Welcome to the monthly Property Report from Key Real Estate. This edition will delve into 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 saw a 3.1% decrease, falling from $811,000 in September 2022 to $785,000 in September 2023. Meanwhile, the Bay of Plenty experienced a median house price of $800,000, showing a 5.3% annual decrease. In Rotorua District, the median house price for September stood at $600,000, representing an 8.7% decrease compared to the previous year.
  

• The median nationwide price, excluding Auckland, increased by 4.5% from August to $700,000 in September. Month-on-month data indicated a 2.3% growth in property prices, with a nationwide median price of $785,000 for September. 

• Bay of Plenty's median house price also saw a 3.9% increase compared to August, while Rotorua District witnessed a modest increase of $5,000 or 0.8%. The total number of properties for sale nationwide decreased by 9% from September 2022, now totaling 23,564. In the Bay of Plenty, there's an inventory of over 22 weeks, three weeks less than last year.

Jen Baird, REINZ CEO, comments that the public is eager to understand the current landscape, whether to sell, buy, or gauge price movements. For some, the market has passed its low point, bringing back a sense of certainty, and they're taking action. Post-election, we anticipate adjustments, and with another OCR announcement scheduled for late November, some may opt to wait. However, we see many buyers and sellers deciding that now is the right time to enter the market. Agents are also reporting a healthy pipeline of new listings.

Baird also noted that first-home buyers and owner-occupiers were the most active group in the Bay of Plenty region. High-end properties in Tauranga witnessed increased activity this month. While most vendors adjust their price expectations to align with the market, a few Tauranga vendors are holding out for more favorable conditions. Open home and auction attendance varied in Rotorua but picked up in Tauranga this month. Local agents are reporting increased market activity. The anticipation surrounding the election and economic conditions has influenced the market, with agents expecting heightened activity soon.

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

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