REINZ reveals competitive market in Marlborough

by Roxanne Libatique20 Nov 2019

The Real Estate Institute of New Zealand’s latest data has revealed that the average property price in Marlborough is reaching $445,500 – but the market is competitive.

However, the report has clarified that the average property price in the region still sits below the country’s average, which has passed the $600,000 mark for the very first time.

Bindi Norwell, chief executive of REINZ, pointed out that the lack of listing in the region had resulted in multi-offers – pushing auctions forward and therefore pushing up the average house price.

David Lee, general manager at Bayleys Marlborough, added: “Traditionally October was popular for people to put their house on the market so the uptake this year has been a little bit slower than normal.”

“It's normally an attractive time of year - people's gardens are looking good and things like that - we see a boost normally. This year we haven't seen that immediate boost at the beginning of spring.”

Read more: Trade Me reveals surge in demand and spike in new listings

However, more houses were being put on the market in November.

“Across New Zealand there's been an increase in about 8.2 per cent in the median house price,” Lee said, as reported by Stuff.co.nz. “Marlborough's certainly mirroring that trend across the country. Prices have definitely seen an increase across the last month.”

He added that Marlborough was “seeing a lot of activity from first home buyers" but because there was a rental shortage - it made properties desirable for people from outside of the region.”

“We're lucky in the sense that the median price is below the country average. Finding a property $500,000 and less is getting harder and harder, so for first home buyers there's still an opportunity to get on the property ladder here,” he continued. “But we're probably seeing investors from outside the region identifying that it is a good place to invest because of the lower median price.”

“There's still a shortage of good quality rental stock - so if you get a good property, you're virtually guaranteed to find a good quality tenant,” Lee concluded.

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