Tremains Real Estate April Market Report
What’s happening in the market?
drops as early as October this year. This is good news for potential home buyers, as lower interest rates can make borrowing more affordable and for sellers this increases the pool of qualified buyers in the market.
Another factor to consider is the banks’ recent reporting of lower than expected profit levels. This may lead to higher levels of competition for the mortgage dollar, making it easier for prospective purchasers to secure financing for their dream home. Additionally, the recent adjustments to CCFA have also come into effect, reducing the “coffee” assessment and making borrowing more practical for prospective purchasers.
With real estate prices at their lowest point in recent years, many buyers who have been sitting on the sidelines waiting for the right time are choosing to act now. This is fueled by the old saying of “it’s easier to buy on the way down than chase the market up,” which is creating a sense of urgency in buyers as they realize that the market is coming alive again.
Despite the 26% drop in sales volume for the first three months of 2023 compared to the same period in the previous year, the market is showing signs of stabilizing. The drop in days to sell and increase in median house price suggest that demand is growing.
As the winter months loom large, a period of the year where traditionally people think real estate hibernates, the distinct feeling is that buyers are just coming alive and for sellers it could be a great time to be selling. Our market report in February referred to the flow on effects that an increase in first home buyer activity has on all other price brackets and we are now seeing the expected results.
AUTHOR HAYDEN DUNCAN - Chief Executive Officer - Hayden Duncan
The Bay of Plenty real estate market in New Zealand showed some positive signs in April 2023, according to the latest data released by REINZ. The median house price increased from March to April by 0.5% and despite the traditional disruption caused by public and school holidays, the market saw a drop in the average days to sell from 60 to 56, indicating a stronger level of intent to act from potential buyers. Agents reported high attendance at open homes, with multiple offers becoming more common and stronger activity in the auction room!
Looking ahead, there are strong indications that the Bay of Plenty real estate market may have bottomed out and is making a turn. There are several factors that could contribute to this, such as indications retail interest rates have reached a peak and some forecasts predicting
As I always maintain, while the market may have shown signs of challenge for sellers, with the right representation with a quality, skilled and committed agent the time to be in the market could be now with the current lift in activity that the latest statistics have shown.
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 APRIL 2023
REINZ Market Summary APRIL 2023
Bay of Plenty District
Median Sale Price change since last year -7.9% Median Sale Price Bay Of Plenty $824,500 Total Number of Sales Bay Of Plenty 286 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 $900,000 -10% 145 58 Tauranga Suburbs Bellevue $715,000 -17.3% 5 121 Bethlehem $885,000 -12.4% 9 44 Brookfield $750,000 -8.5% 5 40 Gate Pa $662,500 -7.3% 4 66 Greerton $810,000 -8.2% 1 163 Judea $915,000 +10.9% 2 84 Matua $960,000 -18.6% 3 53 Maungatapu $900,000 -14.3% 2 58 Mount Maunganui $886,500 -27.3% 20 60 Ohauiti $1,020,000 +36% 4 64 Otumoetai $920,000 -16.4% 6 36 Papamoa Beach $925,000 -18.9% 42 39.5 Pyes Pa $945,000 -22.2% 20 86 Tauranga Central $770,000 +42.6% 3 55 Tauranga South $660,000 -56.8% 5 51 Welcome Bay $922,500 +7% 9 74 Western
Location Median Sale Price % Sale Price Diff from 1yr Prior Number of Sales Median Days to Sell Western Bay of Plenty $930,000 -3.1% 37 95 Katikati $757,500 -19.4% 4 100.5 Omokoroa $1,190,000 +25.3% 11 91 Te Puke $555,000 -32.5% 6 49
*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 -7.9% Median Sale Price Bay Of Plenty $824,500 Total Number of Sales Bay Of Plenty 286 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 $900,000 -10% 145 58 Tauranga Suburbs Bellevue $715,000 -17.3% 5 121 Bethlehem $885,000 -12.4% 9 44 Brookfield $750,000 -8.5% 5 40 Gate Pa $662,500 -7.3% 4 66 Greerton $810,000 -8.2% 1 163 Judea $915,000 +10.9% 2 84 Matua $960,000 -18.6% 3 53 Maungatapu $900,000 -14.3% 2 58 Mount Maunganui $886,500 -27.3% 20 60 Ohauiti $1,020,000 +36% 4 64 Otumoetai $920,000 -16.4% 6 36 Papamoa Beach $925,000 -18.9% 42 39.5 Pyes Pa $945,000 -22.2% 20 86 Tauranga Central $770,000 +42.6% 3 55 Tauranga South $660,000 -56.8% 5 51 Welcome Bay $922,500 +7% 9 74 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 $930,000 -3.1% 37 95 Katikati $757,500 -19.4% 4 100.5 Omokoroa $1,190,000 +25.3% 11 91 Te Puke $555,000 -32.5% 6 49 REINZ MARKET SUMMARY APRIL 2023
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