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Autumn Recovery

Autumn Recovery

Data released today by the Real Estate Institute of New Zealand (REINZ) shows there were 182 more lifestyle property sales (11.9%) for the three months ended March 2018 than for the three months ended February 2018. Overall, there were 1,716 lifestyle property sales in the three months ended March 2018, compared to 2,011 lifestyle property sales for the three months ended March 2017 (-14.7%), and 1,534 lifestyle property sales for the three months ended February 2018.
7,344 lifestyle properties were sold in the year to March 2018, 1,558 (-17.5%) fewer than were sold in the year to March 2017. The value of lifestyle properties sold was $5.77 billion for the year to March 2018.

The median price for all lifestyle properties sold in the three months to March 2018 was $647,500 and was $22,500 higher compared to the three months ended March 2017 (+3.6%).

Brian Peacocke, Rural Spokesman, at REINZ says: “Following a considerable easing in sales during the 3-month period ending February 2018, the most recent 3-month period ending March 2018 recorded a solid upturn which reflected a dramatic recovery in activity, particularly in the northern regions,” he concludes.

Points of Interest around New Zealand include:

• Northern Regions – a gentle increase in activity in North Auckland; a dramatic bounce back in sales volumes in the order of 146% in Auckland, 100% in Waikato; and a 73% lift in the Bay of Plenty

• Lower North Island – reasonable increases in volumes throughout Hawke’s Bay, Taranaki, Manawatu and Wellington where listings are reported as being short and properties are selling quickly

• South Island – steady activity in the Upper South; an easing on the West Coast; solid in Canterbury with reports of activity slowing over $750,000; holding par throughout Otago with the strongest of prices being achieved in the Central Otago and Queenstown/Lakes districts; consistently solid in the wider Invercargill area of Southland.

Three regions recorded an increase in sales compared to March 2017. Nelson recorded the most substantial increase in sales (+16 sales) in the three months to March 2018 compared to March 2017. Compared to February 2018, ten regions recorded an increase in sales.

Most of the regions saw the median price of lifestyle blocks increase between the three months ending March 2017 and the three months ending March 2018. The most notable examples were in West Coast (+170%), Wellington (+40%) and Waikato (+10%) and the most notable exception was Gisborne whose median price fell 37% over the year.

The median number of days to sell for lifestyle properties was 3 days longer in the 3 months to March 2018 as in the 3 months to March 2017, sitting at 65 days. Compared to the three months ended February 2018 the median number of days to sell eased five days. Waikato recorded the shortest number of days to sell in March 2018 at 51 days, followed by Nelson (52 days), Bay of Plenty (55 days), Wellington (56 days) and Manawatu/Wanganui (60 days). West Coast recorded the longest number of days to sell at 241 days, followed by Gisborne at 102 days and Otago at 90 days.
ENDS

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