Tauranga's median house price has jumped 2.4 per cent year on year, according to new data.

The latest data from the Real Estate Institute of New Zealand showed Tauranga's median house price rose to $640,000 in August 2018 from $625,000 in August 2017.

However, prices creeped up only 0.6 per cent in the month to August from $636,000 in July 2018.

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Western Bay of Plenty's median house price dropped 5.7 per cent to $592,000 in August 2018 from $628,000 in August 2017.

But prices jumped 4.8 per cent from $565,000 in July 2017.

Median house prices in the wider region jumped 5.6 per cent year on year to $565,000 in August 2018 from $535,000 in August 2017.

However, prices dropped 2.4 per cent from $579,000 in July 2018.

REINZ regional director Philip Searle said the Bay of Plenty market continued to be buoyant throughout August, with good attendance and bidding at auctions.

"Fresh to the market stock is seeing a high interest with most properties receiving multi offers and clearance rates are good," she said.

"The market has a balanced mix of first home buyers, investors and owner occupiers and we see an almost 50/50 split between locals and out of town buyers."

Searle said nearly 60 per cent of the properties sold were for permanent homes, while the
remaining properties were bought as a rental investment.


Listings remained low, but had started to increase toward the end of the month, which Searle said was in line with the traditional spring lift.

"Last year, the traditional spring lift didn't happen due to the election, but the signs are there for it to happen this spring and it will most likely continue to be active up until Christmas," he said.

Tauranga sale volumes dropped 11.1 per cent year on year to 240 in August 2018 from 270 in August 2017 - but went down only 4.8 per cent from 252 in July 2018.

The number of Western Bay houses sold jumped 47.7 per cent year on year to 65 from 44 in August 2017 - and 41.3 per cent from 46 in July 2018.

In the wider region, the number of houses sold dropped 6.2 per cent to 438 in August 2018 from 467 in August 2017 - but only 1.9 per cent from 430 in July 2018.