Western Bay of Plenty median house sale prices up 20 per cent in one month

Median house sales prices in Tauranga and the Western Bay of Plenty have risen. Photo/file

The Western Bay of Plenty's median sales price increased 20 per cent in a month, according to Reinz.

The new figures, released today, show the median sales price in the Western Bay went from $565,000 in October to $675,000 last month.

Tauranga's median sales price also increased, but not by as much as the Western Bay.

In Tauranga City, the median sales price last month was $649,000, compared to $590,000 the previous month, a 10 per cent increase.

In November last year, Tauranga's median sales price was $639,000, and the Western Bay's was $565,000.

Reinz regional director Philip Searle said now the election was out of the way and the warmer weather has hit the Bay of Plenty, new stock was coming to the market and sales had improved.

"As a result, we're seeing good prices being achieved and lots of keen buyers across the region.

"With the LVR changes due in the New Year, we anticipate an increase in investors and first-home buyers as the restrictions begin their gradual ease.

"Otherwise, it's business as usual over the summer months."

In Tauranga, 245 houses were sold last month, up 0.8 per cent from October, and 41 were sold in the Western Bay, up 7.9 per cent from October.

In the wider Bay of Plenty region, the median sales price increased $56,000 (11 per cent)
compared to November 2016.

The biggest median prices increases were in Opotiki, Rotorua and Kawerau (28 per cent, 26 per cent and 23 per cent respectively).

On a seasonally adjusted basis, the median price rose 5 per cent compared to October, indicating that the increase in median price was a little more than would be expected at this time of year, Reinz said.

The national median New Zealand house price rose 1.9 per cent from October's $530,000 to $540,000 last month.

"The number of properties sold by auction across New Zealand declined [from 1771 in November 2016 to 1217 in November 2017], down 31.3 per cent on the same time last year, but up 38.9 per cent from last month. Auctions now represent 18 per cent of all sales nationally."