Nothing compares to what’s next.
Residential Market Report July 2023
NZSOTHEBYSREALTY.COM
Market Overview - July 2023
AUTHOR WILL JOHNSTON & PAUL MCNEIL - Branch ManagersThe latest REINZ data for July 2023 shows trends of more activity from buyers along with lower than normal inventory levels across the Bay of Plenty. Average days to sell fell by 1 day to 56 days from the previous month with the 10 year average for the region at 46. Sales volume for July was up 13.7% compared to July last year, with a rise of 7.8% when compared to June 2023.
We are seeing an increase of activity from first home buyers and owner occupiers across the market with many investors seeming to be hanging back in anticipation of the upcoming election, not unusual in an election year.
This activity is evident in the auction room with more buyers attending and some fantastic results being achieved across all market segments.
Whilst some Vendors are adjusting their price expectations to reflect current market conditions, others are holding fast to achieve their original expectations reflected in the average days on the market dataset. There is certainly a feeling of optimism within the industry with Salespeople reporting strong numbers of quality buyers through open homes and good levels of enquiry arising from robust marketing campaigns.
The switching of the acronyms is starting to happen; the easing of FOOP (Fear of Over-Paying) makes way for the gradual return of FOMO (Fear of Missing Out). This is particularly evident in the return of strong bidding amongst competing buyers at auction and the significant return of multi-offer situations.
These trends combined with the low level of inventory available and the increase in sales volume year on year make for a great time for sellers contemplating a move to enter the market. Spring has almost sprung and as we look even further forward to the back quarter of the year there is significant shoots of green for both sellers and buyers!
REINZ Market Summary | July 2023
City
Tauranga Suburbs
Western Bay of Plenty District
Western Bay of Plenty District
*All Statistics from Real Estate Institute of New Zealand Median Sale Price change since last year -7% Median Sale Price Overall Sales Bay Of Plenty $800,000 Total Number of Sales Bay Of Plenty 374 Median Days to Sell Bay Of Plenty 56 *All Statistics from Real Estate Institute of New Zealand Tauranga City Location Median Sale Price % Sale Price Diff from 1yr Prior Number of Sales Median Days to Sell Tauranga City $895,000 -3.2% 232 49 Tauranga Suburbs Bellevue $690,000 -12.4% 6 89 Bethlehem $989,000 -10.1% 32 75 Brookfield $752,000 -4.8% 6 23 Gate Pa $625,000 -9.8% 10 47 Greerton $625,000 -7.4% 6 39 Judea $707,500 -9.4% 4 54.5 Matua $936,600 -5.4% 4 70 Mount Maunganui $844,000 -18.7% 35 50 Ohauiti $869,000 -21% 8 44 Otumoetai $755,000 -13.7% 13 52 Papamoa Beach $980,000 +7.6% 56 40 Pyes Pa $922,000 -9.6% 25 40 Tauranga Central $1,780,000 +96% 1 59 Tauranga South $698,750 -42% 4 71 Welcome Bay $700,000 -24.3% 17 48
REINZ Market Summary JULY 2023
Location Median Sale Price % Sale Price Diff from 1yr Prior Number of Sales Median Days to Sell Western Bay of Plenty $870,000 -18.7% 33 60 Katikati $739,000 -6.5% 4 105 Omokoroa $955,000 -25.7% 11 58 Te Puke $730,000 -22.8% 8 24
Each office is independently owned and operated. NZSIR BOP Limited (licensed under the REAA 2008) Median Sale Price change since last year -7% Median Sale Price Overall Sales Bay Of Plenty $800,000 Total Number of Sales Bay Of Plenty 374 Median Days to Sell Bay Of Plenty 56 *All Statistics from Real Estate Institute of New Zealand Tauranga
Location Median Sale Price % Sale Price Diff from 1yr Prior Number of Sales Median Days to Sell Tauranga City $895,000 -3.2% 232 49
Bellevue $690,000 -12.4% 6 89 Bethlehem $989,000 -10.1% 32 75 Brookfield $752,000 -4.8% 6 23 Gate Pa $625,000 -9.8% 10 47 Greerton $625,000 -7.4% 6 39 Judea $707,500 -9.4% 4 54.5 Matua $936,600 -5.4% 4 70 Mount Maunganui $844,000 -18.7% 35 50 Ohauiti $869,000 -21% 8 44 Otumoetai $755,000 -13.7% 13 52 Papamoa Beach $980,000 +7.6% 56 40 Pyes Pa $922,000 -9.6% 25 40 Tauranga Central $1,780,000 +96% 1 59 Tauranga South $698,750 -42% 4 71 Welcome Bay $700,000 -24.3% 17 48
Location Median Sale Price % Sale Price Diff from 1yr Prior Number of Sales Median Days to Sell Western Bay of Plenty $870,000 -18.7% 33 60 Katikati $739,000 -6.5% 4 105 Omokoroa $955,000 -25.7% 11 58 Te Puke $730,000 -22.8% 8 24
Summary
Each office is independently owned and operated. NZSIR BOP Limited (licensed under the REAA 2008)
REINZ Market
| July 2023
NZSIR Property Highlights NEW TO THE MARKET
SIGNIFICANT SALES
9 Bayly Place, Te Puke Brought to the market by James Mooney
230D Waipapa Block Road, Whakamarama
Real estate sold by real experts Each office is independently owned and operated. NZSIR BOP Limited (licensed under the REAA 2008) MREINZ. 07 578 0003 | nzsothebysrealty.com
Sold by Team Pryor
1090 No 3 Road, Te Puke
Sold by Clark Mazey
426 & 460 Old Highway, Whakamarama Brought to the market by Team Pryor
19 Grange Road, Hahei Brought to the market by Tony & Pip White
