House sales drop 14 per cent in the Bay

The number of houses sold in the Bay of Plenty have dropped 14 per cent since last August. Photo/file

The number of houses sold in the Bay of Plenty has dropped 14 per cent since last August.

The latest data from the Real Estate Institute of New Zealand show a total of 534 houses were sold in August last year, compared to 459 last month.

The figures followed a national drop in houses sold, with not a single region in the country experiencing an increase in the number of properties sold during August 2017.

REINZ regional director Philip Searle said the Bay was still experiencing good sales activity overall, with Tauranga sales in the $900,000-plus range continuing to do well.

"However, the investor market is still cool with approximately 30 per cent fewer investors in the market in comparison to the same period last year," he said.

"Offshore inquiries have also softened, likely a result of the upcoming election."

Tauranga experienced a slight decrease of 2.6 per cent in sale volumes since last year, with 269 sold in August 2016 compared to 262 sold last month.

A total of 44 houses were sold in Western Bay of Plenty last month, compared to 60 sold in August 2016.

Overall, the number of properties sold across the country fell by 20 per cent during August, a reduction of 1472 properties, when compared to the same time last year.

This is the equivalent of 47 less properties being sold each day in August 2017 when compared to August 2016.

However, sales volumes increased 17 per cent compared to July, 2017, with sales count increasing 18 per cent in Tauranga and 24 per cent in Rotorua.

The median price across the region increased 10 per cent from $490,000 to $538,000 compared to August 2016.

Tauranga experienced a 5.7 per cent increase in the median house price from $601,000 in August 2016 to $635,000 last month.

Western Bay of Plenty had a 15 per cent increase from $545,000 in August 2016 to $628,000 last month.

Prices rose 70 per cent in Kawerau and 24 per cent in Whakatane.