Bay of Plenty Property Market

Introduction

Looking to invest or buy a property in the Bay of Plenty?

This article breaks down all the most essential facts about the Bay of Plenty property market.

The Bay of Plenty property market is made up of 6 districts and 65 suburbs. These districts are Tauranga, Whakatane, Kawerau, Opotiki, Rotorua and Western Bay of Plenty.

Median Bay of Plenty House Price

Bay of Plenty's Median House Price is $620,000

As at May 2020, the median house price in the Bay of Plenty is $620,000. This is up from $320,000 10 years earlier. That means that the median Bay of Plenty property increased in value by 6.84% each year, or $30,000 on average.

The most expensive suburb in the Bay of Plenty is Mount Maunganui, which has a median house price of $971,700 and is located in the Tauranga City district. That means that Mount Maunganui median house price is 1.57x Bay of Plenty's median.

The least expensive suburb in the Bay of Plenty is Murupara, which has a median house price of $ $110,350 and is located in Whakatane district. That means that Murupara's median house price is 82.2% cheaper than the Bay of Plenty's median.

Over the last 20 years (Jan 2000 – Mar 2020), Kawerau had the fastest-growing house prices in all of the Bay of Plenty, at 8.19% per year. That is 22.03% faster than the median Bay of Plenty house price.

The suburb that grew the slowest over that period was Opotiki, which grew at a rate of 5.32% per year. That’s 20.77% slower than the median Bay of Plenty house price.

Bay of Plenty House Prices Comparison with NZ

Bay of Plenty House Prices Comparison with NZ

On average, over the last 27 years, Bay of Plenty's median house price has been 97.26% of New Zealand’s median house price.

Assuming the long term fundamentals of either property market have not changed, Bay of Plenty's median house price should trackback to this long term average.

That suggests that when Bay of Plenty's median house price is below its long term average, there is a buying opportunity. When Bay of Plenty's median house price is above its long term average, there are buying opportunities in other regions.

As of Dec 2019, Bay of Plenty's median house price was 103.84% of New Zealand’s median house price. That is 6.77% above its long term ratio, which suggests that Bay of Plenty house prices are slightly higher than we would usually expect over the long term compared to other regions.

Tauranga Property Market

Tauranga Property Market

Tauranga City is made up of 20 suburbs. The most expensive suburb is Mount Maunganui, which has a median house price of $971,700. While the most affordable suburb is Parkvale, which has a median house price of $487,200.

Over the last 20 years of all Tauranga City suburbs (Jan 2000 – Mar 2020), Mount Maunganui had the fastest-growing house, at 6.97% per year. That is 3.80% faster than the median Bay of Plenty house price.

The suburb that grew the slowest over that period was Tauranga City, which grew at a rate of 5.69% per year. That’s 15.31% slower than the median Bay of Plenty house price.

Rotorua Property Market

Rotorua Property Market

Rotorua is made up of 27 suburbs. The most expensive suburb is Tihiotonga, which has a median house price of $734,350. While the most affordable suburb is Fordlands, which has a median house price of $232,400.

Over the last 20 years of all Rotorua suburbs (Jan 2000 – Mar 2020), Mangakakahi had the fastest-growing house, at 6.79% per year. That is 1.12% faster than the median Bay of Plenty house price.

The suburb that grew the slowest over that period was Kawaha Point, which grew at a rate of 5.46% per year. That’s 18.64% slower than the median Bay of Plenty house price.

Whakatane Property Market

Whakatane Property Market

Whakatane is made up of 6 suburbs. The most expensive suburb is Ohope, which has a median house price of $869,350. While the most affordable suburb is Murupara, which has a median house price of $110,350.

Over the last 20 years of all Whakatane suburbs (Jan 2000 – Mar 2020), Edgecumbe had the fastest-growing house, at 6.40% per year. That is 4.70% slower than the median Bay of Plenty house price.

The suburb that grew the slowest over that period was Whakatane, which grew at a rate of 5.44% per year. That’s 18.94% slower than the median Bay of Plenty house price.

Western Bay of Plenty Property Market

Western Bay of Plenty Property Market

Western Bay of Plenty is made up of 10 suburbs. The most expensive suburb is Waihi Beach, which has a median house price of $902,850. While the most affordable suburb is Maketu, which has a median house price of $515,950.

Over the last 20 years of all West Bay of Plenty suburbs (Jan 2000 – Mar 2020), Waihi Beach had the fastest-growing house, at 7.32% per year. That is 8.99% faster than the median Bay of Plenty house price.

The suburb that grew the slowest over that period was Katikati, which grew at a rate of 5.92% per year. That’s 11.91% slower than the median Bay of Plenty house price.

Opotiki Property Market

Opotiki Property Market

The Opotiki district is made up of 1 suburb, also named Opotiki, which has a median house price of $286,250.

Over the last 20 years (Jan 2000 - Mar 2020) the median Opotiki house value grew by 5.32%, which is 20.77% slower than the median Bay of Plenty house price over the same period.

Kawerau Property Market

Kawerau Property Market

The Kawerau district is made up of 1 suburb, also named Kawerau, which has a median house price of $296,650.

Over the last 20 years (Jan 2000 - Mar 2020) the median Kawerau house value grew by 8.19%, which is 22.03% faster than the median Bay of Plenty house price over the same period.

Other Property Markets

Other Property Markets to Look Into

If you found this article useful, then you might also like our analyses on the other property markets in New Zealand. You can read all about the Auckland property market, the Wellington property market and the Christchurch property market by clicking any of the links mentioned here.