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  • Jessica Doney

Latest Data Reveals Drop In Bay Of Plenty House Prices

The latest Real Estate Institute Property Report has recognised a gradual drop in house prices across the Bay of Plenty.

Data shows the Bay of Plenty's median house price last month dropped 5.1% from $895,000 to $849,000. It was one of seven regions nationwide that saw a decline in their monthly median price.

All districts across the Bay of Plenty experienced a drop in their monthly median price, with Whakatāne recording the largest. Whakatāne's median price decreased nearly 25% in September, from $865,000 to $650,000.

Over the past 12 months, the median house price for the Bay of Plenty also dropped 3% - one of ten regions across the country.

Almost all districts saw a drop in their annual median price - however Ōpōtiki defied the trend with a nearly 10% rise in 12 months. Ōpōtiki's median price increased from $405,000 in September last year to $445,000 last month.

REINZ Chief Executive Jen Baird says, "despite a strong labour market, the 3.5% official cash rate will keep market sentiment cautious."


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