Welcome to Key Real Estate's monthly Property Report. 

In this report, we will review properties for sale in Rotorua, the Bay of Plenty, and across New Zealand. 

Here are the key highlights regarding house prices:  

- The nationwide median residential property price remained consistent at $795,000 in October 2024, the same as in October 2023.  

- In the Bay of Plenty, the median house price increased by 0.6% annually, reaching $830,000. 

- The median house price in the Rotorua District for October was $580,000, reflecting a 3.3% decrease compared to the previous year.  

- Excluding Auckland, the nationwide median price rose by 2.9% to $710,000 compared to October of last year.

- The Bay of Plenty saw a 5.1% increase in median house price compared to September. 

Jen Baird, the CEO of REINZ, observed: "The New Zealand property market is undergoing a dynamic shift. While median prices are gradually increasing, local real estate agents report that some buyers remain cautious about overpaying for properties due to relatively high interest rates. This environment encourages buyers to be strategic, making them more confident in negotiating with sellers to reach agreeable prices. The rise in available properties allows buyers to explore a diverse range of options that better match their individual needs and preferences, enabling them to take their time when making a purchase."  

We hope you found this month's Property Report informative.

Despite the fluctuating house prices, feel free to contact Key Real Estate, your Rotorua property expert, to discover your property's value!