Lifestyle market steady: REINZ
New Zealand’s lifestyle property market continued its lift in the September quarter, when there were 6.2% more sales compared to the same time the year before.
Friday, October 12th 2012, 12:00AM
by The Landlord
There were 1339 sales in the three months to September 2012.
But just two regions registered increases in sales compared to August: Hawkes Bay, where there were three more sales, and Taranaki, where there were two.
Wellington had the biggest fall in the number of lifestyle block sales in September compared to August, with a drop of 10.
The national median price for lifestyle blocks dropped by $5000 (-1.1%) from $455,000 for the three months to August 2012 to $450,000 for the three months to September 2012. But compared to three months to September 2011 the median price rose by $20,000 (+4.7%).
The number of days to sell for lifestyle properties improved by seven days, from 88 days for the three months to the end of August to 81 days for the three months to the end of September. Compared to the three months ended September 2011 the number of days to sell improved by 26 days from 107 days to 81 days. West Coast recorded the shortest number of days to sell in September at 48 days, followed by Canterbury at 49 days and Gisborne at 52 days. Otago recorded the longest number of days to sell at 178 days, followed by Hawkes Bay at 127 days and Nelson at 125 days.
REINZ rural specialist Brian Peacocke said: "There has been a greater depth of localised activity near Auckland, and the steady market in the Waikato continues to benefit from buyer inquiry from outside the region. Marlborough is also benefitting from strong enquiry, and whilst there has been a slight increase in activity in Canterbury, slow insurance payouts are impacting on affordability and the pace of transactions."
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