Tauranga house prices up 4.5 per cent

Tauranga house prices have jumped 3.1 per cent year-on-year. Photo/File

Tauranga house prices have jumped 4.5 per cent year-on-year, according to new data.

Data released today from the Real Estate Institute of New Zealand shows the median house price in Tauranga jumped to $635,000 in July 2018 from $607,500 in July 2017.

However, the median house price in Tauranga dropped 3.1 per cent from $655,000 in June 2018 to $635,000 in July 2018.

Western Bay of Plenty house prices dropped 0.9 per cent to $565,000 last month from $570,000 in July 2017.

The median house price also dropped 13.2 per cent in just one month to $565,000 in July 2018 from $651,000 in June 2018.

REINZ regional director Philip Searle said the Bay of Plenty market was still seeing low stock levels with a number of new listings attracting multi-offers.

"First home buyers' interest has cooled which could be an effect of the lower listing numbers," he said.

"Investor numbers are jumping and are up to 60 per cent of the total buyer interest, and most of the investors are locals who know the area well."

Searle said the low listing numbers were keeping the prices strong with vendors' expectations remaining at the same levels.

"We are starting to see early signs of a spring influx of listings as these are picking
up now and hopefully the buyers will also come along."