Real Estate Prices in Rotorua Were a Bright Spot During April

We hope this property report finds you well. It has undoubtedly been a challenging period. As Kiwis, we should be proud we followed guidelines, supported each other and are faring much better than other nations as a result.

Real Estate prices in Rotorua were a bright spot during April. Rotorua's median house price reached an all-time high of $522,000, up 16% ($72,000) compared to April 2019. Bay of Plenty house prices were up 6.7% overall year on year. All districts posted positive growth, except for Opotiki, down 14.4% annually, noting a reduced number of properties sold.

House prices in New Zealand also reached an all-time high of $680,000, up 8.5% on April 2019. REINZ CEO, Bindi Norwell, highlighted the reduced volume of properties sold given the lockdown but pointed to an uplift in sales as lockdown rules eased in late April. A positive sign for Real Estate as we move into the new normal.

The Bay of Plenty Region and Rotorua District saw an 81.2% (75 vs. 398) and 85.7% (13 vs. 91) reduction in the number of properties sold respectively, compared with a year ago.

Neville Falconer, REINZ Regional Director, summarised the movements for Bay of Plenty as follows: "The REINZ House Price Index saw a new record of 3,050, one of only two regions alongside Northland to achieve a new record. Additionally, it was one of three regions to see a positive movement in the HPI month-on-month. However, with a small sample size of 75 sales completed in April, there should be a certain level of caution taken with these results. Although it has been very quiet over the last 4 weeks, there has been enquiry from investors and some first home buyers, but mostly everyone is waiting to see what happens."

If you haven't heard, May marks the 1st Anniversary of KEY Real Estate! It's been an exciting year and we've had the privilege to work with so many great people. Thank you to everyone who has shared the journey with us!

Remember to check out our current listings and get in touch with the team if you want the best real estate experience in Rotorua!

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