Our November 2024 Rotorua Property Market Report is your ‘go to’ source for the latest in National and Rotorua property market trends.
Welcome to our November 2024 Rotorua Property Market update which is based on the REINZ Property and Housing Price Index reports to the end of October 2024 (published 14 November 2024).
National Highlights
- Total properties sold nationally increased by 20% compared to October 2023 and for NZ excluding Auckland rose 22% year-on-year.
- Total properties sold nationally increased by 10% month-on-month (September vs October 2024) and increased by 11.3% month-on-month for NZ excluding Auckland.
- Listings (properties for sale) increased by 21.4% year-on-year and NZ excluding Auckland 22.2% year-on-year.
- Nationally, the House Price Index (HPI) as the most accurate measure of market trend is: +0.5% for October 2024, +1.5% for the 3-month period Aug-Sep-Oct 2024, and -1.1% year-on-year.
- Over the past five years, the average annual growth rate for NZ’s HPI has been approximately 4.8% per annum, and currently sits at 15.4% below its peak in 2021.
Overall
- The market is becoming more active with a continuing trend of more properties listed for sale and more properties sold, both month-on-month and year-on-year.
- Market value trend as measured by HPI has been modestly positive in recent months but has remained stagnant year-on-year.
- Salespeople have reported that some buyers remain cautious about overpaying for properties due to relatively high interest rates.
Rotorua Property Market Update
- There are currently (as at 19 November 2024) 512 properties listed for sale in Rotorua on trademe.co.nz. This is an 8% increase from the 474 properties for sale as at 18 October 2024.
- The 57 property sales for October 2024 is a 30.5% month-on-month decline from the 82 sales recorded for September, which is a significant departure from the national trend of a 10% month-on-month increase.
- Housing Price Index (HPI) as the most accurate measure of market trend is: +0.3% for October 2024, -0.5% for the 3-month period Aug-Sep-Oct 2024, and +0.5% year-on-year.
Overall
- Rotorua has experienced the typical seasonal (spring) lift in the number of properties listed for sale, which is in-line with the national trend.
- The number of properties sold is significantly down month-on-month, which is against the national trend.
- The rolling 3-month HPI results have continued to indicate stability in market trend.
Power of 2 Update
Good news!
The good news is that the rolling 3-month HPI results continue to show stability (almost flat-lining) in the market trend.
With only 57 sales for October (down from 82 sales in September) the Rotorua property market has significantly underperformed compared to the national trend of a 10% month-on-month increase in the number of sales.
As ‘the Power of 2’ we achieved 5 sales in October and our experience is that first home buyers are more active, and continue to dominate the ‘affordable end’ of the market. There are also buyers looking to ‘step-up’ to their next home in the mid-to-upper price ranges.
Achieving successful sales in the current market does not happen by accident.
With over 500 properties currently listed for sale, we are working with our sellers to ensure that their property has a substantial profile and presence in the market.
The free Arizto marketing campaign inclusive of drone, video and floor plans adds significant value in this respect.
We take the time to come to understand our individual sellers’ needs and preferences and tailor our marketing strategies accordingly.
Thinking about having a moving experience? Wondering where your property sits in the current market?
Book your Free Property Appraisal with Rotorua’s No.1 sales team!
We wish you and your loved ones all the very best. And for all things real estate, contact us today!
Wayne and Veena Hemingway - The Power of 2, Arizto Rotorua - November 2024
