Tremains Real Estate May 2023 Market Report
What’s happening in the market?
reflects a stand-off between buyers who are adopting a wait-and-see approach and sellers who believe that the market has bottomed out. Consequently, sales volumes have not seen a significant increase. However, there are signs of positivity emerging. More buyers are beginning to show a sense of urgency due to the general commentary from the central bank, indicating that interest rates have peaked and unemployment remains low. With the decline in property values to their current level, homes have become more affordable for first-time homebuyers, prompting them to take action. This shift in buyer behaviour is a promising development for the market.
It’s important to note that the pending election may have a significant impact on the direction and intensity of the market. There is a noticeable divide between the main party policies emerging in relation to real estate. The outcome of the election could potentially influence market dynamics and investor sentiment.
For those looking to buy, the current market conditions present a unique opportunity. In the opinion of this writer, the current buying conditions are particularly welcoming and conducive to taking action. The combination of stable interest rates, low unemployment, and more affordable prices make it an opportune time for buyers to enter the market.
The Bay of Plenty real estate market in New Zealand, as indicated by the latest REINZ data released for May 2023, continues to show certain challenges. While the average days to sell remained unchanged at 56, there was a decrease in the median house price by 3.7% from April, bringing it down by 13.2% compared to the previous year, with the current median price at $790,000 for the region.
The number of sales in the Bay of Plenty region remains stubbornly low, with only 340 sales recorded. This volume is not sustainable in the long term to meet the natural needs of the population. The market currently
While challenges persist, there are reasons to remain optimistic about the Bay of Plenty real estate market. The sense of urgency among buyers, along with favorable economic indicators, may contribute to a gradual increase in sales volume and market activity. As always, in markets such as this, it is critical to engage a knowledgeable salesperson supported by a wellresourced and reputable agency to enable you to navigate the best outcome possible when selling.
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.
REINZ MARKET SUMMARY MAY 2023
REINZ Market Summary MAY 2023
Median Sale Price change since last year -13.2% Median Sale Price Bay Of Plenty $790,000 Total Number of Sales Bay Of Plenty 340 Median Days to Sell Bay of Plenty 56 Tauranga City Location Median Sale Price % Sale Price Diff from 1yr Prior Number of Sales Median Days to Sell Tauranga City $861,000 -13.5% 183 54 Tauranga Suburbs Bellevue $640,000 -22.4% 3 166 Bethlehem $980,000 -24.6% 10 43 Brookfield $792,500 -6.7% 4 43 Gate Pa $660,000 +3% 6 36 Greerton $627,000 -13 5% 6 28 Judea $861,000 -9.8% 5 30 Matua $795,000 -50% 7 126 Maungatapu $722,500 -14% 4 78.5 Mount Maunganui $940,000 -35.2% 25 62 Ohauiti $940,000 +1.1% 7 50 Otumoetai $1,047,500 -7.3% 9 80 Papamoa Beach $870,000 -15.5% 58 57 Pyes Pa $1,065,000 -7.6% 19 50 Tauranga Central $635,000 -36.3% 1 42 Tauranga South $657,500 -28.3% 4 44 Welcome Bay $850,000 -6.1% 14 65 Western Bay
Plenty
Location Median Sale Price % Sale Price Diff from 1yr Prior Number of Sales Median Days to Sell Western Bay of Plenty $820,000 -24.8% 45 76 Katikati $790,000 0% 10 93 Omokoroa $1,047,500 -7.3% 9 80 Te Puke $737,500 -6.6% 8 53
of
District
*All Statistics from Real Estate Institute of New Zealand
*All Statistics from Real Estate Institute of New Zealand Median Sale Price change since last year -13.2% Median Sale Price Bay Of Plenty $790,000 Total Number of Sales Bay Of Plenty 340 Median Days to Sell Bay of Plenty 56 Tauranga City Location Median Sale Price % Sale Price Diff from 1yr Prior Number of Sales Median Days to Sell Tauranga City $861,000 -13.5% 183 54 Tauranga Suburbs Bellevue $640,000 -22.4% 3 166 Bethlehem $980,000 -24.6% 10 43 Brookfield $792,500 -6.7% 4 43 Gate Pa $660,000 +3% 6 36 Greerton $627,000 -13 5% 6 28 Judea $861,000 -9.8% 5 30 Matua $795,000 -50% 7 126 Maungatapu $722,500 -14% 4 78.5 Mount Maunganui $940,000 -35.2% 25 62 Ohauiti $940,000 +1.1% 7 50 Otumoetai $1,047,500 -7.3% 9 80 Papamoa Beach $870,000 -15.5% 58 57 Pyes Pa $1,065,000 -7.6% 19 50 Tauranga Central $635,000 -36.3% 1 42 Tauranga South $657,500 -28.3% 4 44 Welcome Bay $850,000 -6.1% 14 65 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 $820,000 -24.8% 45 76 Katikati $790,000 0% 10 93 Omokoroa $1,047,500 -7.3% 9 80 Te Puke $737,500 -6.6% 8 53 REINZ MARKET SUMMARY MAY 2023
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59 Pine Ridge Lane, Katikati
101A Chadwick Road, Greerton
1/86 Pillans Road, Otumoetai
49B Taniwha Place, Bethlehem
120 Whakaturou Crescent, Pyes Pa
78 Coopers Road, Gate Pa
05 08 873 6246 | tremains.co.nz
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