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  • Jessica Doney

Slow, Steady October For Real Estate Across Bay Of Plenty

It was a slow and steady October for house prices and sale numbers in the Bay of Plenty market.


According to the Real Estate Institute's latest property report, the Bay of Plenty's median price last month was $825,000.


It's an increase of 3.1% from September, but down 1.4% year-on-year.


The median price for the Whakatāne district dropped to $767,000 in October from $829,000 in September. The Kawerau district also experienced a slight drop month-on-month, recording a median price $315,000 last month compared to $365,000 in September.


Data also revealed, 327 homes were sold across the region last month, down 3.0% from September. However, it's an increase of 2.2% compared to October 2022.


23 homes were sold across the Whakatāne district last month, down from 28 in September.

9 homes were sold across Kawerau, down -25.0% from September.


“First-home buyers and owner-occupiers continued to be the most active buyer groups across the region. Some vendors are meeting market expectations while others are holding on for the right opportunity," says REINZ CEO, Jen Baird.


"Open homes and auction rooms saw mixed attendance in Rotorua, which was in part due to the election, weather, and the rugby matches. In Tauranga, open home attendance was steady and increasing,"


"Cost of living, interest rates and the current economy continue to play a role in market conditions. Despite this, local agents report that the market sentiment is optimistic with listings and appraisals on the rise in Tauranga. In Rotorua, agents are expecting more activity in the market now that the elections are over, and the weather is improving. Meanwhile, Tauranga agents remain cautious.” Baird says.


Image: REINZ.


Public Interest Journalism funded through New Zealand On Air.






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