Property sales on increase in Rotorua

Rotorua's property market is showing positive signs - with more sales and shorter sale periods.
Latest figures show there were increased sales and shorter sale periods during September, but the median sale price had dropped.
A total of 66 homes and four sections were sold in the Rotorua district during the month, with a total value of $18,781,200.
While this was 11 fewer than in September 2009, Real Estate Institute of New Zealand Rotorua spokesman Ian McDowell said this was a positive sign, with sales volumes hitting their highest level since May.
But the poor weather is affecting the traditional spring boom.
The median, or middle, sale price for the month was $231,500 - down nearly 14 per cent on the same period last year and 18.8 per cent lower than August's record median of $285,000.
Mr McDowell said this was more a reflection of the type of properties selling, rather than a decline in property values. "There have been a greater number of cheaper homes selling, which puts the middle sales price in that lower bracket."
A greater number of sales in the $300,000-$400,000 range influenced the August median in the opposite direction a month earlier.
One property, classed as residential, did sell for $1.55 million, but Mr McDowell said that was a lodge property and was not strictly residential.
At 52 days, properties were selling faster in September than in any month since May, when properties took 51 days to sell. This figure has varied between 37 days and 77 days during the last 12 months.
A spokesman from the Rotorua branch of the Property Institute of New Zealand agreed the lower median was due to the types of homes selling during September. "This is reflective of a higher quantity of lower value properties transacting compared to the preceding month."
"Approximately two thirds of all residential sales that occurred last month settled for $275,000 or less."
RESIDENTIAL PROPERTY SALES
September 2010
Median sale price: $231,500
Number of sales: 66
Days to sell: 52
Total sales value: $18,781,200
August 2010
Median sale price: $285,000
Number of sales: 61
Days to sell: 83
Total sales value: $19,244,000
September 2009
Median sale price: $269,000
Number of sales: 77
Days to sell: 62
Total sales value: $22,610,530
RESIDENTIAL PROPERTY SALES
September 2010
Median sale price: $231,500
Number of sales: 66
Days to sell: 52
Total sales value: $18,781,200
August 2010
Median sale price: $285,000
Number of sales: 61
Days to sell: 83
Total sales value: $19,244,000
September 2009
Median sale price: $269,000
Number of sales: 77
Days to sell: 62
Total sales value: $22,610,530