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 8.2%, from $850,000 in June 2022 to $780,000 in June 2023. This indicates a decline in property prices across the country. Excluding Auckland, the nationwide median price decreased slightly from $685,000 in May to $680,000 in June.
The Bay of Plenty region had a median house price of $840,000 in June 2023, showing a 6.7% decrease compared to the previous year. However, compared to May 2023, the median house price increased by 5.7%.
In June, the median house price in the Rotorua District was $670,000, reflecting an 8.9% increase from the previous year. Compared to May 2023, there was an even higher increase of 11.7% in the median house price.
The total number of properties for sale nationwide decreased by 6.1% from June 2022 to 24,676 in June 2023. The Bay of Plenty has decreased inventory by three weeks since June 2022. Reduced inventory means there are fewer properties available for sale in this area.
Jen Baird, REINZ CEO, noted: "A lack of listings and the challenge of navigating the current economic climate are putting pressure on the market. Commentators say there are harder times ahead, but sales are still happening, people are still making choices about where and how they live, and these choices necessitate a property transaction.”
Neville Falconer, REINZ Regional Director, comments: “Most vendors accept the impacts of interest rates, the economic climate, and lending restrictions and are adjusting their price expectations accordingly. A small number of vendors are continuing to aim for their original price expectations. There’s been a positive shift in market sentiment, and local agents are seeing motivated buyers and more offers being made. Bay of Plenty salespeople predict that the market will slowly improve.”
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 2023. 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!