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Bay of Plenty Median Prices & Sale Numbers Drop In January

REINZ'S latest report has revealed it was a slow start to 2024 for real estate in the Bay of Plenty.

Data showed, both median property prices and sale numbers dropped across most areas of the region in January.

Whakatane's median price decreased 2.1% from December to $710,000 last month.

The Bay of Plenty region overall dropped 5.4% to a median of $785,000.

Tauranga was the only area which experienced a slight increase - up 1.1% last month to $920,000.

16 homes were sold across Whakatane in January compared to 32 in December.

Overall, 218 homes were sold across the entire Bay of Plenty last month which was down from 376 in December.

"Interest rates, the new government, and economic uncertainty had the greatest impact on the market," says REINZ CEO, Jen Baird.

However, agents report a feeling of the market picking up amongst buyers and sellers, making them cautiously optimistic," Baird says.

Image: REINZ.

Public Interest Journalism funded through New Zealand On Air.


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