Lifestyle property prices hit new high as volumes fall

by NZ Adviser17 Mar 2017
The median price for all lifestyle properties sold in the three months to February 2017 reached a new record high of $600,000 and was $57,000 higher compared to the three months ended February 2016 (+10.5%), the latest data from the Real Estate Institute of NZ (REINZ) has revealed. 

There were 222 fewer lifestyle property sales (-10.9%) for the three months ended February 2017 than for the three months ended February 2016. Overall, there were 1,809 lifestyle property sales in the three months ended February 2017, compared to 1,959 lifestyle property sales for the three months ended January 2017 (-7.7%), and 2,031 lifestyle property sales for the three months ended February 2016.

“Fluctuating volumes of sales is the standout factor for the three months ending February 2017, with some regions ahead of the previous month but an overall decline sufficient to record the lowest three month number since April 2015. The offset has been the record peak in prices”, says REINZ rural spokesman Brian Peacocke.

The median price for lifestyle blocks in Auckland rose by $212,500 (+22.1%) from $960,000 for the three months February 2016 to $1,172,500 for the three months to February 2017. 

Over the same period, the median price rose by 26.9% in Waikato to $685,000 to reach a new record high, and by 11.8% to $685,000 for Canterbury to also reach a new record high. 

In Auckland, volumes are generally lower than most periods over the last two years compared to steady volumes of sales with a solid lift from January for Northland. 

The central regions have seen a good lift in volumes from the previous month throughout Hawke’s Bay, Manawatu/Wanganui but modest results in Taranaki.
The Wellington/Wairarapa market remains buoyant but held back by supply shortages.
 

COMMENTS

Most Read

NZ Adviser TV