Welcome to the monthly Property Report by Key Real Estate.
This report will explore properties available for sale in Rotorua, the Bay of Plenty, and the country as a whole.
Look at the notable house price trends below:
Nationwide Median Prices: The median prices for residential properties nationwide have experienced a slight decrease, dropping from $767,000 in August 2023 to $765,000 in August 2024. This slight decrease may indicate a stabilizing market, which could be beneficial for both buyers and sellers.
Bay of Plenty: The median house price increased from $770,000 in August 2023 to $780,000 in August 2024. This increase can be attributed to specific factors such as increased demand or improved infrastructure, making it a promising market for potential buyers and sellers.
Rotorua District: In August, the median house price in the Rotorua District remained stable at $589,500, a testament to the resilience of the local market despite a 0.9% decrease from the previous year.
Excluding Auckland: When excluding Auckland, the nationwide median price increased by 1.8% from July to reach $681,000 in August. Additionally, there was a minor 1.3% price increase nationwide during August.
Bay of Plenty (Month-on-Month): The Bay of Plenty saw a 3.1% reduction in its median house price compared to July.
Rotorua District (Month-on-Month): In August, the Rotorua District's median house price decreased by $5,500, or 0.9%.
On the inventory front, The total number of properties available for sale nationwide increased by 30.0% from August 2023 to reach 29,579 in the current period. This increase in inventory could mean more options for buyers or increased competition for sellers, shaping the dynamics of the real estate market.
Bay of Plenty Inventory: The Bay of Plenty's inventory saw a significant increase, adding three weeks compared to August 2023, providing a comprehensive view of the current market conditions.
Jen Baird, CEO of REINZ, provided insights into the market dynamics; this month, we saw further signs of a change in market sentiment, with local agents reporting increased confidence in vendors and purchasers, the return of investors, and increased activity, particularly at open homes over the last two weeks of August. They attribute this change to the decline in interest rates. However, it would be an overstatement to say that we are at a turning point in the market – we merely have our indicators on. While there is a rise in optimism and confidence, we are hopeful that better times are still ahead," adds Baird.
Owner-occupiers and first-home buyers were the most active buyer groups, with reports of lifestyle property buyers and investor inquiries increasing in Tauranga. Most vendors were taking offers seriously and were willing to meet market expectations. Attendance at open homes increased in the last two weeks of August, with auction attendance and activity varied depending on the properties for sale.
We hope you found this month's Property Report informative.
With significant fluctuations in house prices, we encourage you to reach out to Key Real Estate, your trusted Rotorua property specialist, to determine the value of your property.