Data released by the Real Estate Institute of New Zealand (REINZ) has shown a reduction in numbers of lifestyle property sales to the lowest level since September 2016.
REINZ saw only 1,604 sales of lifestyle blocks for the three months ending September, down 5.6% from the August quarter. There were 7,135 lifestyle properties sold in September, down 10.8% year-on-year. The value of lifestyle properties sold sat at $5.73 billion.
Despite the downturns, REINZ spokesperson Brian Peacocke highlighted that the median sale price has held steady in the September quarter sitting at $643,500 – an increase of 8.2% year-on-year.
“Lovely early spring conditions have prevailed around much of the country, apart from late dumps of snow which benefited the winter sport tourism sector, with one of the stand out features being the spectacular showings of blossoms on cherry trees in many districts and cities,” he said. “Quality properties remain well-sought after and in relatively short supply, as reflected in the median price referred to above.”
Four regions saw an increase in sales compared to September 2017, with Canterbury recording the most substantial increase in sales (+33 sales) in the September quarter.
All but three of the regions saw the median price of lifestyle blocks increase year-on-year. The most notable examples were in Taranaki (+37%), Waikato (+21%) and Southland (+20%) and the exceptions were West Coast (-13%) and Canterbury (-8%).