Lifestyle properties sold in the last three months have hit a new record in median price of $625,000, data from the Real Estate Institute of NZ (REINZ) shows.
This is $73,000 higher, up 13.2%, compared to the three months ended March 2016.
“Strong sales volumes for the most recent three-month period and a significant lift in price are the features of the lifestyle market, where all regions but one experienced increases during the month of March”, says REINZ rural spokesman Brian Peacocke.
The value of lifestyle properties sold for the year to March 2017 was $7.00 billion and the 8,912 lifestyle properties sold was up 4% (346) compared to those sold in the year to March 2016.
Lifestyle property sales fell by 5.8% (124) for the three months ended March 2017 than for the three months ended March 2016.
But overall, there were 2,011 lifestyle property sales in the three months ended March 2017, compared to 1,809 lifestyle property sales for the three months ended February 2017. (+11.2%).
The median price for lifestyle properties in Auckland increased by $200,000 (up 20.0%) from $1,000,000 for the three months March 2016 to $1,200,000 for the three months to March 2017. The median price rose by 36.6% in Waikato to $655,500, and by 7.0% to $685,000 for Canterbury, over the same period.
Auckland sales volumes significantly lifted in March in all regions surrounding the city with the REINZ stating supply can’t keep up with the demand for quality properties, particularly for those with special features and at the top end of the price range.
Sales were up across seven regions compared to March 2016, with Otago recording the largest increase in sales (+53) in the three months to March 2017 compared to March 2016.
Wellington saw an increase of 32 sales and Manawatu/Wanganui an increase of 30 sales.