Hey everyone, I hope you have all been well! I apologise that it has been a while since I posted a blog but I can assure you I have been busy working away with some really cool people and tackling some away from Real Estate goals too!
I thought I would drop back in to share some statistics across the property market from June 2023. Across Tauranga in the last month or so we have seen a steady drop in listing numbers with total listings across the Tauranga area having dropped under 1000 in total. This, coupled with what seems to be an increase in buyer demand seems to have created a shift in the market. Whilst it is still tough, I am seeing mostly first home buyers or down-sizers in this current market. Potentially, both of these groups prefer to buy or sell in a not so high paced, red hot market.
According to REINZ (Real Estate Institute of New Zealand) the total number of sales across Tauranga in June 2023 was 187. This is down from 207 in June last year. Not as much of a reduction as you may think but keeping in mind that by June last year the market had already started to cool off.
The more telling stat here is the average sale price which decreased from $1,135,000 in June 2022 to $962,000 in June 2023. Please note looking at these sort of comparisons are not always linear as some months you will have a higher % of lower end properties sell or visa versa. This does although, reflect the somewhat correction that the market has had since the peak a little over 18 months ago.
The highest sale was recorded as $6,600,000 and the lowest at $225,000 in June, a reasonably large discrepancy however, not surprising with the raft of different and unique properties on the market currently.
To summarise it is evident that the market has shifted year on year, however the activity that we have seen in the market from buyers indicates that we may be about to pass the bottom of the market especially towards the lower end where first home buyer numbers have seemed to increased.
If you found this information useful or would like any tailored information please don’t hesitate to get in touch with me on 027 822 6550.