According to the latest data released, the median housing prices in Rotorua rose by about $50,000 during the previous 12 months.

The Real Estate Institute (REINZ)said that the median price for houses was $277,000 in Rotorua in May compared to $229,000 recorde during the smae month of the previous year. Rotorua REINZ spokesman Ian McDowell pointed out that the median price for the previous month was highest since August 2010.

He said, "We're tracking along in the right direction which is fantastic. Properties priced in the middle-range, between $350,000 and $450,000, were becoming more popular. People are expecting four bedrooms, two bathrooms and a double garage. There's less of the cheaper properties sold."

REINZ also said that a total of 83 houses were sold in Rotorua during the previous month compared to 67 recorded during May, 2012. In New Zealand as a whole, the house sales in the month of May was at its best level since 2007. REINZ chief executive Helen O'Sullivan said that national median house price rose $23,000 in the 12 months to May to reach $392,000 in the country.