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 by 12.2%, from $790,000 in December 2022 to $779,830 in December 2023. Bay of Plenty's median house price was $840,000, correlating with nationwide prices and an annual decrease of 4.0%.
In December, the Rotorua District's median house price was $640,000, a 13.3% increase compared to last year. The median nationwide price excluding Auckland was $700,000 comparable to December 2022. Month on month prices showed a decrease in growth, down 1.9% across the country during December. Bay of Plenty's median house price was up 3.1% compared to November. The Rotorua District increased by $55,000 or 9.4%
The total number of properties for sale nationwide decreased by 4.6% from December 2022 to 24867. The Bay of Plenty has decreased inventory by 6 weeks since December 2022. First-home buyers were the most active buyer group across the region, while owner-occupiers were also out in force in Tauranga. Investor activity in Rotorua was notably higher. Vendor expectations varied, with some holding firm on their original price expectations, and others being willing to meet the market.
Jen Baird, REINZ CEO, noted: “Many local agents are reporting signs of growing market confidence and activity levels now that the election is over and the new government has begun releasing details about its plans, and interest rates have stabilised. While some buyers and sellers are waiting to see what the new year holds, it’s clear that there’s a growing understanding that the bottom of the market is behind us with annual median prices starting to lift in many regions – its clear more buyers and sellers feel that now’s the time to act”.
We hope you enjoyed this month's Property Report.
With so much movement in house prices, contact Key Real Estate, your Rotorua property specialists, to find your property value!