There is cause for optimism in the latest figures from the Real Estate Institute of New Zealand according to Advantage Realty managing director Simon Martin.  The figures revealed the property market in the Western Bay of Plenty is in a slump with Tauranga's median sale price down to $330,000 in June - a four year low for that month, and down from $340,000 in May.

Advantage Realty managing director Simon Martin says the property market in the Bay of Plenty is not all bad.

The number of sales in the city for the month was also down, listed at 81 for June from 97 sales in May.
In Mount Maunganui and Papamoa the median sale price was $375,100 in June, down from $390,000 in May.
Rural areas in the Western Bay of Plenty also struggled for sales during June with 43 sold. This is down on the 47 sold in May and the 65 sold in June 2009.
This is no cause for panic though, says Simon, who notes there are some positive signs as more "quality listings" enter the market and buyer activity increases.  
There are currently about 2000 properties on the market in Tauranga, Mount Maunganui and Papamoa, and he believes only about 140 were sold last month.
"The supply and demand curve is well out of whack."
"It's all about supply and demand. When we have a lot of properties on the market, and little selling, there's going to be negative pressure on prices."