NZ lifestyle properties continue to buck the trend
Wednesday 24 November 2004
Rural lifestyle property sales have again overshadowed a very quiet rural property market during October, according to the Real Estate Institute of New Zealand.
By The LandlordThe latest rural sales figures showed while rural sales continued at a very low level consistent with this time of the year, lifestyle block sales were up and so were prices.
The national median selling price for farms for October was $865,00 compared with the September figure of $750,000 and the 2003 figure of $610,000.
However due to low volumes and higher turnover of more expensive dairy properties, the REINZ cautioned that not too much should be read into these figures.
REINZ Vice President Murray Cleland said that the increase in the October median was a reflection of a low level of market activity and the impact of sales of more expensive properties rather than an overall trend.
Read More - Opens in a new window
Commenting is closed
Periods of house price decline are rare and "short-lived", says economist Tony Alexander, amid forecasts of a drop of 10%-15% this year.
The Reserve Bank says the commercial property sector is vulnerable to the Covid-19 crisis. But PMG Funds' chief executive believes that while there’ll be short-term pain, the biggest long-term impact will be structural change.
Mortgage lending fell to its lowest level on record last month as the property market ground to a halt during the Covid-19 lockdown.