REINZ report reveals increase in lifestyle property sales

by Roxanne Libatique21 Jan 2021

The property market continues to move on from the COVID-19 pandemic as it recorded 17 more lifestyle property sales for the three months ended December 2020 than the three months ended November 2020, according to the Real Estate Institute of New Zealand (REINZ).

REINZ’s latest data shows that New Zealand had 3,071 lifestyle property sales in the three months ended December 2020, a significant increase from 1,922 sales for the same period in 2019 and 3,054 for the three months ended November 2020.

Meanwhile, 8,887 lifestyle properties were sold in the year to December 2020 – 1,828 (25.9%) more than were sold in the year to December 2019. The value of lifestyle properties sold was $8.15 billion for the year to December 2020.

REINZ rural spokesman Brian Peacocke said the sales volumes for the three months ending December reflect the following:

  • A continuation of the extraordinary run of sales over recent months;
  • An easing in total sales but taking into account the Christmas break, still ahead of the record month of November in terms of sales per day: November = 37 sales per day; December = 42.5 sales per day – across the country;
  • An increase in the median price in every district across the country giving a record national median price of $835,000; and
  • A record 3,071 sales for the three months ending December 2020.

The report also revealed that the median price for all lifestyle properties sold in the three months ended December 2020 was $835,000 and $110,000 higher than the three months ended December 2019 (+15.2%).

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