Lifestyle market remain resilient in late autumn

REINZ data shows a "very good" level of sales despite fall in volume in May

By Krizzel Canlas

21 Jun 2018

Lifestyle properties sold nationally has increased by 10.9% for the three months ended in May, according to new data from the Real Estate Institute of New Zealand (REINZ).

There were 210 more lifestyle property sales in the last three months to May than in the three months ended April. Overall, there were 2,129 lifestyle property sales in the May period, compared to the 2,304 from the previous year and 1,919 from the previous month.

REINZ data shows 7,296 lifestyle properties were sold in the year to May 2018, down 15.8% from the same time last year. The value of lifestyle properties sold was $5.85 billion for the year ending in May.

REINZ rural spokesperson Brian Peacocke said latest sales data confirms “a very good level of sales” despite an easing in volumes during the month of May.

“Of particular note is the median sales price of $675,000, which is an increase of $100,000 from the same period two years ago,” said Peacocke. “Such figures reflect a confident and resilient market.”

The report also suggests an easing in volumes across the board in the Northland, Auckland, Waikato and Bay of Plenty regions.

Gisborne, Hawke’s Bay, Taranaki and Manawatu/Wanganui recorded solid performances and slight increases in numbers, while Wellington was the only district to fall behind the figures for the previous month.

The median price for all lifestyle properties sold in May was $675,000, up by $48,500 from the previous month.

Wellington, Hawke’s Bay and Manataqu/Wanganui recorded increases in median price by 32%, 22% and 20% respectively between the three months ending May 2017 and the three months ending May 2018. West Coast was the only exception, where the median price fell 32% over the course of the year.

In the three months to May, the median number of days to sell for lifestyle properties was five days longer compared to one year ago, and currently sits at 60 days.