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.
National Median House Prices: The nationwide median house price saw a modest decrease of 2.2% from July 2023 to July 2024, dropping from $770,000 to $753,000. This slight dip may present opportunities for potential buyers.
Bay of Plenty Median House Price: The Bay of Plenty's median house price remained rock-solid at $800,000, the same as last year's July period. This unwavering stability in the market should make potential buyers feel secure. Rotorua District Median House Price: The median house price for July in the Rotorua District was $585,000, showing an annual decrease of 10% compared to the previous year.
Price Changes Excluding Auckland: The median nationwide price excluding Auckland remained relatively stable, decreasing by 1.5% to $670,000 in July.
Inventory Levels: The national inventory level saw a significant surge of 32.3% in July, from 23,090 to 30,556 year-on-year. For New Zealand ex Auckland, inventory levels increased 30.4% year-on-year from 14,497 to 18,906. This substantial rise in inventory levels should instill optimism in potential buyers, as it provides them with a wider range of options.
Market Activity and Confidence: REINZ CEO, Jen Baird, said "July brought a new wave of buyer activity not typically seen in late winter. While listings continue to increase, the rise in sales volumes has seen the total number of properties for sale in New Zealand fall compared to last month. However, median prices have decreased by 2.2% nationally compared to a year ago, indicating that houses sold at a lower price in July".
Market Sentiment and Predictions: "There has been downward pressure on prices in most parts of the country this year, and sales volumes have been lower than average as the cost of living, concerns around job security, and interest rates challenge many people in New Zealand. However, it seems this sentiment is beginning to change".
Various factors influence the real estate market in Rotorua, the Bay of Plenty, and the more expansive country.
If readers are interested in exploring property values or making real estate transactions, they are encouraged to contact Key Real Estate for their expertise in the Rotorua market.