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Prices Continue to Firm Through Spring

News Release 15 December 2016

Prices Continue to Firm Through Spring

Summary

Data released today by the Real Estate Institute of NZ (“REINZ”) shows there were five more lifestyle property sales (+0.2%) for the three months ended November 2016 than for the three months ended November 2015. Overall, there were 2,205 lifestyle property sales in the three months ended November 2016, compared to 2,175 lifestyle property sales for the three months ended October 2016 (+1.4%), and 2,200 lifestyle property sales for the three months ended November 2015.

9,108 lifestyle properties were sold in the year to November 2016, 14% more than were sold in the year to November 2015. The value of lifestyle properties sold was $6.91 billion for the year to November 2016.

The median price for all lifestyle properties sold in the three months to November 2016 was $25,000 higher at $570,000 compared to the three months ended November 2015 (+4.6%). The median price also rose $25,000 (+4.6%) compared to October.

“Sales of lifestyle properties for the three month period ending November 2016 have increased in volume from the previous three month period and are very close to the volumes for the same period 12 months ago”, says REINZ Rural Spokesman Brian Peacocke, “The interesting factor is that the median price is reflecting a solid increase from the last three month period and at $570,000, is distinctly stronger than the $545,000 level at November 2015 and $515,000 for the same period two years ago.“

Regional highlights include:

· Auckland – a solid lift in sales volumes from last month with one major company reporting levels of listings and general activity strong in the south but fickle in the north. However, results for the last four months are below the record levels of 12 months ago. Quality properties continue to sell steadily, particularly in the $1m to $1.5m range, with strong focus on any land that has been re-zoned or has future potential for urban subdivision.

· Waikato – similar in many respects to its northern neighbour with a good lift in sales volumes and ongoing focus on the north eastern to south eastern fringes of Hamilton City. Listings in other quality areas remain in reasonably short supply.

· Bay of Plenty – strong activity in the $650,000 to $850,000 range, with increasing interest in small horticultural type properties with good quality homes.

· Lower North Island – a mixed bag with slight variations in sales volumes between the regions, but a lift in Hawke’s Bay and Manawatu/Wanganui. Whilst activity in the Wellington region was down, Wairarapa reports a strong market with continual pressure from Wellington purchasers.

· South Island – a good healthy increase in activity in the Nelson/Marlborough region; a dramatic 45% lift in sales volumes in Canterbury; ongoing healthy activity in the Otago/Queenstown Lakes district but an easing of activity in Southland.

Eight regions recorded an increase in sales compared to November 2015. Wellington and Northland both recorded the largest increase in sales (+38) in the three months to November 2016 compared to November 2015, Nelson saw an increase of 27 sales and Manawatu/Wanganui an increase of 24 sales. Compared to October 2016, nine regions recorded an increase in sales. Compared to November 2015 the number of sales for the three months to November 2016 rose by five sales.

The national median price for lifestyle blocks rose by $25,000 (+4.6%) for the three months to November 2016 compared to the three months to November 2015. The median price for lifestyle blocks in Auckland rose by $120,000 (+11.1%) from $1,080,000 for the three months to November 2015 to $1,200,000 for the three months to November 2016. Over the same period, the median price rose by 26.3% in Waikato to $600,000, and fell by 2.1% to $607,250 for Canterbury.

The median number of days to sell for lifestyle properties improved by eight days in the three months to November 2016 compared to the three months to November 2015 to sit at 49 days. Compared to the three months ended October the median number of days to sell improved by seven days. Waikato recorded the shortest number of days to sell in November 2016 at 34 days, followed by Auckland at 42 days and Hawke’s Bay at 51 days. West Coast recorded the longest number of days to sell at 200 days, followed by Otago at 82 days.

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