Tauranga house prices jump 3.9 per cent

Tauranga house prices have jumped 3.9 per cent year on year. Photo/File

Tauranga house prices have jumped 3.9 per cent year on year, according to new data.

The latest data from the Real Estate Institute of New Zealand showed the median house price in Tauranga jumped from $635,000 in May 2017 to $660,000 last month.

The number of houses sold in Tauranga jumped 8.1 per cent from 271 in May 2017 to 293 last month.

In the Western Bay of Plenty, house prices increased 5.9 per cent from $562,000 in May 2017 to $595,000 last month.

The number of houses sold in the Western Bay jumped from 53 in May 2017 to 59 last month.

In the wider Bay of Plenty, house prices increased 9.6 per cent from $538,000 to $589,700 last month. The number of houses sold in the region jumped 7.5 per cent from 505 in May 2017 to 543 last month.

REINZ regional director Philip Searle said the region's price jump was driven by increases in the Kawerau District which reached a new record median price of $329,000.

Searle said listing numbers were down on April, but up by just 11 properties year-on-year.

"There is plenty of interest once a listing comes to the market," he said.

"The most likely scenario looking forward is that the listings remains short which might affect buyer's willingness to commit."