REINZ said the national value of lifestyle properties sold was $6.14 billion for the year to October 2017
Data released by REINZ shows there were 448 fewer lifestyle properties sales, down 21%, for the three months ended October than for the three months ended October 2016.
There were 1,727 lifestyle property sales in the three months to October, compared to the 1,716 sales for the three months ended September (up 0.6%) and 2,175 sales for the three months ended October 2016.
The value of lifestyle properties sold was $6.14 billion for the year to October. The median price for all lifestyle properties sold in October was $616,000, up $71,000 compared to the three months ended October 2016 (up 13%).
REINZ rural spokesman Brian Peacocke said: “Sales data for the three-month period confirms the market has steadied to a degree, although October figures were softer than the previous two months. Nevertheless, sales volumes are currently down 20% on those pertaining to the average of October 2015 and October 2016.”
Peacocke said there were a high level of listings on the fringe of Auckland, and he anticipated an increase of sales to come.
“Areas in the North Island within commuting distance of Auckland continue to experience good enquiry from those wishing to move out of New Zealand’s largest city, driven largely by traffic congestion,” he added.
In the Otago region, sales volumes dropped 55% from September – its lowest monthly level since January 2016. This is unusual for the region, which generally benefits from the consistent strength of the Queenstown/Lake District.
The report also shows that most of the regions recorded increases in the median price of lifestyle blocks. Otago, Wellington and Hawke’s Bay were up 34%, 34% and 30% respectively. The most notable exception was Taranaki whose median price fell 4% over the year.
The median number of days to sell for lifestyle properties was unchanged at 65 days.
Related stories:
Property market still restrained
Fewer buyers waiting for a crash
There were 1,727 lifestyle property sales in the three months to October, compared to the 1,716 sales for the three months ended September (up 0.6%) and 2,175 sales for the three months ended October 2016.
The value of lifestyle properties sold was $6.14 billion for the year to October. The median price for all lifestyle properties sold in October was $616,000, up $71,000 compared to the three months ended October 2016 (up 13%).
REINZ rural spokesman Brian Peacocke said: “Sales data for the three-month period confirms the market has steadied to a degree, although October figures were softer than the previous two months. Nevertheless, sales volumes are currently down 20% on those pertaining to the average of October 2015 and October 2016.”
Peacocke said there were a high level of listings on the fringe of Auckland, and he anticipated an increase of sales to come.
“Areas in the North Island within commuting distance of Auckland continue to experience good enquiry from those wishing to move out of New Zealand’s largest city, driven largely by traffic congestion,” he added.
In the Otago region, sales volumes dropped 55% from September – its lowest monthly level since January 2016. This is unusual for the region, which generally benefits from the consistent strength of the Queenstown/Lake District.
The report also shows that most of the regions recorded increases in the median price of lifestyle blocks. Otago, Wellington and Hawke’s Bay were up 34%, 34% and 30% respectively. The most notable exception was Taranaki whose median price fell 4% over the year.
The median number of days to sell for lifestyle properties was unchanged at 65 days.
Related stories:
Property market still restrained
Fewer buyers waiting for a crash
