Lifestyle property sales continue to increase

by Roxanne Libatique21 Nov 2020

The lifestyle property market has remained stable despite the COVID-19 pandemic, with the Real Estate Institute of New Zealand (REINZ) reporting 27 more sales for the three months ended October than the three months ended September.

Latest data by the REINZ revealed a 1.0% increase in lifestyle property sales for the three months ended October 2020 compared to the three months ended September 2020. Overall, New Zealand had 2,839 lifestyle property sales in the three months ended October 2020 compared to only 1,664 for the three months ended October 2019 (+70.6%) and 2,812 for the three months ended September 2020.

The median price for all lifestyle properties sold in the three months to October 2020 was $775,000 – which was $80,000 higher compared to the three months ended October 2019 (+11.5%).

Meanwhile, 8,071 lifestyle properties were sold in the year to October 2020, which was 1,139 (16.4%) more than were sold in the year to October 2019. The value of lifestyle properties sold was $7.15 billion for the year to October 2020.

“Sales statistics for the lifestyle category for the three-month period ending October 2020 again nudge their way into the record book with sales volumes extending the envelope beyond expectation,” said Brian Peacocke, the rural spokesman at REINZ.

“Of note is that while sales figures for the month of October are slightly behind the previous month of September, the combined outcome from the last three months has resulted in a figure that defies explanation, this in spite of several major regions recording a reduction from the previous month.”

“Time will tell whether such results are sustainable, and if they are to continue, whether there is sufficient stock available to cater for the demand,” Peacocke concluded.

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