If you own a home in the Rotorua suburbs of Lynmore, Springfield and Fordlands, the three-month median value change will come as a pleasant surprise.

Not so if you've purchased in Utuhina or Mangakakahi.

Quarterly figures released by CoreLogic NZ show a mixed bag of median value increases and decreases across Rotorua suburbs.

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Three months ago the median value of a house in Fairy Springs was $338,850. It is now $334,200 (a 1.4 per cent decrease). In Fordlands the median house value is at $192,300 – up from $186,900 (2.8 per cent increase) three months ago.

In Glenholme the median value is $462,450 up from $453,650 (1.9 per cent increase) three months ago. Hillcrest homes have decreased from $396,050 to $382,200 (3.5 per cent decrease) while Kawha Point properties have increased from $497,100 three months ago to $507,900 (2.5 per cent increase).

In Koutu the median value for a home is $297,650 up from $295,950 (0.6 per cent increase), Lynmore sees a jump from $598,050 to $618,500 (3.3 per cent increase) and in Mangakakahi the median value drops from $320,400 to $313, 450 (2.2 per cent decrease).

Ngongotaha median values are at $413,550 down from $418,150 (1.1 per cent decrease), in Owhata there has been a small drop from $407,400 three months ago to $405,000 (0.6 per cent decrease) while Pukehangi has seen a slight lift to $397,100 from $394,150 (0.7 per cent increase).

In Springfield the median value has jumped from $503,150 to $520,800 (3.5 per cent increase) while in Utuhina there has been a decrease from $388,100 to $375,800 (3.2 per cent decrease) and in Western Heights another decrease from $301,500 to $295,750 (1.9 per cent decrease).

From the end of April 2018 to the end of July 2018, Rotorua has seen a 0.4 per cent increase in the average value of a home, from $426, 458 to $428,063.

In the past 12 months there has been a 7.3 per cent increase.



Springfield is the only Rotorua suburb to be included a list of the top 10 regional suburbs to have an average value increase while Fordlands is included in the list of the bottom 10 regional suburbs by value.

First National Rotorua principal Anne Crossley said the figures were most likely indicative of what had been sold as opposed to increases and decreases in each suburb.

"Figures can be interpreted in different ways," Crossley said. "It may be, for some of these decreases, the amount of homes sold in the past three months were cheaper than the homes sold the three months prior."

She said there was a "desperate shortage of properties'" in Springfield and Lynmore, resulting in properties being listed and purchased in a very short time.

"But that goes for all suburbs in Rotorua really."

Crossley said Rotorua's real estate market continues to be robust, albeit with a slight slowing.

"It's definitely not time to panic and say the sky is falling in. And with season's change, we're all hoping for spring listings to lift."

Professionals McDowell Real Estate co-owner Steve Lovegrove said current statistics were hard to read, largely because sales were quite sparse due to stock numbers.

"A flurry of sales will up the demand and often the price in an area but right now in Rotorua, there just isn't many properties selling because there isn't many properties available.

"So if you're looking at statistics keep George Orwell's Animal Farm quote in mind but relate in to real estate – all areas are equal, but some areas are more equal than others."

He said the consumer must also bear in mind that when real estate statistics were released, there were often real estate agents finalising current contracts which would result in changes to reports.

"On the ground it looks like we have modest movement in the market," Lovegrove said.

"But I think we are at a point where vendors need to ensure they are very realistic with prices.

"In the mind's eye of some, they are aware of low stock numbers and strong prices, but what we are seeing is buyers becoming very gun shy about spending their money."

He said people who had realistic expectations about price would still sell their properties very quickly while anyone with an over-inflated price would not.

Ray White Rotorua agent and business co-owner Anita Martelli said median values could be skewed by how many properties had sold in each suburb and at which end of the market those properties came from.

"Utuhina and Mangakakahi may have seen a decrease but that could be easily explained by the number of properties being sold being at the lower end of the market in both suburbs," Martelli said.

"Considering both areas are good for first time buyers and investors, buyers may have had smaller budgets or been looking within the lower price bracket."

She said the increases and decreases did not indicate much at all about the respective suburbs.

Overall, Martelli said the market was still good. "We've seen a few more higher-value properties come on the market which bodes well for Rotorua. And while stock remains low, spring has arrived."

She said it was lovely to feel the positive vibe around the town.

"People are still moving here and long-time residents want to stay and upgrade."