Our March 2024 Rotorua Property Market Update is the go-to-source for the latest property insights.
Welcome to our March 2024 update which is primarily sourced from the REINZ (Real Estate Institute of New Zealand verified sales data to end of February 2024). We focus on HPI (Housing Price Index) as the most accurate measure of market value trends.
Our update summarises the latest trends and insights and helps you make smart choices.
National Highlights
- The New Zealand year-on year sales count was up 37.9%
- The nations inventory levels (number of properties for sale) increased 8.1% year on year.
- Housing Price Index (HPI) as a measure of market value trend across New Zealand was +1.1% for February 2024, +0.3% for the 3-month period (December 2023-February 2024) and up 3.2% year on year.
- The average growth in the New Zealand HPI over the past 5 years has been 5.9% and is currently 13.5% below the peak of the market reached in 2021.
Overall
- The trend for more properties being listed for sale continues.
- Year-on-year, there was a positive trend in the number of properties sold.
- HPI is continuing to show a modest but positive trend.
Rotorua Property Market Update
65 sales were recorded in February 2024, a significant year-on-year increase from the 39 sales recorded for February 2023.
This result compared with 37 sales for January (typically the lowest volume sales month of the year) and more inline with the 64 sales recorded for November 2023 and 65 sales recorded for December 2023.
HPI results are:
- Continued low sales volumes
- Continued increase in the number of properties listed for sale
- An encouraging 3-month increase in the HPI (as a measure of market value) of 4.8%
We note that the negative HPI result for February 2024 has tempered the overall positive trend in HPI in recent months. This is reflected in the 3-month HPI trend of +4.8% for November 2023-January 2024 compared to the current 3-month HPI trend of +1.7% for December 2023-February 2024.
500 properties for sale were listed on Trade Me as at 21st March 2024, as compared to 500 listings as at 27th February 2024, 400 listings as at 17th October 2023, and 354 listings as at 13th July 2023.
Overall, the Rotorua Property Market for the 3-months ending February 2024 can be summarized as follows:
- The trend for more properties currently listed for sale continues.
- A decline in HPI index in February 2024, but overall, a modest positive HPI increase over the past 3 months (as a measure of market value trends)
- A pleasing increase in the number of sales year-on-year and in-line with the number of sales recorded for November and December 2023.
Power of 2 Update
Our view is that the Rotorua Property market is continuing to show signs of more stability.
There are on average more sales occurring, stability in sale prices, and there are positive factors in play that should further encourage increased levels of buyer activity.
On a personal note, at the end of 2023 Arizto awards we achieved:
* Bay of Plenty No.1 Agents (most sales)
* Nationwide No.3 Agents (most sales)
We are thrilled with these awards, and proud of our past seller testimonials.
With more properties being listed for sale, it is important that your property is promoted with a high-impact marketing campaign to showcase your property above and beyond the other properties listed for sale.
The good news is that the Arizto high-impact marketing campaign includes components such as drone photography, high-definition video, and floor plan. All this at no cost to our sellers, regardless of outcome.
If you are considering selling, we invite you to consider the three key advantages of
choosing us as your listing agents:
- Low and fair 2%+GST fee (no sale no fee)
- Free high-impact marketing campaign for your property
- Award winning agents who are committed to achieving the very best sale price.
We wish you all the very best and invite you to contact us for all things real estate!
You can call us on 027 672 7263 or fill out our Free Property Appraisal Request Form.
