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 1.3%, from $780,000 in May 2023 to $770,000 in May 2024. Bay of Plenty's median house price was $817,500, with an annual decrease of 2.8%. In May, the Rotorua District's median house price was $610,000, a 1.7% increase compared to last year. The median nationwide price excluding Auckland was down 1.4% from April to $690,000 in May.

Nationally the month-on-month prices decreased by 2.5% to $770,000 from April to May. Bay of Plenty's median house price was down slightly by 0.3% compared to April. The Rotorua District dipped slightly from $650,000 to $610,000.

Inventory levels continue to increase. The total number of properties for sale nationwide increased by 22% from May 2023 to 32,598 in May 2024. The Bay of Plenty has increased inventory by three weeks to 25 weeks since May 2023. More property is sold on the market, giving buyers more choice and more time to decide. The result is that there is less upward pressure on prices.

Jen Baird, REINZ CEO, noted: “With a continued flow of new options coming to the market adding to a large level of stock this does provide a lot of choice for buyers and a sense that they can take their time to make decisions.The seasonally adjusted figures show a 1.2% decrease, showing prices performed slightly below the change usual for May. The volume of listings and choice can affect prices as well as vendor price points adjusting to buyer demands."

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!