The prices in real estate in Otumoetai, in the Bay Of Plenty region have had a strong rise in the last couple of months. The real estate prices for second hand homes have gone through a strong increase in this city.
The price per m² in Otumoetai has increased strongly during the last 6 months. In October, the average price per m² was $5,812. In the following month the price per m² increased considerably to $7,670. In the following two months the price per m² has barely changed, going from $6,741 to $6,902 per m². The price per m² has decreased 91 % in the last two months compared to the average price for the previous four months. This was obtained by comparing the first four months of the period going from a price per m² of $6,821.5 to $6,213.5 during February, and March.
Based upon to the price in Otumoetai (suburbs), this has gone up considerably in the last 6 months. The average price during our first sample month during October, is $930,563. During November the price went through a considerable rise reaching $1,482,125. In the following two months the average price has remained the same with regard to the previous two months from $1,206,344 to $1,238,500. During the last two months, the average price has reduced with regard to the previous ones. To be precise it has gone down 85 %, going from $1,222,422 to $1,044,698 in February and March.