Welcome to this month's Key Real Estate property report. We are nearly through the first quarter of the year! Real estate across all regions in the Bay of Plenty recorded annual price increases, representing continuous robust house price growth.

Rotorua's median price increased from $420,000 in February 2019 to $515,000 in February 2020, representing a 22.6% increase year on year. Compared to January 2020, house prices grew 5.1% from $490,000. 

The Bay of Plenty's median price now sits at $670,000, producing an increase of 14.1% from February 2019. The New Zealand national median house price set a new record in February 2020, rising to $640,000, an increase of 8.7% annually.

Sales volume for Rotorua was up an impressive 41.7% compared to January 2020 and 10.9% compared to February 2019. Bay of Plenty was up 32.5% and 11.7% respectively. These results demonstrate an encouraging increase in market activity.

Another notable statistic for Bay of Plenty is the current days to sell of 44 days, which is much less than the 10-year average for February of 62 days.

Real estate in Rotorua and the Bay of Plenty continues its steady upward trend. Neville Falconer, REINZ Regional Director, had the following comments on the region in the REINZ Monthly Property Report. "Sales increased from 453 in February 2019 to 506 in February 2020, the highest number of February sales in 4 years, reflecting the increased confidence in the market that we’ve seen for a few months now. There are more cash buyers in the market which means auction clearance rates are up and days to sell have dropped 11 days compared to this time last year. Many sale agreements are subject to conditions, but this hasn’t stopped properties selling quickly. In Rotorua, new listings are receiving a lot of interest with multi offers being presented and a subdivision that was recently released sold 70% under the hammer.” 
 
We hoped you enjoyed the third edition of our monthly Rotorua and Bay of Plenty property report. We strive to be the best real estate agents in Rotorua! Remember to check out our open homes and if you would like to find out your home value, based on the latest Rotorua property sales, please send us a request for a FREE appraisal here.