A Resilient Late Autumn Lifestyle Market
20 June 2018
For immediate release
A Resilient Late Autumn Market
Data released today by the Real Estate Institute of New Zealand (REINZ) shows there were 210 more lifestyle property sales (10.9%) for the three months ended May 2018 than for the three months ended April 2018. Overall, there were 2,129 lifestyle property sales in the three months ended May 2018, compared to 2,304 lifestyle property sales for the three months ended May 2017 (-7.6%), and 1,919 lifestyle property sales for the three months ended April 2018.
7,296 lifestyle properties were sold in the year to May 2018, 1,368 (-15.8%) fewer than were sold in the year to May 2017. The value of lifestyle properties sold was $5.85 billion for the year to May 2018.
The median price for all lifestyle properties sold in the three months to May 2018 was $675,000 and was $48,500 higher compared to the three months ended May 2017 (+7.7%).
Brian Peacocke, Rural Spokesman, at REINZ says: “Sales data for the 3-month period ending 31 May 2018 confirms a very good level of sales albeit an easing in volumes during the month of May.
“Of particular note is the median sales price of $675,000 which is an increase of $100,000 from the same period two years ago. Such figures reflect a confident and resilient market,” he concludes.
Points of Interest around New Zealand include:
an easing in volumes across the board in the Northland, Auckland, Waikato and Bay of Plenty regions
solid performances and slight increases in numbers throughout the balance of the North Island, being Gisborne, Hawke’s Bay, Taranaki and Manawatu/Wanganui, with Wellington being the only district to fall behind the figures for the previous month
a slight easing in Nelson/Marlborough, status quo on the West Coast, strong figures and values throughout Canterbury and Otago, with a slight drooping of the tail in the Southland district
A consistent comment throughout is that quality listings are well sought after but are in short supply.
Three regions recorded an increase in sales compared to May 2017. Gisborne recorded the most substantial increase in sales (+9 sales) in the three months to May 2018 compared to May 2017. Compared to April 2018, twelve regions recorded an increase in sales.
Most of the regions saw the median price of lifestyle blocks increase between the three months ending May 2017 and the three months ending May 2018. The most notable examples were in Wellington (+32%), Hawke’s Bay (+22%) and Manawatu/Wanganui (+20%) and the most notable exception was West Coast whose median price fell 32% over the year.
The median number of days to sell for lifestyle properties was five days longer in the three months to May 2018 as in the three months to May 2017, sitting at 60 days. Compared to the three months ended April 2018 the median number of days to sell was two days shorter. Manawatu/Wanganui and Waikato recorded the shortest number of days to sell in May 2018 at 51 days, followed by Bay of Plenty (52 days), Canterbury (54 days), and Wellington (55 days). West Coast recorded the longest number of days to sell at 207 days, followed by Otago at 72 days and Northland at 71 days.
Real Estate Institute of New Zealand
For more real estate information and market trends data, visit www.reinz.co.nz. For New Zealand's most comprehensive range of listings for residential, lifestyle, rural, commercial, investment and rental properties, visit www.realestate.co.nz - REINZ's official property directory website.
The information provided by REINZ in relation to the lifestyle real estate market covers the most recently completed three-month period; thus references to May refer to the period from 1 March 2018 to 31 May 2018.