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 increased by 2.0%, from $795,000 in September 2021 to $811,000 in September 2022. Bay of Plenty's median house price was $849,000, with an annual decrease of 3.0%. In September Rotorua District's median house price was $660,000, an 1.5% increase compared to last year.
The median nationwide price excluding Auckland was up from $700,000 in August to $715,000 in September. Month on month prices showed an increase in growth up 1.4% across the country during September. Bay of Plenty's median house price was down 5.1% compared to August. The Rotorua District decreased by $15,000 or 2.2%.
The total number of properties for sale nationwide increased by 93.2% from September 2021 to 25,903. The Bay of Plenty has more than 25 weeks of inventory which is 16 weeks more than September 2021.
Jen Baird, REINZ CEO, noted: “Investors remain largely absent — new tax legislation and rising interest rates have created concern amongst this buyer pool, seeing them step back.
Overall, buyers remained cautious in September. Increasing interest rates, tighter lending criteria, and concerns around the cost of living continue to challenge the pace of the market. In light of last week’s OCR increase of 50 basis points, bringing it to 3.5%, with further increases expected, we expect sentiment to remain cautious — despite a strong labour market.
Agents also report seeing an increase in open home and auction attendance, which we would expect to see as we move into the warmer months. However, the September data, and reports from agents, indicate that the expected spring uplift is not as strong as anticipated.”
Neville Falconer, REINZ Regional Director, says: “Investors impacted by tax rules continue to step back from the market. With less competition in the market, first home buyers and owner occupiers were most active. Freshly listed properties are attracting good numbers at open homes. Auction attendance is still subdued. Stock levels remain high — up 139.9% on this time last year, however September 2021 was a COVID-19 lockdown-impacted month. Bay of Plenty salespeople feel the spring lift is delayed and hope to see more activity in the coming months.”
We hope you enjoyed this month's Property Report. With so much movement in house prices, contact Key Real Estate, your Rotorua property specialists, to find your property value!