Contemplating the sale of your property in the upcoming months? Hold off on any decisions until you've read this essential information! In this month's update, we delve into the latest insights from the property market, drawing from REINZ verified sales up to the conclusion of July 2023. These vital stats directly impact potential sellers. Explore the current real estate landscape to help you make informed choices about your property sale.
National Highlights – Year on Year Trends
- Total number of properties for sale down 12.4% (sellers holding back)
- Sales counts have slightly increased 1.6% (buyer activity slightly up)
- The decrease in median prices is easing (some confidence returning to market)
Jen Baird (REINZ Chief Executive) commented “we also tend to see a slowing in the activity in the lead-up to a general election, but with buyer activity rising and lower levels of supply coming to market we may see stronger demand appear in the coming months”.
Rotorua Property Market Update
Increase in Property Sales
The number of properties sold month on month has increased from 51 sales in June to 71 sales in July.
Further Decline in Properties For Sale
The number of properties for sale in Rotorua further decreased from 403 listings on trademe.co.nz as of 13th July 2023 to 354 properties for sale as of 23rd July 2023. There is an extremely limited supply of listings for buyers to choose from.
Housing Price Index Static
The three-month HPI result to end of July 2023 is -0.4% indicating the market value trend has proved to be static in recent months.
Longer selling times continue
With Rotorua median days to sell at 64 days, properties are continuing to take longer to sell.
Market Snapshot
The Rotorua Property Market – for the three months to end of July 2023 can be summarized as:
- An upward spike in number of properties sold
- Market values showing stability in recent months as measured by Housing Price Index
- Continued modest increase in levels of buyer inquiry
- On average properties continue to take longer to sell
Recommendations for Sellers
Three key factors continue to be very influential to achieve your best sales result:
1) Preparing your property for sale.
2) Pricing within reach of where the market will see value for your property.
3) High-profile marketing campaign that really makes your property stand out.
The following BLOGs on our website are highly recommended reading:
Remember we offer free no-obligation property appraisals to help you assess where your property sits in the market and also provide customised recommendations for you to prepare your property for sale.
You can call us on 027 672 7263 or fill out our Free Property Appraisal Request Form.
