Spring Optimism Builds in Bay of Plenty Property Market

The latest Property Pulse report from the Real Estate Institute of New Zealand (REINZ) shows a gradual decline in median house prices across the Bay of Plenty.

According to July’s data, median prices dropped by 0.6% year-on-year, bringing the current median to $800,000.

REINZ Chief Executive Lizzy Ryley noted that local agents are cautiously optimistic, anticipating a rise in listings as spring approaches.

“With more listings, we generally see more sales, which could lead to a marginal increase in median prices by the end of the year,” Ryley said.

Despite the slight price dip, homes across the region are selling faster, staying on the market for an average of 43 days, eight days fewer than in July 2024.

Ryley highlighted that first-home buyers and investors remain the most active groups in the market. She also noted that vendors are showing more realistic expectations around pricing, contributing to steady attendance at open homes.

“Newer listings and well-marketed properties are attracting the most attention, which is a promising sign,” she said.

Looking ahead, Ryley expects a more upbeat spring compared to previous years. While challenges remain, including finance restrictions and compliance issues around unconsented work, floodplains, and slope classifications, the investor confidence appears to be growing.

“Even after a wet winter, the Bay of Plenty property market is showing resilience,” she added. “There’s a quiet optimism as we head into spring.”