Bay of Plenty REINZ Regional Commentary for April 2020

 Bay of Plenty REINZ Regional Commentary
“The Bay of Plenty region saw median prices reach $640,000, an annual increase of 6.7%. Rotorua District

also achieved a new record price of $522,000. The REINZ House Price Index saw a new record of 3,050, one of only two regions alongside Northland to achieve a new record.

Additionally, it was one of three regions to see a positive movement in the HPI month-on-month. However, with a small sample size of 75 sales completed in April there should be a certain level of caution taken with these results. Although it has been very quiet over the last 4 weeks, there has been enquiry from investors and some first home buyers, but mostly everyone is waiting to see what happens. Looking forward, there may be more of a drop in sales activity compared to other parts of the country, particularly in Rotorua because it is a tourism hot spot.”

Neville Falconer
REINZ Regional Director

Compared to April 2019

  • Median Price up 6.7%
  • Sales Count down 81.2%
  • Days to Sell decreased 7 daysCompared to March 2020
  • Median Price down 3.0%
  • Seasonally adjusted medianprice down 2.3%
  • Sales Count down 83.3%
  • Seasonally adjusted sales count down 81.2%
  • Days to Sell increased 3 days.

The current Days to Sell of 35 days is much less than the 10-year average
for April which is 48 days. The level of inventory available for sale currently sits at 16 weeks, one week less than in April 2019.