The New Zealand Property Market Shakes Off Covid-19 Symptoms

The New Zealand property market shakes off Covid-19 symptoms, as year-on-year median house prices rise for 105 consecutive months. It was also the highest number of properties sold in June for 4 months. How did the property market in Rotorua compare?

Real estate prices in Rotorua pushed 10.9% higher, up $47,000 compared to June 2019, reaching $477,000. Prices also held firm compared to May 2020. Opotiki aside, all districts in the Bay of Plenty saw house price increases. Bay of Plenty's median house price sits at $648,000 up 8.7%.

In Rotorua, there was a whopping 142.5% increase in the number of properties sold - 115 in June compared to 40 in May 2020. This trend was consistent in Bay of Plenty - up 65.4%.

National house prices increased by 9.2%, while the number of properties sold rose 7.1% year-on-year. Bindi Norwell, REINZ CEO noted, "With thousands of New Zealanders returning home as a result of New Zealand's limited cases of COVID-19, many of these individuals are looking to purchase property for their family to live in which is also likely to have bolstered June's sales volumes."

Neville Falconer, REINZ Regional Director, summarised the movements for Bay of Plenty as follows:
"The Bay of Plenty market recorded a median price increase of 8.7% to $648,000 when compared to the same time last year. New listings increased annually by 5.7%, however days to sell increased 29 days from 45 days in June 2019 to 74 days in June 2020, the second highest days to sell across all regions. Investors are very active in Rotorua, with some out of town investors putting in offers without viewing the property. Most properties are receiving multi offers with back up agreements in place. Overall, the region has seen more attendees at open homes, and vendors' price expectations have remained similar to pre-lockdown. Over the coming months, the market should level out, but enquiry is expected to remain at similar levels."

If you are seeking property for sale in Rotorua, remember to check out our current listings. Alternatively, if you are looking for a top Real Estate agent in Rotorua, then get in touch with the team!

Contact Us

Download File