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!
Median prices for residential property nationwide decreased by 12.4%, from $925,000 in November 2021 to $810,000 in November 2022. Bay of Plenty's median house price was $857,000, with an annual decrease of 3.7%. In November Rotorua District's median house price was $685,000, a 0.7% increase compared to last year.
The median nationwide price excluding Auckland decreased from $725,000 in October to $715,000 in November. Month on month prices showed a decrease in growth, down 1.2% across the country during November. Bay of Plenty's median house price was up 2.0% compared to October. The Rotorua District decreased by $60,000 or 9.6%.
Fourteen of 16 regions had negative annual median price movements; last month, there were 12. This is the first time since January 2009 that 14 or more regions recorded negative yearly median price movement. Six regions recorded negative monthly movement.

Jen Baird, the REINZ CEO, noted: "When looking at the November figures, we're comparing a market at its peak with one that has moderated over the past 12 months. In a recent survey of REINZ membership conducted with economist Tony Alexander, real estate professionals reported that buyers' top concerns in the market are high interest rates, access to finance and purchasing, and seeing prices soften. Add to these concerns of recession and global economic and geopolitical uncertainty. In late November, the Reserve Bank of New Zealand (RBNZ) raised the OCR by a record 75 basis points to 4.25%. The central bank also forecasts a peak of 5.5% next year and predicts a further rise in inflation. The immediate effect on the real estate market was more hesitancy."
We hope you enjoyed this month's Property Report. With so much movement in house prices, contact Key Real Estate, your Rotorua property specialist, to find your property value!