New record price for lifestyle blocks

The Real Estate Institute has released its latest rural update, which shows that the lifestyle property market experienced a 22.2% (+273 sales) increase in sales volume in the three months to January 2013 compared to January 2012.

Auckland recorded the largest increase in sales compared to the year before, with 96 more,  followed by Waikato (+38 sales) and Wellington (+35 sales). 

The national median price for lifestyle blocks rose by $8500 (+1.7%) from $490,000 for the three months to December to $498,500 for the three months to January to reach a new record high.  Compared to three months to January 2012 the median price rose by $28,500 (+6.1%). 

The number of days to sell for lifestyle properties eased by one day, from 61 days for the three months to the end of December to 62 days for the three months to the end of January.

REINZ rural spokesman Brian Peacocke said: “Activity remains strong around Auckland, and steady across the rest of the North Island.  In the South Island activity is healthy in Nelson and Canterbury but weaker in the lower South Island.”