KEY Real Estate Property Market Report

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.

The upward trend of the property market continued when looking at year on year median prices across the country. We did see a pullback month on month, which is typical during this time of the year. However, it could represent a slight cooling in the market - noting our previous report also highlighted only a modest house price increase month on month.

New Zealand's median house price rose to $730,300, up from $612,000 or 19.3% compared to a year ago. Bay of Plenty's median price now sits at $769,000 and up 13.1% annually and 6.8% from December 2020. The Rotorua District was a key contributor climbing to a new record median house price of $600,000 - up an impressive 22.4% compared to January 2020.

Sales volume was down 48% nationally month on month, which is typical this time of the year as people get away for the summer holidays. The trend was the same in the Bay of Plenty and Rotorua.

The speed at which properties are selling is still high - summing up the mood in the property market at the moment. Bindi Norwell, Chief Executive at REINZ noted, "The fear of future price rises and the fear of missing out lingers deep in buyers' minds and is impacting people's buying behaviour as January saw a continuation of properties selling at a rapid pace. Last month, residential properties sold at their fastest pace for a January month in 17 years, carrying on the pattern we've seen over the past few months and therefore continuing to impact pricing."

Neville Falconer, REINZ Regional Director, made the same observation regarding the Bay of Plenty Region. "Ongoing demand and competition between first-time buyers, owner-occupiers and investors continue to drive prices higher and push sales through quicker with days to sell down 11 days year on year to the lowest level for a January month on record."

Remember to have a look at our current listings for all of our properties for sale in Rotorua.

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