Welcome to Key Real Estate's monthly property report.

This edition will examine the current property market conditions in Rotorua, the Bay of Plenty, and nationwide.

Discover the latest house price trends below!

Nationwide, the median prices for residential properties decreased by 2.3%, falling from $799,000 in September 2023 to $781,000 in September 2024. Meanwhile, the Bay of Plenty experienced a median house price of $790,000, showing a 1.3% annual decrease. In Rotorua District, the median house price for September stood at $602,500, representing a 0.4% increase compared to the previous year. This indicates a stable market in Rotorua and a slight decrease in Bay of Plenty.

The median nationwide price, excluding Auckland, increased by 2.2% from August to $695,000 in September. Month-on-month data indicated a 2.1% growth in property prices, with a nationwide median price of $781,000 for September.  Bay of Plenty's median house price also increased by 1.3% compared to August, while Rotorua District witnessed a modest increase of $13,000, or 2.2%.

The total number of properties for sale nationwide increased by 27.4% from September 2023, now totaling 30,028. This increase in supply could potentially lead to a more balanced market, giving buyers more options and potentially reducing competition. The Bay of Plenty has an inventory of 24 weeks, two weeks more than last year. 

Jen Baird, REINZ CEO, comments "there is a noticeable rise in positivity and confidence that things will continue to improve as we approach the end of the year. Despite lingering challenges such as the cost of living, many believe that the downward trend of interest rates will lead to a gradual recovery as we move into 2025." Baird also noted, "Owner-occupiers and first home buyers were the most active buyer groups, with early enquiries from investors and retirees in Tauranga. Most vendor expectations were realistic and willing to meet market expectations. Others were still a bit optimistic and hoped for higher prices. Attendance at open homes improved, as those attending were well-researched buyers ready to transact as interest rates declined and the weather improved."

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

With the property market experiencing notable shifts, don't hesitate to contact Key Real Estate, your Rotorua property specialist, to discover the value of your property.