Lifestyle property market steady

Thursday 13 September 2012

New Zealand’s lifestyle property market isn’t firing up to the same extent as the residential market, according to the latest REINZ rural statistics.

By The Landlord

There was a 6.4% increase in sales volume for the three months to August 2012 compared to the same time the year before, with 1387 sales recorded.

But there were 127 fewer sales recorded compared to the three months to July 2012

Only two regions recorded increases in sales compared to July: Gisborne and the West Coast.

Twelve regions reported drops: Canterbury had the largest fall, with 30 fewer sales, followed by Northland with 25 fewer and Auckland, with 24 fewer.

The national median price eased by $20,000 from $475,000 for the three months to July 2012 to $455,000 for the three months to August 2012.

The number of days to sell for lifestyle properties eased by four days, from 84 days for the three months to the end of July to 88 days for the three months to the end of August.

Compared to the three months ended August 2011 the number of days to sell improved by 12 days from 100 days to 88 days.

Gisborne recorded the shortest number of days to sell in August at 52 days, followed by Canterbury at 56 days and West Coast at 66 days.  Otago recorded the longest number of days to sell at 150 days, followed by Wellington at 128 days and Manawatu/Wanganui at 118 days.

REINZ rural spokesman Brian Peacocke said: “Activity in the lifestyle market remains steady with little change over the past three months.  There is good activity in the $600,000 to $1 million price range in the Rodney and Kaipara districts in the Auckland region and increasing enquiry in the $1 million to $2 million price range in the Franklin and Hunua districts south of Auckland city.  Buyers from Auckland and Christchurch are boosting enquiry in the central Waikato region, particularly in the $600,000 to $800,000 price range.  The lifestyle market in the Bay of Plenty is still suffering from the fallout from the PSA devastation in the kiwifruit sector whilst activity across the rest of New Zealand is relatively consistent for this time of the year.  Most regions are anticipating increasing activity as we progress further into the spring.”

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