Welcome to the monthly Property Report by Key Real Estate. We are excited to present the latest updates on the properties for sale in Rotorua, the Bay of Plenty, and nationwide. Let's take a look at the house price highlights below!

The median price for residential properties across the country has decreased by 0.7%, from $765,000 in January 2023 to $760,000 in January 2024. However, Bay of Plenty's median house price has increased by 2.2%, at $785,000. In January, the Rotorua District's median house price was $640,000, a 7.6% increase from last year.

The median nationwide price, excluding Auckland, decreased by 2.1% from $700,000 in December to $685,000 in January. Furthermore, month-on-month prices showed a decrease in growth, down 2.5% across the country during January. Bay of Plenty's median house price was down 5.4% compared to December, and the Rotorua District decreased by $5,000.

Inventory levels continue to increase, with the total number of properties for sale nationwide increasing to 27,261, up from 24,867 in December 2023. However, the Bay of Plenty has decreased inventory by 11 weeks compared to January 2023.

Jen Baird, REINZ CEO, noted that despite the wave of listings favoring buyers, last year's challenges, including the cost of living, inflation, interest rate changes, and government reforms, mean some buyers remain cautious. However, most regions are reporting more buyer activity across the board, with some seeing a particular surge in first-home buyer interest. Vendors are also confident but realistic with prices as activity increases over the summer. This is likely to resolve in inventory moving over the coming more active months in the year.

We hope you found this month's Property Report informative.

With so much movement in house prices, contact Key Real Estate, your Rotorua property specialist, to find your property value!