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High Hopes For Steady Prices In Southland

MEDIA RELEASE

Wednesday 10th September 2008

High Hopes For Steady Prices In Southland Real Estate Market

House sales in Southland may still be slow but there’s a significant factor at play that will hopefully hold prices up.

The number of houses for sale right across the country has rapidly increased as sales have halved this year.

Southland has mirrored the national average with sales around 45-50% of last year, about 150 house sales per month.

However, the rate that houses for sale are stockpiling in Southland has been decreasing for the last four months.

Currently there are 900 homes on the market – that’s about 1 for sale in every 45 homes, dramatically less than Queenstown’s 1 in 7.

This figure is very positive in terms of house prices. It’s a simple supply and demand situation - fewer homes to buy means less likelihood of prices tumbling despite the slower market.

STATISTIC’S SOURCE

Regional statistics have been drawn down from the real estate industry’s official website for the first time.

www.realestate.co.nz is the largest property website in NZ with 105,000 listings and features 95% of all licensed real estate agents properties.

The figures have been released by www.realestate.co.nz Chief Executive, Alistair Helm who is in Southland today (Wednesday) holding seminars for local agents on the benefits of the internet.

OVERSEAS INTEREST

Over one third of all visitors to Southland properties on www.realestate.co.nz are from offshore internet users. 37% is well ahead of the average for the whole website which sits at just under 30%. Most of the interest is coming from Australia, UK and the USA in that order.

MOST STATS - Most expensive, best bargain & most hit

There are only 5 homes for sale in the province with a price tag over $1 million.

The most expensive has an asking price of $1.3 million. It’s a large 4 bedroom home on 20 hectares just out of Invercargill at Myross Bush (see property by clicking on link).

http://www.realestate.co.nz/878902

The most popular property on the site is one in Riverton receiving over 4,600 hits and many are from overseas (see graph showing the last 7 days of activity).

With 5 bedrooms, 2 bathrooms and a brand new spa the agent says this would sell for over one million dollars up north but the asking price is half of that (see property by clicking on link).

http://www.realestate.co.nz/677451

Art Deco doesn’t appear to have as many admirers in Southland as Hawkes Bay if the cheapest house is a guide. Lovers of the flat roof, round cornered 1930s classic can own one in the quiet, rural town of Ohai for just $49,000 (click on link to view).

http://www.realestate.co.nz/843029

Ends


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