Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Record Lifestyle Results Continue

Data released today by the Real Estate Institute of New Zealand (REINZ) shows there were 556 more lifestyle property sales (+28.4%) for the three months ended August 2020 than for the three months ended July 2020. Overall, there were 2,512 lifestyle property sales in the three months ended August 2020, compared to 1,745 lifestyle property sales for the three months ended August 2019 (+44.0%), and 1,956 lifestyle property sales for the three months ended July 2020.

7,298 lifestyle properties were sold in the year to August 2020, 382 (5.5%) more than were sold in the year to August 2019. The value of lifestyle properties sold was $6.25 billion for the year to August 2020.

The median price for all lifestyle properties sold in the three months to August 2020 was $750,000 and was $50,000 higher compared to the three months ended August 2019 (+7.1%).

Brian Peacocke, Rural Spokesman, at REINZ says: “Sales data for sales of lifestyle properties for the 3-month period ending August 2020 in terms of volume reflect a market experiencing an adrenalin rush, albeit whilst the national median price is at a high of $750,000, there have nevertheless been as many reductions as gains throughout the various regions.

“The following chart demonstrates the volumes of sales across New Zealand for the last 5 years for the current period.

3-month ending August20162017201820192020
Sales numbers2,3541,8081,7001,7452,512

“This latest result consolidates the substantial increase in volumes gained during the previous quarter ending July 2020, where total sales for the country peaked at 1,956 sales, headed by 913 sales for July alone and now 937 sales for the month of August, ” he concludes.

Points of Interest around New Zealand include the following:

  • Upper North Island - a continuation of well spread sales across the Northland region with previous volumes being maintained; improved numbers surrounding Auckland City with Rodney again just heading off Franklin for line honours; both regions experienced an incremental increase in the median price
  • Central North Island - another healthy lift in sales volumes throughout the Waikato, Waitomo & Taupo regions with the majority of activity occurring in the Hamilton and Cambridge localities; Taranaki gained the slight easing experienced in the Bay of Plenty where the Western and Rotorua districts remained solid; a slight loss of momentum in Gisborne and a holding of par in Hawke’s Bay where activity was evenly spread; Bay of Plenty aside with a slight gain, the other localities all experienced a slight easing in median price
  • Lower North Island - a big slump of approximately 30% in sales numbers from last month in the Manawatu/Wanganui region albeit a slight increase in price; steady results but an easing in prices for the Wairarapa/Wellington region
  • Upper South Island - Nelson/Marlborough and West Coast both experienced the slightest easing in sales volumes while Canterbury had an excellent increase from 127 sales for the month of July to 159 sales for the month of August; Waimakariri in particular had the greatest increase but the South Canterbury areas still contributed solidly; all regions improved in their median prices, particularly Nelson/Marlborough and the West Coast
  • Lower South Island - a healthy lift in volumes for the Otago province, albeit no particular district dominated, however, the median price has experienced a bit of volatility over the last two years; a distinct drop in activity in Southland for August (18) compared to July (33) but surprisingly, a reasonable lift in the median price.

Thirteen regions recorded an increase in sales compared to August 2019 with Auckland (+190 sales) and Canterbury (+151 sales) observing the biggest increases. Gisborne recorded the only decrease in sales (-4 sales) in the three months to August 2020 compared to the three months to August 2019. Compared to the three months to July 2020, all regions except Gisborne recorded an increase in sales.

Nine regions saw the median price of lifestyle blocks increase between the three months ending August 2019 and the three months ending August 2020. The most notable examples were in Gisborne (+26%), Nelson (+25%) and Canterbury (+20%) and the most notable exceptions were West Coast (-33%) and Hawke’s Bay (-23%).

The median number of days to sell for lifestyle properties was 19 days longer in the three months to August 2020 than in the three months to August 2019, sitting at 89 days. Compared to the three months ended July 2020 the median number of days to sell was the same. Manawatu/Wanganui recorded the shortest number of days to sell in August 2020 at 57 days, followed by Gisborne (62 days) and Taranaki (66 days). West Coast recorded the longest number of days to sell at 172 days, followed by Northland at 102 days and Canterbury and Otago at 100 days.

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Auckland Transport: Successful Bridge Repair Opens Two Additional Lanes To Traffic

The opening of two additional lanes on the Auckland Harbour Bridge this morning will help relieve some motorway congestion for motorists heading home to the North Shore tonight. More>>

ALSO:

Statistics New Zealand: COVID-19 Sees Record 12.2 Percent Fall In New Zealand’s Economy

Gross domestic product (GDP) fell by 12.2 percent in the June 2020 quarter, the largest quarterly fall recorded since the current series began in 1987, as the COVID-19 restrictions in place through the quarter impacted economic activity, Stats NZ said ... More>>

ALSO:

Climate: Scientists Release ‘Blueprint’ To Save Critical Ecosystems And Stabilize The Earth’s Climate

A group of scientists and experts produced the first comprehensive global-scale analysis of terrestrial areas essential for biodiversity and climate resilience, totaling 50.4% of the Earth's land. The report was published in Science Advances ... More>>

ALSO:

MPI: Independent Review Launched Into Assurances For Safe Transport Of Livestock By Sea

The Ministry for Primary Industries (MPI) has launched an independent review of the assurances it receives for the safe transport of livestock by sea. MPI Director-General Ray Smith says Mike Heron QC has been appointed to lead the review, which is expected ... More>>

ALSO:


Computers: New Zealand PC Market Grows Nearly 40% Due To Work From Home Demand

COVID-19 had large impacts on demand for PCs as businesses prepared for lockdowns by purchasing notebooks to mobilise their workforce. In the second quarter of 2020, New Zealand's Traditional PC market experienced a 39.7% year-on-year (YoY) growth ... More>>

ALSO:


University Of Auckland: Whale-Watching By Satellite – Follow Their Travels Online

Scientists have successfully attached satellite tracking tags to six New Zealand southern right whales, or tohorā, and are inviting the public to follow the whales’ travels online. Part of a major research project involving the University of Auckland ... More>>

Commerce Commission: Kiwibank Admits System Failures And Agrees To Pay Customers $5.2 Million

Kiwibank has entered into a settlement agreement with the Commerce Commission after reporting that it failed to have in place robust home loan variation disclosure policies, procedures and systems. In a settlement dated 27 August 2020, Kiwibank admitted that ... More>>

Ministry of Health: Public Transport Distancing Requirements Relaxed

Physical distancing requirements on public transport have been reviewed by the Ministry of Health to determine whether they are still required at Alert Level 2 (or below). The Ministry’s assessment is that mandatory face covering and individuals tracking ... More>>

ALSO:

NZHIA: New Zealand Hemp Industry Set To Generate $2 Billion Per Annum And Create 20,000 Jobs

A new report says a fully enabled hemp industry could generate $2 billion in income for New Zealand by 2030, while also creating thousands of new jobs. Written by industry strategist Dr Nick Marsh, the report has prompted calls from the New Zealand Hemp ... More>>

ALSO:

Stats NZ: One In 14 Employed People Report High Risk Of Losing Jobs

About one in 14 workers say they expect to lose their job or business by mid-2021, Stats NZ said today. A survey of employed people in the June 2020 quarter showed 7 percent felt there was a high or almost certain chance of losing their job or business ... More>>

ASB Quarterly Economic Forecast: NZ Economy Doing Better Than Expected, But Challenges Remain

August lockdown estimated to have shaved 8% off NZ’s weekly GDP, and 0.5% off annual GDP Economy now expected to shrink 5% (year-on-year) by end of 2020 Unemployment rate now expected to peak at 7.2% The latest ASB Quarterly Economic Forecast is less ... More>>

ALSO: