The Key Real Estate's monthly Property Report provides an overview of the property market in Rotorua, the Bay of Plenty, and nationwide.
Here are the key highlights from the report.
Median prices for residential property decreased by 1.3%, from $780,000 in June 2023 to $770,000 in June 2024. This indicates a decline in property prices across the country. Excluding Auckland, the nationwide median price decreased slightly from $689,000 in May to $685,000 in June. The Bay of Plenty region had a median house price of $780,000 in June 2024, showing a 6% decrease compared to the previous year. Compared to May 2024, the median house price also decreased by 4.3%. In June, the median house price in the Rotorua District was $590,000, reflecting an 9.2% decrease from the previous year. Compared to May 2024, there was a decrease of 3.1% in the median house price.
The total number of properties for sale nationwide increased by 28.6% from June 2023 to 31,745 in June 2024. The Bay of Plenty has increased inventory by 33.6% since June 2023. Increased inventory means there are more properties available for sale in this area and more options for buyers to choose from.
Jen Baird, REINZ CEO, noted: “The increased number of listings coming to market continues the trend we have seen all year, with high levels of choice for buyers nationwide. The winter months do tend to see fewer people choosing to sell, and this year is no different. There was a notable decrease in buyer activity in June and a reduced sense of urgency. As more listings come to a well- stocked market, those who are in the position to buy are taking their time to carefully select their ideal home.”
It's important to note that the Property Report is specific to the market conditions and trends mentioned in the document and may not represent the current situation at the time of your reading in July 2024. The property market can be subject to fluctuations and changes over time.
If you are interested in buying or selling property in Rotorua or the Bay of Plenty, contact Key Real Estate to get up-to-date information and guidance.
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!