The Bay of Plenty region property pulse factsheet for July 2012 is published using data from Realestate.co.nz and REINZ (Real Estate Institute of NZ).
Property sales across the Bay of Plenty region totaled 358 in the month representing a fall off on a seasonally adjusted basis in July. The comparison to July last year shows an 18% increase and follows strong growth in sales over the past few months. The inventory of unsold houses fell to 47 weeks; this still leaves the region slightly below the long-term average of 57 weeks of equivalent sales.
Median sales price for properties sold across the whole of the Waikato / Bay of Plenty region at $305,100 was flat compared to a year ago, but down on the prior month. The asking price expectation of new listings in the Bay of Plenty was up 4% as compared to a year ago at $424,424, which was up on the June level of $413,292.
The level of new listings coming onto the market in July at 705 was down from June and up only 1% as compared to a year ago.
The data indicates that the market in the Bay of Plenty region is tightening considerably with strong sales activity, which is depressing available inventory which is maintaining a sellers market. The latest level of new listings (or lack of them) ably demonstrates this. Despite this seller’s market sentiment the asking price and particularly sales price are not showing a significant inflationary pressure.