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 1.3% annually, from $780,000 in April 2023 to $790,000 in April 2024. Bay of Plenty's median house price was $820,000, the same as April last year. In April, the Rotorua District's median house price was $650,000, an 8.3% increase compared to last year. The median nationwide price excluding Auckland was unchanged at  $700,000 compared to April 2023.

Month on month prices showed a small decrease in growth, of 1.7% across the country during April. Bay of Plenty's median house price was also up 3.8% compared to March. The Rotorua District increased from $639,00 to $650,000 from March to April 2024. 

Inventory levels continue to increase. The total number of properties available for sale nationwide increased by 18.1% from April 2023 to 33,815. The Bay of Plenty had inventory levels of 24 weeks which is one less week than the same period last year. Nationally, new listings increased by 34.9%, from 7,142 listings in April 2023 to 9,636 listings in April 2024. 

Jen Baird, Chief Executive of REINZ, says: “That the market is subdued, despite nationally seeing higher sales counts, properties selling more quickly, increased stock levels, and more listings, compared to a year ago. With more properties to choose from, some buyers have less competition from other buyers, and some are more comfortable taking a stronger approach to their negotiation. There seems to be plenty of buyer interest, with many seeing the current price levels as attractive, but some are taking their time before making a decision. Similarly, some vendors are selling now and are open to meeting the market with their pricing, while others prefer to wait. Nationally, prices are still below their peaks from a few years ago and sales are still lower than long-term averages.” 

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!