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 for February 2024 compared to prior periods.   

New Zealand's median house price increased to $790,000, up 3.1% compared to a year ago. Bay of Plenty's median price now sits at $820,000, compared to $821,000 a year ago, although there was an increase of 4.5% from January 2024. The Rotorua District median house price of $630,000 increased from $600,000 or 5% compared to February 2023.  

Sales volume nationally was up 37.9% compared to last year's period. Still, there was a month on month increase from January of 81.8%. New listings have increased, indicating heightened activity in the housing market. There was a 60.4% increase in new listings from 8143 in February 2023 to 11788 in February 2024. The median number of days to sell a property in February 2024 was 51 compared to 60 days in February 2023. At the end of February 2024 there were 31,424 properties available for sale across New Zealand, an annual increase of 8.1%.

REINZ Chief Executive Jen Baird comments: ”There is more choice for buyers in the market today. With a significant increase in property listings, the rise in the total number of properties sold, and an increase in the median sale price, some buyers are holding out for the right property while others are getting into the market before competition rises as investors return. February saw first-home buyers continue to be the most active buyer groups across the region, with some activity from investors in Rotorua as well. Most vendors are listening to the market and are willing to negotiate, although some continue to stick with their original price". 

Remember to look at our current listings for all our properties for sale in Rotorua.