Northern lifestyle blocks popular

Monday 18 November 2013

Lifestyle blocks at the top of the country are proving popular, the latest Real Estate Institute figures show.

By The Landlord

Northland had the largest increase in year-on-year sales of lifestyle blocks in the three months to October, up by 73. Auckland followed, with 52 more sales this year than last.

Overall, there was a 16.8% increase in sales volume for the three months to October compared to the same three months in 2012.

But 41 fewer sales were recorded compared to the three months to September 2013.  For the 12 months to October 2013 there were 6594 unconditional sales of lifestyle properties, an increase of 18.1% (+1,012 sales) over the 12 months to October 2012.

The national median price for lifestyle blocks rose by $29,250 (+6.4%) from $460,250 for the three months to October 2012 to $489,500 for the three months to October 2013.  

The median price for lifestyle blocks in Auckland rose by 12.7% in the year to October 2013 to $800,000. 

The number of days to sell for lifestyle properties improved by five days, from 78 days for the three months to the end of September to 73 days for the three months to the end of October. 

Gisborne recorded the shortest number of days to sell in October at 22 days, followed by Canterbury at 44 days and Taranaki at 53 days.  Nelson recorded the longest number of days to sell at 175 days, followed by Hawkes Bay at 117 days and Northland at 109 days.

REINZ rural spokesman Brian Peacocke said: “The Auckland region dominated the lifestyle sector during October with other areas such as Northland, Waikato, Bay of Plenty and the lower North Island experienced increasing volumes of sales.  Canterbury continues recent good form with growth potential emerging as the new Marshlands residential subdivision comes closer to release.

“A number of regions have confirmed a hardening of attitude from purchasers as interest rates increase and the impact of LVR come into the equation.  In all regions, good properties are selling well apart from those cases where vendor expectations are ahead of the market.”

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