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 10.9% annually, from $875,000 in April 2022 to $780,000 in April 2023. Bay of Plenty's median house price was $824,500, down 7.9% from April last year. In April, the Rotorua District's median house price was $605,000, a 12.3% decrease compared to last year.
The median nationwide price excluding Auckland improved slightly by 0.7% to $700,000 in April. Month on month prices showed a small increase in growth, up 0.3% across the country during April. Bay of Plenty's median house price was also up 0.5% compared to March. The Rotorua District decreased $10,000 from $600,000 to $605,000 from March to April.
Inventory levels continue to increase. The total number of properties available for sale nationwide increased by 5.9% from April 2022 to 28,643. The Bay of Plenty had inventory levels of 25 weeks which is 5 more weeks than the same period last year. Nationally, new listings decreased by 18.9%, from 8,806 listings in April 2022 to 7,142 listings in April 2023.
Jen Baird, Chief Executive of REINZ, says: “Salespeople across the country are reporting glimpses of green shoots in the market this month as first home buyers show more interest after the Reserve Bank’s announced on the easing of LVR restrictions. Our members are seeing further alignment as vendors come with a desire to meet the market, those who are prepared to negotiate and be realistic are the ones selling, there are buyers out there ready to buy.”
Neville Falconer, REINZ Regional Director, further commented on the Bay of Plenty: "Vendors are accepting market conditions and the amount of time properties are spending on the market is giving them solid evidence as to why they need to make sensible decisions when offers are presented.”
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!