A super encouraging lift in Housing Price Index (HPI) toward the end of 2024 for Rotorua! Our latest market update is essential reading for all homeowners who want their ‘finger on the pulse’ of the Rotorua Property Market.
Welcome to our January 2025 Rotorua Property Market Update, which is based on the REINZ verified sales reports, and reviews the full 2024 year from January to December inclusive.
National Highlights
- Sales across NZ in December were down 27.4% from November 2024 and up 1.8% compared to the previous year.
- National inventory levels increased by 18.5% year-on-year but decreased by 13.3% compared to November 2024.
- The House Price Index (HPI) for NZ recorded a decrease of -1.1% year-on-year and a positive +0.7% increase compared to November 2024.
- Over the past five years the average annual growth rate of NZ’s HPI has been approximately 4.4% and is currently 15.6% lower than its peak in 2021.
Overall
- December is typically a quiet month for the housing market, and this was reflected in the sales count being down.
- Inventory levels have risen year-on-year and declined as expected in the quieter December period.
- HPI year-on-year trend has been static – indicating that the national trend for 2024 indicates a stable but static market.
Rotorua Property Market Update
- Currently (as at 23rd January 2025) there are 437 properties listed for sale in Rotorua on trademe.co.nz. This compares to 512 properties listed for sale as at 19th November 2024.
- 65 properties were sold in December 2024, compared to 84 sales recorded in November 2024, 57 sales for October, and 82 sales for September 2024.
- For those who follow our reports consistently you will find that occasionally a prior month’s number of properties sold varies. This is due to late reporting from real estate agents, which causes REINZ to retrospectively adjust the number of sales recorded for a prior reporting period.
- HPI as the most accurate measure of market trend recorded the following:
+2.4% for November 2024
+4.5% for the 3-month period Sept-Oct-Nov 2024.
-0.1% for December 2024
+2.4% for the 3-month period Oct-Nov-Dec 2024. -1.4% for the 12-month period Jan-Dec 2024
Overall
- The HPI index recorded progressive modest declines from January 2024 through to July 2024, offset by a +4.5% increase for the 3-month period Sept-Oct-Nov 2024, followed by a static result for December.
- The HPI trend for full 2024 year at -1.4% was in-line with the national trend and reflects an almost static 12-month trend overall.
- Sales volumes have remained low throughout 2024 with December being a quiet month as expected for the time of year.
- Rotorua experienced a typical seasonal (spring) lift in the number of properties listed for sale, but the inventory has subsequently dwindled, and we are currently in a relatively limited supply market.
Power of 2 Update
Further to our previous market update when we indicated the market trend as measured by HPI was showing stability – we have now had a very pleasing +4.5% ‘bounce’ in HPI toward the end of 2024.
We head into 2025 encouraged by this positive result.
Loan interest rates are continuing to ease which should result in more buyers becoming eligible and able to borrow more funds to make their purchase.
Our view is this sets the stage for increased levels of buyer activity, so it will be interesting to see if this results in increased sales volumes in the coming months.
Real estate is very much a supply versus demand market so for those of you who are considering selling there is currently the opportunity to launch into a relatively limited supply market.
If you are thinking of having ‘a moving experience’ in 2025 now is the time to contact us and book you Free Property Appraisal with Arizto NZ’s No.1 sales team!
2024 Arizto Awards
A fantastic night out with the Arizto team. Veena and I are absolutely thrilled to have achieved:
- Arizto NZ’s No.1 Sales Team (number of sales)
- 1st Place – Most Sales Bay of Plenty
- 4th Place – Most Sales Nationwide
In our opinion the greatest accolade we can be rewarded with is the 5-star review and positive feedback we receive from past sellers.
So if you are curious to know what our sellers say about us, click this link to our Testimonials tab on our website. This is a direct feed from ratemyagent.co.nz so these are all independent testimonials from past clients who post their review direct to the ratemyagent website.
We have 135 five-star reviews for you to browse!
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!
Wayne and Veena Hemingway - The Power of 2, Arizto Rotorua - January 2025
