BOP real estate fares well despite nationwide drop in sales

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Prices are holding up but the volumes of residential properties sold in the Bay of Plenty during March has eased.

That's the word from the Real Estate Institute on its survey of March sales.

The institute's Bay of Plenty spokesperson says a drop in the number of sales reflects the national trend during the month, with a drop of 13 per cent.

Neville Falconer says March is usually a good time for house sales.

“The volume of sales often is quite high for March, as a busy time of year, we haven’t of course seen that this time around.

“Nationwide we’ve been $7000 below in sales, which is the first time we’ve seen this happen in March since about 2011.

“The Bay of Plenty however is sitting fairly in the middle in terms of trends. The region has remained quite steady, in comparison to recent months.

“Values are quite strong and median prices have held well.”

Sam Gardner