Residential property market falls

House sales in the Bay of Plenty dropped last month with less than 800 properties changing hands in the region.

In April, 794 houses were sold in the region – significantly less than the 1017 sales in March but still more than the 708 sold in April 2011.

According to Real Estate Institute of New Zealand (REINZ) latest figures a decrease in sales in Tauranga, Mount Maunganui and Papamoa are the main reasons for the 22 per cent drop.

In Tauranga 97 houses were sold – a drop from 149 sales in March, while the Mount and Papamoa saw 73 houses change hands – less than the 112 in March.

The REINZ figures show the increase in sales volumes compared to 2011 is broadly in line with the national sales increase.

While the volume of sales has been moving steadily higher, there has been little change in the trend of the median price.

The median price across the region was $315,000 – up by $2500 – reversing the $2500 decline recorded in March.

REINZ Waikato/BOP spokesman Philip Searle says the region’s trends match with what is happening across the country, outside of Auckland and Christchurch, with encouraging signs emerging in some centres with increasing buyer interest and properties in higher price brackets starting to move.

The number of days it took to sell a house increased six days from 49 to 55 in April – the second highest days-to-sell figure in the country.

The national median house price for April was $365,000 – down slightly after reaching a record high of $370,000 in March. 

Auckland’s median price was $490,000.