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 increased 8.8% annually, from $804,362 in April 2021 to $875,000 in April 2022. Bay of Plenty's median house price was $892,777, correlating with nationwide prices and an annual gain of 11.6%. In April, the Rotorua District's median house price
was $700,000, an 14.8% increase compared to last year. 

The median nationwide price excluding Auckland was down from $775,000 in March to $755,000 in April. Month on month prices showed a decrease in growth, down 1.7% across the country during April. Bay of Plenty's median house price was down 4% compared to March. The Rotorua District decreased $70,000 or 9.1%. 

Inventory levels continue to increase. The total number of properties available for sale nationwide increased by 70.8% from April 2021 to 27,050. The Bay of Plenty had increases in inventory levels of over 100% compared to April 2021. In terms of listings, Nelson, Hawke’s Bay and Bay of Plenty saw an increase in listings of over 20% compared to the April prior. 

Jen Baird, Chief Executive of REINZ, says: “We’re now in the phase of the property cycle where demand has weakened, sale counts are down but prices remain high. We’re seeing a slowdown in activity, there is more stock staying on the market for longer, and while annual price growth is more moderate, the month-on-month trend shows a fall in median prices. Last year sales volumes were underperforming due to supply challenges, and post- October 2021 when we began to see an influx of stock, it became a market underperforming due to demand challenges. 

Neville Falconer, REINZ Regional Director, further commented on the Bay of Plenty: "Inventory levels saw a significant increase in April of 116.5% year-on- year. Listings also had a 21.8% increase. With more choices on the market, buyers are taking their time, and many are taking a ‘wait and see’ approach. Vendors are realising there has been a shift in market activity levels. Banks are busy and taking longer to approve finance." 

We hope you enjoyed this month's Property Report. With so much movement in house prices, contact Key Real Estate, your Rotorua property specialists, to find out your property value!