Market 'patchy' as fewer homes sold in Rotorua

Rotorua house sales have been described as "patchy", with the latest monthly figures showing a drop in the number of houses sold.

In June 66 Rotorua homes were sold, compared to 83 the month before and 88 in June last year. The median price remained relatively steady, rising $500 to $277,500.

Rotorua REINZ spokesman Ian McDowell said while it had been a bit "up and down" from month to month, 2013 had been steady when viewed over the two quarters.

The same amount of houses - 226 - were sold in each quarter, he said.

However, Mr McDowell said he had noticed some tightening of listings lately, with fewer houses going on the market.

"Prices are going up a little bit ... and the higher priced properties are selling."

He said there had been quite a few sales in the $500,000 to $600,000 range in Rotorua last month, which showed people had the confidence to upgrade and move.

Mr McDowell said people were becoming increasingly wary of the possibility of interest rates jumping.

"They know they're going to go up ... just when and by how much."

REINZ regional director, Philip Searle, said the tightening of listings and "patchy" nature of the market was evident right across the Waikato/Bay of Plenty region.

Nationally, the median sale price increased by $2000, from $392,000 in May to $394,000 in June. There were 6135 residential sales in June, equal to the number of sales in June 2012.

There were 1203 dwellings sold by auction in June representing 19.6 per cent of all sales.