Western Bay house prices increase 9.4 per cent in a month

Bay of Plenty house prices rose 4 per cent year-on-year. Photo/File

House prices in the Western Bay of Plenty jumped 9.4 per cent in one month, according to new real estate data.

The latest Real Estate Institute of New Zealand data showed house prices in the Western Bay rose to $651,000 last month compared to $595,000 in May 2018.

Western Bay house prices increased 3.7 per cent year-on-year to $651,000 last month from $627,500 in June 2017.

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Tauranga house prices dropped 0.8 per cent to $655,000 in June 2018 from $660,000 in June 2017 which was the same figure in May 2018.

House prices in the wider Bay of Plenty increased 4.0 per cent to $580,000 last month compared to $557,500 in June 2017. Prices dropped 1.6 per cent to $580,000 in June 2018 from $589,700 in May 2018.

REINZ regional director Philip Searle said the majority of the Bay's growth in June had come from Rotorua and Whakatāne.

"They were the only areas to see increases in both median price and sales volume," he said.

"Additionally, the Rotorua District saw a new record median price of $440,000."

Searle said inventory levels continued to fall in the Bay of Plenty region which made any new stock "a very popular commodity".

"Despite the low listing numbers, the region is still active, and we continue to have plenty of multi offers," he said.

"However, with low inventory levels, it does affect the overall sales volumes."