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Bay of Plenty property market

Bay of Plenty’s property sector continues to be red hot, with sustained buyer demand, low interest rates and housing stock shortages fuelling the market in nearly every town and city in the region.

The latest Real Estate Institute of New Zealand report shows the annual median price in the Bay of Plenty at $800,000 for April; an increase of 27 per cent compared with the same time last year.

Rotorua's median house price jumped 24.8 per cent year-on-year to $630,000 from $505,000, with a 3.1 per cent drop from $650,000 in March.

Tauranga had its fourth record median house price in a row, reaching $937,500, up 34.8 per cent from $695,500 in April 2020.

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Western Bay of Plenty also experienced a steady climb, with its median house price rising from $645,000 to $800,000 for the same time period.

In Eastern Bay, Whakatāne’s median price rose from $603,000 to $615,000 while Ōpōtiki saw house prices go from $250,000 to $551,500.

In Taupō, median house prices reached a record high of $700,000, up from $665,000 in March and $520,000 in April 2020.

There were 261 properties sold in Tauranga, 54 in the Western Bay of Plenty, 91 in Rotorua, 23 in Whakatāne, 13 in Ōpōtiki, and 97 in Taupō.

All areas, apart from Ōpōtiki, were down from March: 305 houses were sold in Tauranga, 70 in Western Bay of Plenty, 114 in Rotorua, 44 in Whakatāne, 10 in Ōpōtiki, and 98 in Taupō.

Meanwhile, Statistics NZ data on building consents from March paints a positive picture, with new dwelling consents in the Bay of Plenty up by 212 from 2045 in 2019, to 2257 in 2021.

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Wednesday, May 19, 2021

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