country is in an Alert Level 4 lockdown for, the level of unemployment, consumer and business confidence levels, people's ability to access finance (and finance their own mortgages) and how long the wider economy takes to recover. Property is a long-term investment and the market will recover; however, the question is, how long it takes to recover."

We hope you and your family are healthy and coping with the impacts of COVID-19 as best as possible. We have witnessed some courageous work from everyone involved in essential services. We want to thank them for their selfless work to protect our community.

Remember we are giving away free virtual open home tour and 3D floor plan packages! Get in touch if you would like a virtual market property appraisal and remember to check out our virtual open homes.  We hope you enjoyed the latest Rotorua property report.