New Zealand Property Market Report

Welcome our monthly property report and the last one for 2020! Before we start, we'd like to thank everyone for your continued support. Our locally owned and operated team started KEY Real Estate with a mission to provide exceptional service, enhanced marketing and lower fees for our customers. We are thankful to everyone we have had the privilege to work with and look forward to helping people buy and sell Rotorua property in the year ahead!

The number of properties sold across New Zealand increased by 29.6% year on year in November. For New Zealand, excluding Auckland, this was the highest number of sales during November since 2006 and Auckland recorded its highest sales volume since records began. Median house prices continued to surge higher, up 18.5% annually, to reach $749,000 - from $632,000. How did the Rotorua property market compare?

Rotorua's median house price was $567,000 in November. Surprising this was a 2.2% decline from October, however, prices were still up 20.6% year-on-year. The wider Bay of Plenty Region saw a 3.9% monthly increase and 18.4% year-on-year. The volume of houses sold in Rotorua was up a considerable 22.0% annually and an impressive 29.5% for Bay of Plenty.

Bindi Norwell, REINZ CEO noted, "November saw more than half (10 out of 16) of the regions across the country with double-digit percentage increases in annual sales volumes showing how buoyant the market is. Part of this is likely to be attributed to people wanting to purchase property ahead of Christmas, partly due to the Reserve Bank announcing in early November that it would undertake a consultation in December to re-introduce LVRs earlier than planned, but also due to this underlying fear that prices might increase even further in the coming months."

Neville Falconer, REINZ Regional Director agreed, adding, "Investors have remained active in the market as they are taking advantage of the low interest rates and hurrying to get in before the LVR restrictions change, however, there are more cash buyers in the market than the same time last year. Properties are selling quickly, with median days to sell at a record low of 30 days."

If you are looking for property in Rotorua, remember to check out our current listings. We wish you a Merry Christmas and a Happy New Year!

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