There was no let up in the local real estate market as September posted even stronger results. Median sale prices continued to rise, properties sold quicker and demand increased. In Tauranga City the new record median sale price was $780,000 and in the Bay of Plenty region, it recorded for the first time, over $700,000.
These record levels aren’t unique to our region. It’s the same right across the country. In fact most developed countries are experiencing similar results. One down side to the currently low cost of borrowing (low interest rates) is an increase in demand and spending, resulting in prices rising.
With the Labour Party’s clear mandate to run the country for the next three years, the centre left government is likely to be focused on continued stability and economic growth. That is likely to see continued growth in the property market and we may well see these current patterns for some time yet.
Have a look at the reports below.
Sales by Suburb Tauranga City September 2020
High End Sales Tauranga City September 2020
The Bay of Plenty Regional Report September 2020