Our August 2024 Rotorua Property Market Report is essential reading for the latest in National and Rotorua Property Market Trends. Read on for encouraging news for the Rotorua Property Market.
Welcome to our August 2024 Rotorua Property Market update with the latest news from the REINZ verified sales data reports to end of July 2024.
National Highlights
- The total number of properties sold in NZ increased by 14.5% year-on-year and by 19.7% compared to June 2024.
- For New Zealand ex Auckland, inventory levels increased 30.4% year-on-year from and decreased 3.5% compared to June 2024.
- For NZ excluding Auckland median Days to Sell had no change year-on-year (49 days).
- Housing Price Index (HPI) as a measure of market trend is: -0.3% for August 2024, -1.9% for the 3-month period May-June-July 2024, and 0.2% year-on-year.
- Average annual growth in the NZ HPI over the past five years has been 5.2% per annum and is currently 16.7% below the peak of the market reached in 2021.
Overall
- The year-on-year trend for more properties coming to market has continued
- The slight decline in the number of properties listed for sale month-on-month is typical of the season
- Median days to sell remains steady
- The trend for more properties selling year-on-year continues
- HPI as a measure of market value continues to be a slightly negative trend for August and for the 3-month period May-June-July 2024.
Jen Baird, CEO, Real Estate Institute of NZ comments “Although we have not yet reached the spring season, we are observing early signs of growth in the market not typically associated with this time of the year . . . which reflects a market performing above anticipated levels”
Rotorua Property Market Update
- 77 properties were sold in Rotorua in July 2024, as compared to 61 sales for June 2024, 83 sales for May 2024, 81 sales for April 2024, and 77 sales for March 2024.
- There are currently (as at 21 August 2024) 458 properties listed for sale in Rotorua, as compared to 502 listings as at 9 July 2024, 510 listings as at 21 May 2024, and 530 listings as at 20 April 2024.
- The median sale price was $585,000 for July 2024, down from $620,000 for June 2024 and $650,000 for July 2023.
- Housing Price Index (HPI) as the more accurate measure of market value trend was reported as +1.0% for July 2024, -0.1% for the 3-month period May-June-July 2024, and +2.5% year-on-year
Overall
- The negative median sale price trend versus ‘flat lining’ HPI trend demonstrates the importance of tracking HPI as the more accurate measure of market value trend.
- The Rotorua Market’s HPI shows that Rotorua has outperformed the National trend and is nearly ‘flat lining’ in recent months, inclusive of a positive +1.0% HPI result for July.
- There has been a pleasing year-on-year increase in the number of properties sold, and a higher than usual (for the month) number of sales for July.
- The number of properties listed for sale has continued to decline.
Power of 2 Update
Good news!
The Rotorua Property Market is outperforming the national trend and it’s exciting to see a positive HPI result for July and a near ‘flat line’ in HPI in the three months ending July 2024.
77 sales for July is an excellent result for this time of year.
We are continuing to see an increase in the number of prospective buyers viewing properties, together with an increase in the number of offers being made inclusive of multi-offers.
As ‘the power of 2’ Veena and I have achieved four sales in August to date, with another three properties under contract, so we are on-track to achieving a bumper month of sales for our vendors.
We are constantly looking to add value to the marketing of our ‘For Sales’.
We have been self-funding (free to our sellers) social media campaigns to enhance the Arizto high-impact marketing campaign.
We have also added Virtual (Ai) Staging to the mix. This significantly improves the online visual appeal of our ‘For Sales’. The results are impressive and are particularly dramatic for those properties that are unfurnished. It works like magic!
With a limited supply of properties for sale and spring almost upon us, it is perfect timing for people who are considering listing their property for sale.
Whilst you may not have made a final decision, now is the time to take advantage of our free no-obligation Property Appraisal service. Please call us on 0276727263 or fill out our Free Property Appraisal Request Form.
We wish you and your loved ones all the very best and for all things real estate you are warmly invited to contact us today.
