Lifestyle market strengthens further
Lifestyle property turnover has lifted almost 10% on the same time last year, the latest Real Estate Institute rural statistics show.
Friday, January 3rd 2014, 12:00AM
by The Landlord
For the three months to November, there were 139 sales, up 9.2% on the three months to November 2012.
It follows a 3.1% in the three months to October on the same time the year before.
Auckland reported the largest increase in sales, with 73 more, followed by Northland, where there were an extra 52.
The national median price rose by $15,000 to $500,000 for the three months to November. Auckland’s median increased to $795,000.
The median price rose by 5.8% in Waikato, and by 9.8% in Canterbury to a new record high of $565,500.
The number of days to sell for lifestyle properties improved by 11 days, to 62.
Southland recorded the shortest number of days to sell in November at 46 days, followed by Auckland and Canterbury at 49 days and West Coast at 50 days. Nelson recorded the longest number of days to sell at 119 days, followed by Bay of Plenty at 95 days and Otago at 70 days.
REINZ’s rural specialist Brian Peacocke said: “The lifestyle market, in tandem with its rural counterpart, has been very solid with most regions experiencing stronger activity during November in the $600,000 - $800,000 range. Market momentum decreases as prices exceed $1 million to $1.5 million.”
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