The latest Real Estate Institute's Property Report has revealed Whakatāne house prices rose both monthly and yearly in March.
The report outline Whakatāne's median price was $850,000 last month, an 8.3% increase when compared to March 2022. March's figures are also up from $640,000 in February.
23 houses were sold in March in Whakatāne, down both 8% from February and 47.7% from March last year.
"Buyers are not acting with urgency and vendors feel like they are losing money, however, local salespeople say that unless they bought the property during the market’s peak, value loss is on paper only and vendors must realise that the market is now in its correction phase," says REINZ Bay of Plenty Director, Neville Falconer.
“The upcoming election, cost of living, and inflation is seeing most people sit tight unless they need to move. Vendors are needing to prepare themselves for an extended selling period.”
The Bay of Plenty's median price was noted as $820,000 in March, only $2000 less than February. It's a 11.8% drop in median price when compared to March 2022.
Despite the drop in median price, 385 homes were sold in the region last month. This was a 45.3% rise compared to February, but 9.8% less than March 2022.
Image: NZ Herald (Getty Images).
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