Recommended.co.nz | Guide2.co.nz | Voxy.co.nz | Gimme.co.nz
Homepage | login or create an account

Lifestyle market sales volumes very strong - REINZ

Read More:
Contributor:
Fuseworks Media
Fuseworks Media

Data released today by the Real Estate Institute of NZ ("REINZ") shows there were 424 more lifestyle property sales (+24.8%) for the three months ended March 2016 than for the three months ended March 2015.

Overall, there were 2,135 lifestyle property sales in the three months ended March 2016, compared to 2,031 lifestyle property sales for the three months ended February 2016 (5.1%), and 1,711 lifestyle property sales for the three months ended March 2015. The month of March set a new record of 856 sales, beating the previous monthly record set in March 2004 by 17 sales.

8,566 lifestyle properties were sold in the year to March 2016, 31.3% more than were sold in the year to March 2015, the highest number of annual sales since September 2004. The value of lifestyle properties sold reached a new record of $6.321 billion for the year to March 2016.

The median price for all lifestyle properties sold in the three months to March 2016 rose by $2,000 to $552,000 compared to $550,000 recorded for three months ended March 2015 (+0.4%). The median price rose $9,000 (+1.7%) compared to February.

"Strength and resilience sum up the lifestyle market during the three month period ending March 2016, with the Auckland and Canterbury regions leading the charge", says REINZ Rural Spokesman Brian Peacocke.

Highlights include:

- A 30% lift from the previous two months in sales volumes for the Northland districts;

- A dramatic 86% lift in sales volumes across the Auckland region, equalling the previous best month in March 2015 with strong activity in all price ranges;

- A slight easing in the Waikato market from the higher volumes in the spring, with a strong focus on areas to the south-east of Hamilton;

- A healthy market with strong prices in the Bay of Plenty and continuing evidence of the Auckland influence;

- Strong activity and increasing prices around Rotorua, with a spin-off benefit from the more expensive Tauranga market;

- A lift in activity in Hawke’s Bay with sales figures for the period being stronger than the autumns of 2014 and 2015 with evidence of a ripple effect from the Auckland market;

- Consistent strength and stable volumes in the Manawatu / Wanganui region;

- Ongoing stability in the Wellington / Wairarapa region with the city influence benefiting

districts south of Masterton;

- A healthy lift in activity and a good solid tone in the Nelson / Marlborough market, where the strength in horticulture and viticulture is sustaining solid employment opportunities;

- The strongest month in recent years throughout Canterbury where market momentum is being maintained following the winding down of the Christchurch city rebuild;

- Good solid activity in Otago with the Queenstown-Lakes district again reflecting the popularity of that location; and

- A quieter albeit steady level of activity in Southland.

12 regions recorded an increase in sales compared to March 2015. Waikato recorded the largest increase in sales (+97) in the three months to March 2016 compared to March 2015, Bay of Plenty saw an increase of 62 sales and Wellington an increase of 50 sales. Compared to February 2016, eight regions recorded an increase in sales with six regions recording a decrease.

The national median price for lifestyle blocks rose by $2,000 (+0.4%) from $550,000 for the three months to March 2015 to $552,000 for the three months to March 2016. The median price for lifestyle blocks in Auckland rose by $20,000 (+2.0%) from $980,000 for the three months to March 2015 to $1,000,000 for the three months to March 2016. Over the same time period, the median price rose by 5.5% in Waikato to $480,000, and fell by 0.2% in Canterbury to $640,000. In addition, Taranaki, Wellington and Otago all recorded new record median prices in the three months to March 2016.

The median number of days to sell for lifestyle properties eased six days in March, from 61 days for the three months to the end of February 2016, to 67 days for the three months to the end of March 2016. Compared to the three months ended March 2015 the median number of days to sell improved by six days. Gisborne recorded the shortest number of days to sell in March 2016 at 24 days, followed by Southland at 38 days and Auckland at 48 days. The West Coast recorded the longest number of days to sell at 316 days, followed by Otago at 103 days, and Hawke’s Bay at 90 days.

About guide2.co.nz : money

Find the latest money news and 'how to' guides on Guide2Money.

Ask our researchers your personal finance questions.

Your Questions. Independent Answers.