Rotorua median prices jump 51 per cent

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The median price of properties sold in Rotorua in October has jumped 51 per cent in the past year - but the number of houses sold has taken a dip.

Figures released by the Real Estate Institute of New Zealand showed the median price for properties sold in Rotorua in October reached $371,750 - a jump of 23 per cent on the previous month's median of $300,000.

It is also up 51 per cent on October last year, when the median price was $246,000.

Meanwhile the number of houses took a dip with 110 sold in October, compared with 115 in September and 159 in October 2015.

REINZ regional director Philip Searle said across the Bay of Plenty and Waikato areas there were lower numbers of investors in the market and something of a decline in first home buyer numbers also as the market adjusted to the new LVR rules and tighter lending conditions from banks.

"Inventory levels remain low across the region with a significant decline in the number of properties for sale over the past 12 months."

- Rotorua Daily Post

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