REINZ data shows a 23.2% fall in the number of lifestyle properties sold in August
Lifestyle properties sold have recorded a 23.2% fall for the three months ended in August – down by 546 in sales compared from a year ago, according to latest report from the Real Estate Institute of New Zealand.
Data showed there were 1,808 lifestyle property sales in the three months ended in August, compared to the 1,984 in July ( down by 8.9%), and to the 2,354 lifestyle property sales in August last year.
In August, the number of lifestyle properties sold decreased by 10.8%, fewer by 980 from a year ago.
The value of lifestyle properties sold was $6.33 billion, while the median price for all lifestyle properties sold for the three months ended in August, sits $590,000 – $45,000 higher compared last year.
“Sales figures for the 3-month period ending August 2017 confirm the lifestyle market is travelling a similar path to the residential market, REINZ rural spokesman Brian Peacocke said.
“Sales volumes are under pressure, listings in many regions are constrained although contrasts exist in specific parts of the country.”
Peacocke said sales numbers in the Auckland region are at their lowest monthly level since January 2012. “Those regions experiencing an upturn in activity from the previous month, albeit slight in some instances, include Northland, Waikato, Bay of Plenty, Gisborne, Hawke’s Bay, Nelson, West Coast, Canterbury and Otago,” he said.
Taranaki, up 15 in sales, recorded the largest increase in sales in the three months to August.
Northland, Nelson and West Coast regions recorded increases in the median price of lifestyle blocks by 26%, 24% and 23% respectively.
REINZ data showed that the media median number of days to sell for lifestyle properties improved by six compared to last year.
Bay of Plenty recorded the shortest number of days to sell 53 days, followed by Auckland and Hawke’s Bay at 57 days. West Coast recorded the longest number of days to sell at 170 days, followed by Gisborne at 103 days and Northland at 87 days.
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Residential property sales register sharp fall
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Data showed there were 1,808 lifestyle property sales in the three months ended in August, compared to the 1,984 in July ( down by 8.9%), and to the 2,354 lifestyle property sales in August last year.
In August, the number of lifestyle properties sold decreased by 10.8%, fewer by 980 from a year ago.
The value of lifestyle properties sold was $6.33 billion, while the median price for all lifestyle properties sold for the three months ended in August, sits $590,000 – $45,000 higher compared last year.
“Sales figures for the 3-month period ending August 2017 confirm the lifestyle market is travelling a similar path to the residential market, REINZ rural spokesman Brian Peacocke said.
“Sales volumes are under pressure, listings in many regions are constrained although contrasts exist in specific parts of the country.”
Peacocke said sales numbers in the Auckland region are at their lowest monthly level since January 2012. “Those regions experiencing an upturn in activity from the previous month, albeit slight in some instances, include Northland, Waikato, Bay of Plenty, Gisborne, Hawke’s Bay, Nelson, West Coast, Canterbury and Otago,” he said.
Taranaki, up 15 in sales, recorded the largest increase in sales in the three months to August.
Northland, Nelson and West Coast regions recorded increases in the median price of lifestyle blocks by 26%, 24% and 23% respectively.
REINZ data showed that the media median number of days to sell for lifestyle properties improved by six compared to last year.
Bay of Plenty recorded the shortest number of days to sell 53 days, followed by Auckland and Hawke’s Bay at 57 days. West Coast recorded the longest number of days to sell at 170 days, followed by Gisborne at 103 days and Northland at 87 days.
Related stories:
Residential property sales register sharp fall
LVRs, election stall property market
