Bay's median house price climbs to $550,000

Median house prices across the Bay of Plenty have crept up just 0.5 per cent in one year, according to new data.

The Real Estate Institute of New Zealand's latest figures show the region's median house prices jumped to $550,000 from $547,500 in September 2017.

However, prices dropped 2.2 per cent from $562,500 in August 2018.

Sales volumes in the region fell 3 per cent to 392 from 404 in September 2017 - and 10.1 per cent from 436 in August 2018.

REINZ regional director Philip Searle said new listings had attracted plenty of interest at first open home viewings in the Bay, as the market continued to flow forward.

"Interest was shown for properties in all price ranges, but the traditional spring rush hasn't quite kicked in yet," he said.

Searle said investors were interested but cautious with upcoming changes to the Healthy Homes legislation, which created opportunities for first home buyers as competition for affordable homes eased off.

Listing numbers slightly improved from August's very low numbers, which he said will hopefully be the start of a more active market as more vendors listed their properties as demand continued to drive the market up until Christmas.

The median house price in Tauranga climbed 1.1 per cent to $632,000 from $625,000 in September 2017 - but fell 1.2 per cent from $640,000 in August 2018.

The number of houses sold in Tauranga dropped 11.4 per cent to 218 from 246 in September 2017 - and 7.6 per cent from 236 in August 2018.

In the Western Bay of Plenty, median house prices dropped 8.3 per cent to $550,000 from $600,000 in September 2017 - and 7.1 per cent from $592,000 in August 2018.

The number of houses sold in the Western Bay of Plenty stayed the same at 42 in the year to September 2018 but dropped 36.4 per cent from 66 in August 2018.

The median house price in Rotorua jumped 25.4 per cent to $420,000 from $335,000 in September 2017 - and 7.7 per cent from $390,000 in August 2018.

However, the number of houses sold in Rotorua dropped 2.6 per cent to 75 from 77 in September 2017 - and 15.7 per cent from 89 in August 2018.