Bay of Plenty property market steady as median price rises

The Bay of Plenty property market remained steady in September, with the latest REINZ report recording a 1.9% year on year increase in the region’s median sale price to $795,000.

Buyer activity continued across the region, although interest rates, the upcoming general election and global uncertainty remained factors influencing market sentiment.

First home buyers most active

First home buyers were the most active buyer group in September, while more owner occupiers were also making their next move.

Investor and developer activity remained limited, although some investors continued to purchase properties that met their requirements.

Buyer interest strongest at the start

Open home attendance was strongest early in marketing campaigns, with attendance generally easing over time. This highlights the importance of the initial launch period when bringing a property to market.

Vendor expectations were generally in line with current market conditions, although some sellers adjusted their expectations as their campaigns progressed.

Auction results varied across the region

Auction outcomes differed throughout the Bay of Plenty. Some areas saw successful sales, while in others, further discussions between buyers and vendors were often needed before a sale was confirmed.

The results reflect the varied conditions across the region, with individual property outcomes influenced by factors such as location, buyer demand and price expectations.

Looking ahead

Overall market activity remained steady in September, despite the wider economic and political factors influencing buyer sentiment.

Local salespeople anticipate broadly steady conditions over the next few months. For buyers and sellers alike, keeping up to date with local sales results and market activity remains important, as conditions can differ between suburbs and property types.