Thinking of selling your property in the next few months? Don't make a move without reading this! Our latest blog delves into the Rotorua property market's most recent trends based on REINZ verified sales to end of June 2023, offering vital data that directly impact you as a property seller. Discover what the current landscape holds and gain valuable insights to make informed decisions about your sale.
Decrease in Properties for Sale
The number of properties for sale in Rotorua decreased from 473 listed for sale on trademe.co.nz on 22nd May 2023 to 403 listings as at 13th July 2023.
Increase in Housing Price Index (HPI)
The HPI (as reported by the Real Estate Institute of NZ) showed that Rotorua recorded a +1.6% increase for the month of June 2023, together with a +2.5% increase for the 3 months April-Jun 2023. This suggests that sellers in Rotorua may have an opportunity to secure a higher price for their properties.
Low Volumes of Properties Sold
The Rotorua property market continues to record low volumes of sales, although we need to consider there is usually a seasonal low in sales volumes in winter. 51 properties were sold in June, compared with 81 sales in May, 61 sales in April and 56 sales in March.
Longer Selling Times
The Real Estate Institute of New Zealand (REINZ) reports a national average selling time for a home increased from 55 days in April 2023 to 57 days in June 2023. Properties on average continue to take longer to sell.
Market Snapshot
The Rotorua Property Market – for the 3 months to end of June 2023 can be summarised as:
- A relatively limited number of properties listed for sale
- Low sales volumes
- A positive trend in market values as measured by Housing Price Index (HPI)
- Most recently increased levels of buyer inquiry
- On average properties continue to take longer to sell
What does all this mean for sellers?
This means that if you want to sell your property in Rotorua, the recent improvement in market value trends, together with increased levels of buyer activity is in your favour. You may also face some challenges, and you will benefit from choosing an experienced local agent who can advise you on all aspects of preparing and selling your property for best price.
Recommendations for Sellers
Given these market conditions, here are some strategies you could consider to get the best price for your property:
- Home Improvements:
Consider making some home improvements to increase the appeal of your property. This could include minor renovations, a fresh coat of paint, landscaping, or even just a thorough cleaning. A well-presented home can attract more potential buyers and command a higher price.
- Competitive Pricing:
Given the increased competition in the market, it is crucial to price your property competitively. Therefore, you should consider getting a professional appraisal to determine a fair market value for your property from an experienced local real estate agent. You can also consider getting a valuation from a registered valuer.
- Marketing:
Effective marketing can help improve buyers’ perception of value for your property, as well as have your property stand out from the competition. Ideally this would include professional photography, video, drone video and visuals, floor plans, and listing your property on multiple online platforms.
- Seek Professional Advice:
If you are serious about selling your home, it is important to seek professional advice from a real estate agent. A good real estate agent will be able to help you understand where your property sits in the market, the current market conditions and recommend the best strategies and marketing campaigns to achieve the very best sale price for your property.
In summary, Rotorua's current housing market has most recently shown signs of shifting in favour of sellers. If you are selling soon, stay informed about market trends and seek professional advice to help you navigate these changes effectively.
If you would like to get support selling your property, please feel free to contact us. We would be happy to provide you with a free home appraisal or advice on selling your property for the best price.
You are also welcome to contact us so we can provide you on-going Rotorua Property Market Updates. You can call us on 027 672 7263 or fill out our Free Property Appraisal Request Form.
For a more comprehensive understanding of the selling process, consider downloading our popular '2023 Complete Guide to Selling your Property'. You can access it for free here.
