Real estate figures good news for Rotorua

Bayleys chief executive Simon Anderson. Photo/File

The latest real estate figures for Rotorua highlight a good news story for the local community, according to Bayleys chief executive Simon Anderson.

Figures released by the Real Estate Institute of New Zealand (Reinz) show the median house price in Rotorua has increased by 17.2 per cent compared with the same time last year.

The median price for February 2018 was $372,000, up from $317,000 in February 2017. A total of 88 properties sold in Rotorua last month, down from the 95 sold in the same period last year.

Anderson said none of the figures came as a surprise.

"Rotorua is still experiencing a shortage of stock but there are plenty of people out there looking," he said.

"The town has become a very attractive place to buy, people see value in Rotorua property, which is making the town more attractive as a whole."

He said first-time home-buyers from surrounding areas such as Tauranga were happy to buy in Rotorua and commute to work.

"We are also seeing Aucklanders looking at investment property."

Anderson said Rotorua continued to show a good, strong real estate market which was great for the community.

Ray White co-owner and principal Anita Martelli said there was buyer interest across the board in Rotorua.

"We are putting in multiple offers on high-end properties," Martelli said. "There are families needing bigger homes and also people ready to go to that next level of housing.

"In saying that, interest from first-time home-buyers also remains high."

Martelli said while stock numbers were low, they were gradually increasing.

First National Rotorua principal Anne Crossley said the figures were on a par with last year.

"In 2017 there were 99 sales [including sections] and this year we had 94 [including sections]," Crossley said. "In 2016 there were 147 sales [including sections] so while we have decreased from 2016, things have remained fairly constant for the past year."

She said February was a short month and March would be too with Easter "tacked on the end".

"Because we are putting in multi-offers on most properties it feels busier than it actually has been.

"Things are carrying on nicely, the market is strong and new properties are attracting good interest."