Rotorua is a popular hub to visit and live. Located right in the centre of the north island, its extremely accessible from the other main centres. With the current population sitting at just over 77,000, it strikes a great balance of city life combined with close proximity to vibrant native scenery. There are 18 lakes in the district, with the area covering almost 2,500 square kilometres. With the abundance of natural attractions and outdoor activities, you can see why the small city has surged in popularity as a place to live and work. Consistently voted one of New Zealand’s most affordable cities to live in, and with the real estate market a hive of activity, its a prime prospect to relocate to.
Rotorua is renowned for its geothermal activity, and the area is home to natural mud pools, geysers and geothermal springs. Many attractions showcase these natural wonders to the public, such as Wai-O-Tapu Thermal Wonderland and Te Puia. The area also has a host of outdoor activities to choose from, such as ziplining through the redwood forests or taking the Luge down the Ngongataha Mountain. Several online travel sites* have recently ranked Rotorua as #1 on their list of The Cheapest Cities in New Zealand to live in, and have cited job opportunities from the booming tourism industry as also attracting travelers for lengthy stays, as well as highlighting that the average property price and weekly rents both sit well below the national average. Rotorua’s rent prices sit around 40% lower than Auckland and Wellington, with among the lowest monthly living costs at around $2,100, compared to Auckland’s $2,800.
As of February 2022 the median house price in Rotorua was $714,500, almost 20% less than the national median sale price of $885,000. A recent report published by OneRoof has also noted that the property prices in Rotorua, which had initially soared in the over-heated housing market, have slowed considerably in the past three months, with buyers proceeding a lot more cautiously than in the previous 1-2 years. This is largely due to investors pulling back from the market, combined with the changes to credit laws and rising interest rates.
The volume of sales has stayed reasonably consistent over the past year, with 81 residential sales recorded for February 2022, compared with 78 sales in February 2021. The median days on the market however has slowed considerably. Median days to sell in February 2022 was recorded at 62, almost double the time on market from twelve months prior at 34**.
If you would like more information on the current property market in Rotorua, get in touch with our EVES Rotorua team. Accommodating about eight residential salespeople that cover all corners of the district and located on a prominent corner of Eruera Street in the CBD, the team combine years of experience with a reputation for going the extra mile for their clients and can give you a comprehensive insight into the current real estate climate.
**Stats sourced from REINZ.