Tremains Real Estate October 2023 Market Report
What’s happening in the market? 3. Sales Volumes: Staying Low with a Shift in Inventory While sales volumes have remained relatively low, recording 327 sales for the entire region in September, a noticeable shift is underway. The primary factor contributing to low sales has been the limited inventory available for purchase. However, a surge in listings, both currently hitting the market and commitments for the next three months, is anticipated to inject vitality into the market giving buyers more choice. History tells us that with properties coming onto the market we also see a lot of the sellers re-entering the market as buyers adding to the buyer activity so it is unlikely we will see a shortage of buyers despite the increase in inventory.
The Bay of Plenty real estate market has undergone a notable transformation in the month of October 2023, signaling a positive shift from the recent downward cycle. Key indicators point to a market that is not only stabilizing but gaining momentum. In this comprehensive report, we will delve into the statistics provided by REINZ to understand the dynamics shaping the Bay of Plenty real estate landscape.
4. Buyer Behavior: Adapting to the New Normal Buyers in the Bay of Plenty have adjusted to the new normal regarding interest rates. Recent data showing inflation has peaked and is moving towards the reserve banks targeted range more quickly than had been anticipated has sparked activity in the market with confidence returning to buyers that have more certainty regarding living costs. There is a palpable increase in open home visitors, higher auction clearance rates, and the re-emergence of multi-offer scenarios. This shift indicates a renewed confidence among buyers and an increased willingness to engage in the market.
Market Indicators:
Market Outlook:
1. Days to Sell: A Rapid Decline The days to sell in October have demonstrated a remarkable reduction, standing at only 1 day longer than the ten-year average of 41 days. This represents a significant improvement, with a noteworthy 15 days shorter time to sell than in the previous month of September. The accelerated pace of transactions indicates a more dynamic and responsive market with buyers taking action and astute sellers accepting current market value to allow them to move on with their plans.
The consensus among industry experts is optimistic, signalling that the Bay of Plenty real estate market is on an upward trajectory. Astute buyers, spanning various price categories, are witnessing heightened interest, and sellers can now look forward to executing their plans within a more reasonable timeframe.
AUTHOR HAYDEN DUNCAN - Chief Executive Officer
2. Median Sales Value: A 3.1% Increase The median sales value for properties in the Bay of Plenty has experienced a positive uptick, climbing by 3.1% to reach $825,000. This increase, when compared to the figures from September, showcases growing confidence and value in the region’s real estate. This increase has been predicted and is expected to continue according to the majority of expert commentators on a steady but upward value trajectory into 2024.
Strategic Considerations for Sellers: In this evolving market, sellers are advised to carefully select their real estate agents. Choosing an agent with a deep understanding of the marketplace, a keen awareness of the target audience, and a proven strategy is pivotal for achieving the best possible outcome.
- 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 OCTOBER 2023 REINZ MARKET SUMMARY REINZ MARKET SUMMARY OCTOBER 2023 OCT 2023
$825,000 $825,000
Median Sale Price Median Price Bay OfSale Plenty Bay Of Plenty
-1.4% -1.4%
Median Sale Price Median Salelast Price change since year change since last year
41 41
327 327
Total Number of Sales TotalBay Number of Sales Of Plenty Bay Of Plenty
Median Days to Sell Median Days to Sell Bay of Plenty Bay of Plenty
Tauranga City Tauranga City Location Location
Median Sale Price Median Sale Price
% Sale Price Diff %from Sale 1yr Price Diff Prior from 1yr Prior
Number of Sales Number of Sales
Median Days to Median Days to Sell Sell
Tauranga City Tauranga City
$930,000 $930,000
+3.9% +3.9%
180 180
41 41
1 1 18 18 5 5 8 8 1 1 7 7 4 4 17 17 6 6 15 15 45 45 12 12 3 3 4 4 16 16
36 36 36 36 21 21 27 27 94 94 45 45 197 197 46 46 36 36 43 43 53 53 46 46 57 57 45 45 46 46
Number of Sales Number of Sales
Median Days to Median Days to Sell Sell
Tauranga Suburbs Tauranga Suburbs Bellevue Bellevue Bethlehem Bethlehem Brookfield Brookfield Gate Pa Gate Pa Greerton Greerton Judea Judea Matua Matua Mount Maunganui Mount Maunganui Ohauiti Ohauiti Otumoetai Otumoetai Papamoa Beach Papamoa Beach Pyes Pa Pyes Pa Tauranga Central Tauranga Central Tauranga South Tauranga South Welcome Bay Welcome Bay
$1,070,000 $1,070,000 $1,160,000 $1,160,000 $753,000 $753,000 $690,000 $690,000 $650,000 $650,000 $750,000 $750,000 $1,331,675 $1,331,675 $995,000 $995,000 $985,000 $985,000 $890,000 $890,000 $980,000 $980,000 $1,040,000 $1,040,000 $1,077,000 $1,077,000 $795,000 $795,000 $925,000 $925,000
+57% +57% +11% +11% -13.4% -13.4% +2.2% +2.2% -16.1% -16.1% +0.3% +0.3% +66.5% +66.5% -18.6% -18.6% -16.2% -16.2% -4.3% -4.3% -0.5% -0.5% -5.5% -5.5% +26.9% +26.9% -2.5% -2.5% +17.8% +17.8%
Western Bay of Plenty District Western Bay of Plenty District Location Location
Median Sale Price Median Sale Price
Western Bay of Plenty Western Bay of Plenty Katikati Katikati Omokoroa Omokoroa Te Puke Te Puke
$822,500 $822,500 $654,000 $654,000 $993,000 $993,000 $739,500 $739,500
% Sale Price Diff %from Sale 1yr Price Diff Prior from 1yr Prior
-4.4% -4.4% -11.6% -11.6% +15.5% +15.5% -14% -14%
50 50 10 10 10 10 17 17
53 53 48 48 25 25 58 58
*All Statistics from Real Estate Institute of New Zealand *All Statistics from Real Estate Institute of New Zealand
A selection of recent results by the team at Tremains Team up with us today and let us help navigate your real estate result.
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132 Hinewa Road, Otumoetai
1 Huria Vista, Pyes Pa
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22A Rushton Avenue, Otumoetai
5 Ludlow Place, Katikati
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16B Riverlea Drive, Katikati
315 Ross Road, Whakamarama
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