Rotorua house prices jump according to latest figures

Rotorua median house prices have increased new figures show. PHOTO/FILE

The average median house price in Rotorua has jumped by more than $80,000 in a year but sales have slowed, new figures show.

November data from the Real Estate Institute of New Zealand reveals the average median house price in November this year was $409,000 compared with $325,000 in November 2016 - while prices averaged $355,626 last month.

Sales volumes had also dropped with 91 sales in November, down from 136 in November last year.

REINZ Bay of Plenty regional director Philip Searle said as the warmer weather hit the Bay of Plenty it was seeing new stock coming to the market and sales had improved accordingly.

''As a result, we're seeing good prices being achieved and lots of keen buyers across the region. With the LVR changes due in the New Year, we anticipate an increase in investors
and first home buyers as the restrictions begin their gradual ease.''

''Otherwise, it's business as usual over the summer months,'' he said.