House prices in Tauranga and Whakatāne hit record highs

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House prices in Tauranga and Whakatāne have reached record highs in the latest real estate figures. Photo / Getty Images

House prices in Tauranga and Whakatāne have reached record highs, new data shows.

The monthly real estate report from the Real Estate Institute of New Zealand shows that median home prices in Tauranga climbed 26.9% in the year through September to a new high of $ 990,000 from $ 780,000 .

Prices were up 2.1 percent in the month from $ 970,000 the month before.

Median home price in Whakatāne rose 16.8% during the month of September to a record $ 695,000 from $ 595,000 – and a 5.1% jump from $ 661,000 in September 2020 .

In Rotorua, median house prices rose 24.8% year-on-year, from $ 521,000 to $ 650,000, a 4.8% increase from $ 620,000 in August 2021.

Median home prices in the wider Bay of Plenty have also hit record highs, climbing 24.2% last year to $ 878,000 from $ 707,000 in September 2020 – and
4.5% against $ 840,000 in August 2021.

REINZ Regional Director Neville Falconer.  Photo / Supplied
REINZ Regional Director Neville Falconer. Photo / Supplied

REINZ regional director Neville Falconer said the number of registrations was low in the region, with a 16.1% drop year-over-year.

Properties were spending more time in the market, with median days to sell at 41, versus
36 in September of last year.

Falconer said the area also saw its lowest number of sales in a September since 2014, with just 380 properties sold.

“Some sellers say they are waiting for Aucklanders to come and view the properties, so transactions are delayed on what would generally be a quick sale.

“With prices rising in the area, first-time homebuyers who want to use the first-home grants find their options limited. “

Of the properties sold, 27.4% were between $ 500,000 and $ 750,000
price range, down from 40.3% the previous year.

“With the recent investor tax changes announced, many expect the number of investors to decline over the summer period.

“As alert level restrictions continue to ease in the Bay of Plenty, market activity is expected to increase as more listings enter the market.”


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