Real Estate Prices in Rotorua Reach New Highs

Welcome to this month's Rotorua property report. Just like that, January has come and gone! Real estate prices in Rotorua and the Bay of Plenty region have reached new highs to start the year, according to data reported by REINZ.

Rotorua's median price increased from $430,000 in January 2019 to $520,000 in January 2020, representing a 20.9% increase year on year and a new record. More surprising was the sharp rise from the December 2019 median price of $457,500, a 13.7% increase in one month alone.

The Bay of Plenty recorded a new record median price of $683,000, producing an increase of 17.8% from January 2019. The New Zealand national median house price currently sits at $615,000, an increase of 7.0% annually.

Sales volume for Bay of Plenty was up 11.5% compared to January 2019. Another notable statistic for Bay of Plenty is the current days to sell of 53 days, which is less than the 10-year average for January of 59 days.

Real estate in Rotorua and the Bay of Plenty continues to display robust house price growth. Neville Falconer, REINZ Regional Director, had the following comments on the region in the REINZ Monthly Property Report. "There is still a shortage of listings which is resulting in the continuation of multi offers. As investment rates continue to stay low, investor interest in property throughout the region will remain high. The lack of options in Rotorua is restricting the number of people willing to sell or list which is likely to be pushing up prices. People recognise the need to buy now before prices move even further out of reach and because more people have been 'discovering' the region."

We hoped you enjoyed this month's property report. We not only want to be Rotorua's top real estate agency, but provide valuable information to help you make informed property decisions. Remember to check out our Rotorua open homes and if you would like a FREE house price assessment compared to the latest Rotorua property sales, send us a request for appraisal here.

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