Lifestyle property prices hit new high as sales volumes ease

by NZ Adviser23 Jan 2017
The latest data from the Real Estate Institute of NZ (REINZ) shows there were 86 fewer lifestyle property sales (-3.8%) for the three months ended December 2016 than for the three months ended December 2015.

Overall, there were 2,191 lifestyle property sales in the three months ended December 2016, compared to 2,205 lifestyle property sales for the three months ended November 2016 (-0.6%), and 2,277 lifestyle property sales for the three months ended December 2015.

9,036 lifestyle properties were sold in the year to December 2016, 11% more than were sold in the year to December 2015.  The value of lifestyle properties sold was $6.90 billion for the year to December 2016.

The median price for all lifestyle properties sold in the three months to December 2016 hit a new record high of $583,000 and was $33,000 higher compared to the three months ended December 2015 (+6.0%).  The median price also rose $13,000 (+2.3%) compared to November.  

“Sales volumes for the three-month period ending December 2016 were solid compared to previous periods, but below that barometer, some of the usually high performing regions experienced significant reductions in sales in December compared to the solid lift recorded for the month of November, says REINZ rural spokesman Brian Peacocke. 

“By way of compensation, some of the smaller areas in the mid to lower North Island and Southland did credit to themselves with improved sales activity.”

Regional highlights include:
•    Northland / Auckland / Waikato / Bay of Plenty – all regions recorded significant drops in in volumes in December compared to the month of November and in the case of the Bay of Plenty, the lowest monthly figure for 22 months; 
•    Gisborne -  steady and solid;
•    Hawke’s Bay / Taranaki / Wellington - a good healthy lift in sales from the previous month;
•    Manawatu / Wanganui – down from November, but reasonably solid;
•    Nelson / Marlborough / Canterbury / Otago – a noticeable reduction on the November high;
•    West Coast – reflecting a quieter run of activity; and
•    Southland – steady as a rock and quite consistent.

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