Bay of Plenty regional property market insights

Our latest Property Price Index showed that the average price of homes for sale in the Bay of Plenty in November 2024 was $872,100. This was a 0.1% decrease to the average in October 2024, and 2.1% lower than November last year.

The number of Bay of Plenty home listings on Trade Me Property in November 2024 was up 22% compared to November last year, with 2,946 homes for sale.

For those interested in homes for rent in the Bay of Plenty region, the average cost in November 2024 was $675. When this figure is compared with November 2023, the average cost of renting in Bay of Plenty was up 2.3%.

While the cost may have gone up year-on-year, there’s a lot more choice out there for those seeking rental properties in the Bay of Plenty. Last month, there were 1,018 properties compared with 673 the year before.

Among people surveyed in our September 2024 Property Pulse* survey who were seeking to buy a home in the Bay of Plenty region:

• 7.2% were currently in the process of buying a home.
• 5.5% were just thinking about buying a property.
• 6.7% were looking to buy a property in the next year.
• 6.6% were looking to buy a property in the next 1-2 years.

Of the respondents who’d ideally buy a property in the Bay of Plenty region 57.3% agree that now is a good time to buy a property. Would-be buyers in the Bay of Plenty region say they would be most willing to compromise on the size of the section/land in order to stay within their buying budget, compared to a range of five other options including size of garden, location and property condition.

Interested in how quickly homes change hands in the Bay of Plenty? Of the respondents looking to sell a home in the Bay of Plenty region:

• 30.8% had owned their current home for more than five years.
• 28.2% had owned their current home for 3-5 years.
• 11.3% had owned their current home for 1-2 years.
• 16.7% had owned their current home for 6-12 months.
• 23.5% had lived in their current home for fewer than 6 months.

Of respondents looking to sell a home in the Bay of Plenty region:

• 4.5% were currently in the process of selling a property.
• 2.8% were just thinking about selling a property.
• 7.2% were looking to sell a property in the next year.
• 6.3% were looking to sell a property in the next 1-2 years.

From arguably Aotearoa’s most spectacular beaches, to geothermal wonders to bustling centres like Tauranga, the Bay of Plenty/Te Moana-a-Toitehuatahi is a great place to call home.

And Kiwi seem to know this. The Bay of Plenty’s regional population increased by 2% per year in the five years to 2023, compared to the country’s overall average population increase of 1.3% per year, according to Infometrics.

This 12,072 km²  area of Te Ika-a-Māui/the North Island contains the following districts, each offering different things to their residents:

• Kawerau

• Ōpōtiki

• Rotorua

• Tauranga

• Western Bay of Plenty

• Whakatane

As of June 2023, 347,700 people live in the Bay of Plenty region, giving a population density of 29 people per square kilometre. This is actually relatively high for Aotearoa, but still considerably lower than the 352 people per km2 who live in the Auckland region.

Bay of Plenty residents work in a wide variety of industries, thanks to the diverse mixture of urban and rural zones found within its boundaries. For example, tourism is the lifeblood of unique locations such as Rotorua and Mount Maunganui, while Tauranga is home to Aotearoa’s largest export port, making it hugely important for freight and shipping. Other important regional industries include forestry, agriculture and energy production, in part thanks to all of that geothermal activity.

*Data from Trade Me Property Pulse Survey 2024. 1,572 total responses, 120 responses from the Bay of Plenty Region.