Record median house prices in New Zealand

Half of New Zealand reached record median house prices during August, and every region in the country saw annual price increases. Median house prices increased by 16.4% year-on-year to hit $675,000, up from $580,000. Let's take a closer look at property sales in Rotorua.

Rotorua's property prices reached an all-time high of $510,000, up 9.5% ($44,100) from August 2019. The Bay of Plenty region also posted strong results, up 11% annually to $665,000. The Whakatane District was up an impressive 41.5%.

The number of properties sold in Rotorua increased by 9.8% year-on-year, with 101 properties sold in the month. This was in line with Bay of Plenty which saw a 7.3% increase in the number of properties sold.

Bindi Norwell, REINZ CEO noted, "The combination of low interest rates, the removal of LVRs, the lack of listings, people's aspiration to have more space/a bigger backyard, catch up post lockdown and first time buyers' desire to get onto the market have all contributed to the uplift in prices we've seen over the last few months. Unless we see more listings come to the market before Christmas, we may start to see additional pressure on house prices and affordability".

Neville Falconer, REINZ Regional Director, summarised the movements for Bay of Plenty as follows:
"Vendor expectations in terms of price has increased compared to this time last year, likely due to the lack of listings on the market. There are still reports that finance approvals from banks are taking longer than usual as they continue to be cautious with lending. It will be interesting to see how the market continues to perform over the coming months as we head into the election and into the end of the year."

If you are looking for property for sale in Rotorua, remember to check out our current listings. Alternatively, if you are looking for a Real Estate agent in Rotorua, then get in touch with the team!

Contact Us

Download File