Bay property sales drop nearly 20 per cent

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The number of property sales in the Bay of Plenty and Waikato regions has dropped 18 per cent compared to April 2013.

The Real Estate Institute of New Zealand said in a release today only Mount Maunganui and Papamoa had seen "a slight increase" in sales.

The median property price across the region increased by $33,000, 10.5 per cent, compared to April last year.

Tauranga saw the largest fall in median property price since last month with Eastern Bay of Plenty seeing double digit increases.

The region's days to sell dropped by one day, from 44 days in March to 45 days in April.

The average number of days to sell during April for the past 10 years has been 48 days.

REINZ regional director Philip Searle said first home buyers remained few and far between across the region with fewer investors active in some areas.

"Vendors are mostly realistic about the market. Some areas have reported an oversupply of listing stock, however the number of new listings is falling across the region."

- BAY OF PLENTY TIMES

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