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 nationwide decreased by 7.5%, from $892,000 in October 2021 to $825,000 in October 2022. Bay of Plenty's median house price was $860,000, with an annual decrease of 4.4%. In October Rotorua District's median house price was $659,000, a 5.1% decrease compared to last year.

The median nationwide price excluding Auckland was up from $715,000 in September to $725,000 in October. Month on month prices showed an increase in growth, up 1.5% across the country during October. Bay of Plenty's median house price was up 1.3% compared to September. The Rotorua District decreased by $500 or 0.1%.

Jen Baird, REINZ CEO, noted: "We see downward pressure on prices, and the pace of the market has come down. However, over the last couple of months, salespeople have observed an increase in enquiries and a noticeable increase in the number of first home buyers back in the market.

In October 2021, increased optimism over the easing of lockdown restrictions in Auckland combined with a delay in introducing changes to the Credit Contracts and Consumer Finance Act (CCCFA) from October to December impacted market activity. Able to transact and keen to move before stricter lending restrictions were implemented, people come to market hard and fast, contributing to a sense of urgency that is reflected in REINZ property data for October last year and is apparent in our annual comparisons.

Several compounding factors have created uncertainty and hesitancy in the market where there was confidence and urgency last year — rising interest rates and the cost of living, tax legislation and property regulation, tightened lending criteria, and global events with macro-economic impacts."

We hope you enjoyed this month's Property Report. With so much movement in house prices, contact Key Real Estate, your Rotorua property specialist, to find your property value!