Slow spring start to BOP housing market has picked up

Photo / File

The Bay of Plenty has enjoyed another increase in median house prices according to the latest REINZ figures released today.

October saw a median price increase of 5.5 per cent throughout the Bay of Plenty compared with the month of September.

In Tauranga 192 homes sold in October with a median price of $667,500, the Western Bay saw 54 sales with a median value of $610,000 and Rotorua had 99 sales with a median value of $400,000 in the same month.

The increase in sales count was quite a bit smaller than expected although the
current days to sell of 42 days is less than the 10-year average for October which is
47 days.

Philip Searle, REINZ BOP regional director, said this was the time of year professionals were buying in preparation for work and school for next year.

"First home buyers are still active, though they are taking their time before making a final decision," Searle said.

"Vendors' asking price remains at a similar level as the same time last year, with an increase of 2.8 per cent leaving the average asking price at $638,391 across the region."

He said investors were being cautious due to coming changes to legislation.

"Overall, it is an active market that looks to stay that way for another few months before the traditional Christmas slowdown starts."