September house sales in Rotorua surge to 3-year high
It's been another bumper month for Rotorua house sales, with September figures at a new three-year high.
The latest REINZ figures show 92 residential properties were sold in the city last month, up from 64 last September and the most since the 94 sold in May 2009.
Rotorua REINZ spokesman Ian McDowell, of McDowell Professionals, said the July-to-September quarter had been consistently strong.
"The average for the last three months was 87, the highest since the last quarter of 2007," he said. "I am pleased with the way the market is going."
However, he issued a warning for home buyers that prices looked set to rise, part of the reason so many properties have been snapped up in the past three months.
"People realise the prices are at rock bottom and are going to go up, so they are out there looking."
He said agents were beginning to see asking prices increase, although that was not a trend reflected in last month's median sale price of $238,950.
"That was a lot of cheaper properties selling," he said. "People are listing at a sensible price - before they were still thinking back to the peak or what they paid for the property."
In September, the median number of days to sell for Rotorua properties was just 41, the lowest since September 2011.
"Well-priced properties are selling quickly," said Mr McDowell, adding that confidence and open home attendances had remained high so far this month.
He said properties in the $300,000-plus bracket remained in high demand because of a continuing shortage.
Three sections sold in Rotorua last month, at a median price of $115,000.
In Taupo, the market remained steady with 42 houses sold at a median price of $321,250. Although median sale prices have fluctuated, there have been either 42 or 43 houses sold each month in Taupo for the past five months.
The national median house price increased by $1000 to $371,000 in September, while Auckland's median increased to a record of $515,000.
By the numbers:
September 2012
- Median sale price: $238,950
- Number of sales: 92
- Days to sell: 41
- Total sales value: $23,589,500
August 2012
- Median sale price: $251,250
- Number of sales: 84
- Days to sell: 50
- Total sales value: $22,755,500
September 2011
- Median sale price: $252,500
- Number of sales: 64
- Days to sell: 36
- Total sales value: $18,769,488
