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!

• Nationwide median residential property prices decreased by 2.8% from $825,000 in October 2022 to $795,000 in October 2023.
• Bay of Plenty's median house price was $825,000, showing a 1.4% annual decrease.
• Rotorua District's median house price in October was $600,000, marking a 4% decrease compared to the previous year.
• Excluding Auckland, the nationwide median price dropped by 1.3% in September to $691,000 in October, while staying constant at $795,000 from September to October.
• Bay of Plenty experienced a 3.1% increase in median house price compared to September.

Jen Baird, REINZ CEO, noted: "October is showing a slow but steady improvement in property market activity now that the country is past the election, and we head into more active months in the property cycle. Median sale prices are a mixed bag across the country, with the national median sale price unchanged compared to last month, staying at $795,000 – around where it has been for much of the year. Agents are reporting increased engagement and more certainty from buyers in the bigger centres, especially post-election, supported by the warmer weather. Properties are taking slightly fewer days to sell on average, which is an anticipated sign of more positive things ahead. First-home buyers and owner-occupiers continued to be the most active buyer groups across the region. Some vendors are meeting market expectations while others are holding on for the right opportunity”.  Factors like interest rates, living costs, post-election market impacts, and global influences were highlighted as crucial considerations for future market trends.

We trust you found this month's Property Report informative. Amidst the fluctuating house prices, contact Key Real Estate, your Rotorua property expert, to discover your property's value!