Director of Oliver Road Estate Agents, which specialises in luxuryand lifestyle property, Cameron Winter said the company had sold three properties at "record" prices in Pāpāmoa, Bethlehem and Welcome Bay this month.
Winter said a Pāpāmoa home sold for more than $6 million to a couple who spend time in Auckland and the Bay of Plenty.
It was a record sale price for an existing home in Pāpāmoa and Pāpāmoa Beach with the exception of a 6ha rural block, he said.
A property in Bethlehem sold for upwards of $3.8m to a local family, and a Welcome Bay home sold for more than $3.3m to a family who recently moved to New Zealand, he said.
A property in Bethlehem sold for upwards of $3.8m. Photo / Supplied
Winter said the luxury market was performing in complete contrast to the low-to-mid-range market.
"We have experienced only a minor reduction in inquiry level and a slight change in urgency among buyers."
The Bay of Plenty Times reported Tauranga's median house price had the biggest fall since records began 30 years ago, dropping $59,000 in a month to $991,000.
Winter said prices remained strong. Three of four sales in May went for their listed prices despite taking between 40 to 100 days to sell.
"If a luxury property hasn't sold in three weeks, that does not make it suddenly worth $1m less or unlikely to sell well.
"Our message to sellers is to keep calm, trust in the value of the property you are selling - providing it is marketed in the right places and to the right people - it will sell."
A Welcome Bay home sold for more than $3.3m. Photo / Supplied
Oliver Road Estate Agents also had properties in Ōhauiti and Whakamārama listed for sale above $4m.
Last month, richlister Sir Colin Giltrap's penthouse apartment in Mount Maunganui sold for $10.2 million.
The sale smashed the previous $9.525m record for a waterfront Mount home last July.
Real Estate Institute of New Zealand chief executive Jen Baird said the $6m-plus Pāpāmoa sale, the nearly $4m Bethlehem sale, and $3m-plus Welcome Bay sale would all be residential records for each of the suburbs.
"Bay of Plenty remains a popular region for those wanting to relocate out of the bigger cities and make a lifestyle change.
"It is also an attractive option for residential investors and developers looking for opportunities to build apartment blocks, higher-density properties and luxury homes, which fall into the upper price bracket."
Baird said with tightened finance restrictions imposed by changes to the Credits Contracts and Consumer Finance Act (CCCFA) in December creating challenges for many buyers, owner-occupiers backed by equity were dominating the overall buyer pool.
"As a result, we are seeing a softening in the mid-to-low price range, but interest is solid in the mid-to-high price bracket. Hence, some higher prices being achieved in luxury property in regions like the Bay of Plenty."
Chief executive of the Realty Group Ltd, which operates Eves and Bayleys, Heath Young said the Bay's top end of the market continued to perform strongly.
Well-marketed and quality locations, such as beachfront properties, were holding up really well in terms of value, he said.
Young said the luxury market remained strong as there was reliance on funding required to make these deals happen along with less of an impact due to rising interest rates.
"The Bay's top-end - whether it be apartments, coastal or luxury lifestyle - will continue to attract out of town interest and international buyers as these types of properties have hugely unique and attractive qualities that other landlocked regions don't possess."
