August 2024
August saw 8 residential house transactions and 3 section sales recorded in Turangi. The residential annual moving median sale price increased to $512,800, while the median sale price for August stood at $525,000.
The average rateable value for sold properties was $580,000, with a 9.5% difference between the sale price and the RV. While RVs are not intended to serve as a precise valuation tool, buyers are paying close attention to how sale prices align with these figures. This awareness is influencing buyer expectations, adding another layer to negotiations in the current market.
Although the number of sales and days on the market suggest a cautious buyer environment, there is still active interest. As we move into the spring season, we anticipate a renewed level of activity and optimism in the market.
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Number of sales in the last three months (August 2024)
4.7%
Average sale price increased. Annual moving median (August 2023 - August 2024)
$512,800
Annual moving median - houses (August 2024)