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 decreased by 4.9% from July 2022 to July 2023, going from $810,000 to $770,000.

Bay of Plenty Median House Price: The Bay of Plenty's median house price was $800,000, experiencing an annual decrease of 7.0%.

Rotorua District Median House Price: The median house price in the Rotorua District was $650,000, showing an annual increase of 6.6% compared to the previous year.

Price Changes Excluding Auckland: The median nationwide price excluding Auckland remained relatively stable, changing from $680,400 in June to $680,000 in July. However, there was a decrease in growth of 1.3% across the country in July.

Inventory Levels: Inventory levels continued to decrease, with the total number of properties for sale nationwide decreasing by 12.4% compared to July of the previous year. The Bay of Plenty had 21 weeks of inventory in July 2023, which was nine weeks less than the same time the previous year.

Market Activity and Confidence: REINZ CEO, Jen Baird, mentioned that there was an increase in market activity, with sales counts slightly higher in many parts of the country compared to the previous year. The year-on-year decrease in median prices was also easing, suggesting growing confidence in the market. The CEO attributed this to competitive prices and a proactive attitude among buyers.

Market Sentiment and Predictions: Neville Falconer, REINZ Regional Director, noted that vendors were adjusting their price expectations based on market conditions. He also mentioned that factors such as the upcoming elections, interest rates, economic climate, and lending restrictions were shaping market sentiment. While there were signs of optimism and increased buyer activity, local salespeople predicted that the market would likely remain stable until after the election.

Various factors are influencing the real estate market in Rotorua, the Bay of Plenty, and the wider 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.