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Residential Market Report June 2023
NZSOTHEBYSREALTY.COM
Market Overview - June 2023
The latest REINZ data for June 2023 presents a mixed picture of the Bay of Plenty real estate market in New Zealand. The average days to sell increased by 2 days from the previous month, now at 57 days, the longest recorded in the last five years. Despite this, the median house price rose by 5.7% from May to reach $840,000, although still down 7.6% from a year ago.
The number of sales in the Bay of Plenty region remains relatively low at 330, although there has been an improvement compared to the same time last year when it was 272 sales. Low inventory levels are putting pressure on prices, resulting in competitive situations for buyers seeking housing solutions.
On the positive side, more buyers are showing a sense of urgency, likely influenced by the Reserve Bank’s decision to maintain the OCR at the same level, as well as low unemployment and high job security. While inflation experienced a spike, many expect the cost of living to come under control, offering some relief.
Diverse segments of the population are experiencing the impact of changing market conditions differently. Some are feeling the strain of higher interest rates and increased living costs, while others are benefiting from higher wages and are eager to seize opportunities in the repriced real estate market.
It is this writers opinion that for owners considering selling we are seeing a period of predictability in the market that hasn’t been seen since pre-covid times. Buyers are showing increased confidence and there is limited competition for sellers with very low inventory of homes for sale in the region so a great time to be in the market to sell.
AUTHOR HAYDEN DUNCAN - Managing Partner - Hayden Duncan
About the author: Hayden Duncan is a real estate veteran with over 20 years experience. His career has included being the CEO of NZs largest real estate group, Head auctioneer for NZs largest full service real estate company and after setting up a real estate company in Canada he is now based in Tauranga and works within the market here assisting agents to deliver quality results throughout the Bay of Plenty and Coromandel as Managing Partner of BOP NZSIR.
REINZ Market Summary | June 2023
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 -6.7% Median Sale Price Overall Sales Bay Of Plenty $840,000 Total Number of Sales Bay Of Plenty 330 Median Days to Sell Bay Of Plenty 57 *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 $890,000 -8.2% 212 49 Tauranga Suburbs Bellevue $685,000 1.7% 6 22 Bethlehem $1,200,000 32.1% 14 50 Brookfield $707,500 -16.7% 4 18 Gate Pa $620,000 -6% 7 44 Greerton $630,000 -19.2% 8 23 Judea $597,500 -20.3% 2 26 Matua $770,000 -22.6% 8 50 Mount Maunganui $885,000 -21.3% 28 48 Ohauiti $1,045,000 12% 6 88 Otumoetai $830,000 -12.6% 13 58 Papamoa Beach $925,000 -16.6% 57 47 Pyes Pa $980,000 -7.9% 25 38 Tauranga Central $964,500 26.8% 2 279 Tauranga South $780,000 -24.6% 7 139 Welcome Bay $882,000 3.2% 14 47
Location Median Sale Price % Sale Price Diff from 1yr Prior Number of Sales Median Days to Sell Western Bay of Plenty $750,000 -22.7% 38 85 Katikati $670,000 -30.9% 12 86 Omokoroa $1,135,000 8.6% 2 88 Te Puke $750,000 0.1% 11 53
REINZ Market Summary JUNE 2023
Each office is independently owned and operated. NZSIR BOP Limited (licensed under the REAA 2008) Median Sale Price change since last year -6.7% Median Sale Price Overall Sales Bay Of Plenty $840,000 Total Number of Sales Bay Of Plenty 330 Median Days to Sell Bay Of Plenty 57 *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 $890,000 -8.2% 212 49 Tauranga
Bellevue $685,000 1.7% 6 22 Bethlehem $1,200,000 32.1% 14 50 Brookfield $707,500 -16.7% 4 18 Gate Pa $620,000 -6% 7 44 Greerton $630,000 -19.2% 8 23 Judea $597,500 -20.3% 2 26 Matua $770,000 -22.6% 8 50 Mount Maunganui $885,000 -21.3% 28 48 Ohauiti $1,045,000 12% 6 88 Otumoetai $830,000 -12.6% 13 58 Papamoa Beach $925,000 -16.6% 57 47 Pyes Pa $980,000 -7.9% 25 38 Tauranga Central $964,500 26.8% 2 279 Tauranga South $780,000 -24.6% 7 139 Welcome Bay $882,000 3.2% 14 47
Suburbs
Location Median Sale Price % Sale Price Diff from 1yr Prior Number of Sales Median Days to Sell Western Bay of Plenty $750,000 -22.7% 38 85 Katikati $670,000 -30.9% 12 86 Omokoroa $1,135,000 8.6% 2 88 Te Puke $750,000 0.1% 11 53
Each office is independently owned and operated. NZSIR BOP Limited (licensed under the REAA 2008)
REINZ Market Summary | June 2023
NZSIR Property Highlights NEW TO THE MARKET
17 Sarona Park Drive
SIGNIFICANT SALES
Brought to the market by Clark Mazey
84 Westridge Drive, Tauriko
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
388 Manoeka Road
Sold by Clark Mazey
5b Pacific View Road, Papamoa Beach
Brought to the market by Richard and Susie Laery
20 Tinopai Drive, Omokoroa
Brought to the market by Team Pryor
