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

Lifestyle market shows continued strength - REINZ

Read More:
Contributor:
Fuseworks Media
Fuseworks Media

Data released today by the Real Estate Institute of NZ ("REINZ") shows there were 411 more lifestyle property sales (+25.4%) for the three months ended February 2016 than for the three months ended February 2015.

Overall, there were 2,031 lifestyle property sales in the three months ended February 2016, compared to 2,109 lifestyle property sales for the three months ended January 2016 (-3.7%), and 1,620 lifestyle property sales for the three months ended February 2015. 8,416 lifestyle properties were sold in the year to February 2016, 30.4% more than were sold in the year to February 2015, the highest number of annual sales since November 2003. The value of lifestyle properties sold reached a new record of $6.193 billion for the year to February 2016.

The median price for all lifestyle properties sold in the three months to February 2016 rose by $13,000 to $543,000 compared to $530,000 recorded for three months ended February 2015 (+2.4%). The median price eased $7,000 (-1.3%) compared to January.

"Sales figures for the three months ending February 2016 confirm the lifestyle market is in very good heart, particularly in the major population areas of Auckland, Waikato, Bay of Plenty and Canterbury," says REINZ Rural Spokesman Brian Peacocke.

Highlights include:

- Genuine strength in the Auckland area, assisted in some instances by re-zoning, with an ongoing shortage of listings placing upward pressure on prices;

- Selective activity throughout the Waikato at the top end of the market where demand exceeds supply, and an overall healthy lift in volumes across the board for the month of February;

- Consistent activity in the Bay of Plenty where Auckland purchasers continue to have an influence and where outlying localities are benefiting from reduced travel expenses due to lower fuel prices;

- A strengthening of sales activity over recent months in the Manawatu / Wanganui / Horowhenua regions;

- A good uplift in sales volumes in the Wairarapa where Wellington purchasers are having a significant influence;

- A recovery in numbers from the drop in the month of January in the Nelson / Marlborough region;

- A substantial increase in sales in Canterbury with a focus particularly on those areas to the south / southwest of Christchurch, this activity resulting in a slump in demand in those localities to the north the city;

- Good solid activity and a return to previous volumes in the Central Otago and Queenstown - Lakes districts; and

- A similar uplift in volumes giving Southland one of its better months in the last two years.

12 regions recorded an increase in sales compared to February 2015. Waikato recorded the largest increase in sales (+75) in the three months to February 2016 compared to February 2015, Bay of Plenty saw an increase of 67 sales and Northland an increase of 66 sales. Compared to January 2016, six regions recorded an increase in sales with eight regions recording a decrease.

The national median price for lifestyle blocks rose by $13,000 (+2.4%) from $530,000 for the three months to February 2015 to $543,000 for the three months to February 2016. The median price for lifestyle blocks in Auckland fell by $40,000 (-4.0%) from $1,000,000 for the three months to February 2015 to $960,000 for the three months to February 2016. Over the same time period, the median price rose by 17.4% in Waikato to $540,000, and fell by 3.5% in Canterbury to $612,500. Compared to January 2016 the national median sale price fell $7,000 (-1.3%) to $543,000.

The median number of days to sell for lifestyle properties fell eight days in February, from 53 days for the three months ended January 2016 to 61 days for the three months ended February 2016. Compared to the three months ended February 2015 the median number of days to sell eased by seven days. Gisborne recorded the shortest number of days to sell in February 2016 at 36 days, followed by Southland at 38 days and Waikato at 44 days. The West Coast recorded the longest number of days to sell at 241 days, followed by Wellington at 100 days, and Hawke’s Bay at 96 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.