Rotorua Property Market Updates, News and Insights

National house prices rose 14.8% year-on-year and volumes increased 24.6%, representing the highest number of property sales in July for five years. How did Rotorua property compare?

Real estate prices in Rotorua pushed 9.4% higher, up $42,000 compared to July 2019, reaching $487,000. Prices increased by 2.3% compared to June 2020. Opotiki aside, all districts in the Bay of Plenty saw house price increases. Bay of Plenty's median house price sits at $659,000 up 15.6% annually.

Surprisingly, the number of properties sold in Rotorua decreased by 6.5% year-on-year. By comparison, Bay of Plenty saw a 23.7% increase in the number of properties sold. We will monitor this stat to see if the result is an outlier or reflective of a more profound shortage of properties available.

Bindi Norwell, REINZ CEO noted, "Part of the sales volumes can be attributed to post- COVID pent up demand; but underpinning this activity during July was strong levels of interest and engagement from all buyer levels including first home buyers, investors and families looking to upgrade their property."

Neville Falconer, REINZ Regional Director, summarised the movements for Bay of Plenty as follows:
"Days to sell dropped 34 days on last month from 74 days in June 2020 to 40 days in July 2020. The market is active with multi offers present on most properties that are new to the market. Some deals have fallen over due to finance approvals as banks have tightened up on lending. The lack of property on the market, buyer demand and returning kiwis are likely contributing to the increase in prices. Looking forward, the market should remain relatively similar but with some change as we approach the end of the wage subsidies in the coming months "

If you are looking for houses for sale in Rotorua, remember to check out our current listings. Alternatively, if you are looking for a Real Estate agent in Rotorua, then get in touch with the team!

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