House prices up, volumes down

Prices continue to rise in the property market overall, but there has been a slow-down in the past couple of months. File photo.

House prices continue to increase in the Bay of Plenty, while sales volumes have fallen in the past month.

The median price across the region last month rose by $75,000, or 16 per cent, compared to April 2016.

According REINZ's monthly property report, prices rose 34 per cent in Western Bay of Plenty, 24 per cent in Rotorua and 19 per cent in Whakatane in the same period.

Compared to March the median price fell $10,000 (a decrease of two per cent), with prices rising nine per cent in Whakatane, five per cent in Western Bay of Plenty and one per cent in Tauranga.

On a seasonally adjusted basis prices rose one per cent compared to March, indicating that the decline in prices was less than would be expected at this time of year.

Sales volumes compared to March fell 27 per cent, with sales falling 14 per cent in Rotorua, 27 per cent in Tauranga and 30 per cent in Western Bay of Plenty. Compared to April 2016 sales across the region fell 35 per cent with sales falling 27 per cent in Western Bay of Plenty, 29 per cent in Tauranga, and 35 per cent in Rotorua. On a seasonally adjusted basis, sales for April fell two per cent compared to March, indicating that the drop in sales was slightly larger than expected for this time of year.

The number of days to sell remained steady compared to March at 41 days. The number of days to sell eased by six days compared to April 2016. Over the past 10 years the average number of days to sell during April for Bay of Plenty has been 55 days. The level of inventory across the region has increased by three weeks to 13 weeks compared to April 2016.

"The school holidays, Easter and ANZAC Day have had a definite impact on the region, with a large number of buyers and vendors taking holidays through the middle of the month,” says REINZ regional director Philip Searle.

'Underlying activity remains solid, although vendor price expectations are also running ahead of buyer expectations, indicating that prices are starting to stabilise.”

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