Rise in Rotorua house sales

The number of houses sold last month increased from May last year. PHOTO/FILE

There's been another big jump in the number of houses sold in Rotorua, with latest figures showing 158 properties sold in Rotorua in May compared with 95 in May last year.

Real Estate Institute of New Zealand figures, released this morning, show the median property price in Rotorua in May was $285,250 compared with $240,000 in May last year and $275,000 in April this year.

However, the number of properties sold in May this year was slightly fewer than April's bumper month when 183 properties were sold.

REINZ regional director Philip Searle noted the strong rise in median prices across the region over the past nine months was making it more difficult for first home buyers, particularly in markets such as Hamilton and Taupo.

"The tightening supply of listings is also having an impact on sales to investors, with many being left unsatisfied and strong competition driving prices upwards.

At the end of May there was just over 10 weeks of inventory across the region, another record low for property availability across the region.