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 decreased nationally by 13.3%, from $880,000 in January 2022 to $762,500 in January 2023. Bay of Plenty's median house price was $765,000, correlating with nationwide prices and an annual decrease of 18.8%. In January, the Rotorua District's median house price was $590,000, a 10.2% decrease compared to last year.
The median nationwide price excluding Auckland was down from $700,000 in December to $679,000 in January. Month on month prices showed a decrease in growth, down 3.5% across the country during January. Bay of Plenty's median house price was down 12.6% compared to December. The Rotorua District increased by $25,000 or 4.4%.
Inventory levels continue to increase. The total number of properties for sale nationwide increased by 39.4% from January 2022 to January 2023, with an inventory of 27,732 properties available. The Bay of Plenty has increased inventory by 60.9% since January 2022. Higher numbers of properties for sale mean more opportunities and choices for buyers. Buyers are taking more time to decide and including more due diligence when making offers resulting in a lengthier sale process. Securing finance and rising interest rates continue to restrict market activity. However, some educated vendors are coming to the market.
Jen Baird, REINZ CEO, noted: “Salespeople around the country say owner occupiers remain active and there has been increased interest in out-of-town buyers looking in different regions. Sellers tend to be more realistic and usually meet the market through negotiation — however, many remain cautious with properties taking longer to sell, and investors sparse.”
Again, cheaper prices coupled with more choice for buyers means sellers have to be realistic about their price and timing expectations.”
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!