Tremains Real Estate June 2023 Market Report
What’s happening in the market?
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.
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.
AUTHOR HAYDEN DUNCAN - Chief Executive Officer - Hayden Duncan About the author: Hayden Duncan is a real estate veteran with over 2o 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 as CEO of Tremains Real Estate.Median Sale Price change since last year -6.7% Median Sale Price Bay Of Plenty $840,000 Total Number of Sales Bay Of Plenty 330 Median Days to Sell Bay of Plenty 57 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 Western Bay of Plenty District 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
2023 *All Statistics from Real Estate Institute of New Zealand
REINZ MARKET SUMMARY JUNE
2023 *All Statistics from Real Estate Institute of New Zealand Median Sale Price change since last year -6.7% Median Sale Price Bay Of Plenty $840,000 Total Number of Sales Bay Of Plenty 330 Median Days to Sell Bay of Plenty 57 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 Western
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
Bay of Plenty District
REINZ MARKET SUMMARY JUNE 2023
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96 Te Ranga Memorial Drive, Pyes Pa 6 Gledstane Road, Katikati 8 Plane Tree Lane, Tauriko 127 Fourteenth Avenue, Tauranga South 12 Dowman Place, Te Puke 19 Revell Drive, Ohauiti
05 08 873 6246 | tremains.co.nz
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