Rotorua real estate market update | Rotorua News | Local News in Rotorua

Rotorua's real estate market has climbed back slightly in November.

In October, the median sale price slipped back to $215,000, with 53 sales and a median 49 days to sell. But November figures from the Real Estate Institute of New Zealand show the price coming back up to $232,500, sales rising slightly to 59 and days to sell dropping to 45 - the third lowest level in the past year.

REINZ Rotorua spokesman Ian McDowell, of McDowell Professionals, said he had hoped to see greater improvements in November, but he was pleased that all three indicators were better than the previous months.

"We did see quite a few bigger sales [in November] with more in the $400,000-$500,000 range, which is very encouraging."

Mr McDowell noted the number of sales were the same as November last year, as was the case in October.

"It is interesting to see sales tracking last year's figures so closely."

If residential sales continue to follow last year's trends, this figure is likely to suffer a seasonal dip in December and January, when people are often away for Christmas, New Year and summer holidays.

Nationally, the number of sales rose 16.9 per cent compared with last November, reaching 6008. This was also 20 per cent higher than the previous month.

The median house price was also up by 2.4 per cent to $367,500 - a record, surpassing the national median of $365,000 in March.

While all regions experienced increases in sales volumes compared with October, the wider Bay of Plenty/Waikato recorded the third highest jump at 21.5 per cent. Auckland saw the greatest increase, at 26.7 per cent, followed by Northland on 25.9 per cent.

REINZ chief executive Helen O'Sullivan described the November lift as positive after the "somewhat muted" sales in September and October.

"While there may be some element of catch-up from these slightly quieter than expected months, there is a sense of buyers and sellers being ready to commit and clear the decks post-Rugby World Cup before the end of the year.

"While the data coming from the housing market is generally positive, the volume figures say recovery, not boom as some commentators have suggested."

Rotorua residential property sales

- November 2011
Median sale price: $232,500
Number of sales: 59
Days to sell: 45
Total sales value: $15,004,900

- October 2011
Median sale price: $215,000
Number of sales: 53
Days to sell: 49
Total sales value: $12,468,500

- November 2010
Median sale price: $265,000
Number of sales: 59
Days to sell: 54
Total sales value: $17,593,950