Our July 2024 Rotorua Property Market Update reviews the latest REINZ verified sale statistics to end of June 2024. The Rotorua Market is showing signs of stabilising so read on for a full update.
National Highlights
- The total number of properties sold decreased 25.6% year-on-year.
- A decrease in number of sales of 11.1% compared to May 2024.
- Listings (number of properties for sale) increased 25.5% year-on-year.
- Seasonal trend of fewer people choosing to sell.
- The median days to sell is currently 48 days compared to 47 days same month last year.
- Housing Price Index (HPI) was down -0.7% from May 2024, -2.3% for the 3-month period April-May-June 2024, and up 1.3% year-on-year.
- HPI is currently 16.4% below the market peak reached in 2021.
Overall
- The HPI market index has continued to decline (modestly) over the past 3 months.
- The decline in the number of sales from May to June is typical of the seasonal decline in the winter months.
- Nationally the market is yet to show signs of market index stability.
REINZ Chief Executive Jen Baird commented, “The typical winter lull, compounded by current economic condition, has contributed to lower levels of activity in the market” and further “there was a notable decrease in buyer activity in June and a reduced sense of urgency” . . . “those in a position to buy are taking their time to carefully select their ideal home”.
Rotorua Property Market Update
52 sales were achieved in June 2024, as compared to 85 sales in May 2024 and 81 sales in April 2024.
Trademe.co.nz currently has 480 properties listed for sale in Rotorua (as at 25 July 2024) as compared to:
- 502 listings (9 July 2024)
- 510 listings (21 May 2024)
- 530 listings (20 April 2024)
The key HPI market index trends for Rotorua are:
- 0.0% for June 2024.
- -0.5% for the 3-month period April-May-June 2024.
- -1.8% year-on-year.
- 5-year average annual HPI Index increase of 5.7% per annum.
Overall
- The Rotorua property market is showing the typical seasonal decrease in the number of properties sold over the winter months.
- The number of properties coming to market has continued to progressively decline.
- The near ‘flat lining’ of the HPI Market Index indicates Rotorua is demonstrating more stability than NZ is nationally.
Power of 2 Update
It is pleasing to see Rotorua ‘out-performing’ the national trend and demonstrating stability in the HPI Market Index (almost flat-lining).
We hope to see a further stable HPI trend reported in the REINZ August Reports to gain further confidence that the market index is stable or ideally improving.
We are seeing the usual seasonal decrease in the number of properties sold, and a progressive reduction in the number of properties available for sale.
We are continuing to see encouraging levels of buyer activity with some thinking that the market is ‘at or near the bottom’ of the current market cycle, hence their interest in purchasing a property now.
Selling in Winter
With only 480 properties currently listed on Trade Me as compared to 530 listings (20 April) some sellers are strategically launching their property to market with us now, to take advantage of the limited number of properties that compete for buyers’ attention.
Preparing for Best Sale Price
With most buyers taking the time to ‘shop-around’ and not feeling a sense of urgency, it is important that sellers consider how best to present their property for sale.
Ideally you want your property presenting at its best to attract more buyer interest and to enhance where buyers see value for your property.
With this in mind we recommend sellers review our BLOG “How to Prepare Your Property for Best Sale Price” which is full of cost-effective suggestions to have your property presenting at its best.
If you want our expert opinion on how best to get your property photo-ready, the good news is that we are happy to provide you with our customized recommendations together with our free Property Appraisal. 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.
Wayne and Veena Hemingway - The Power of 2, Arizto Rotorua - July 2024