Healthy lifestyle property market: REINZ

More sales but slightly lower prices were recorded in the lifestyle property market in the three months to April, compared to the same time the year before.

Tuesday, May 19th 2015, 12:00AM

by The Landlord

There were 11 more sales over the period – 1707 this year compared to 1696 the year before.

For the 12 months to March this year, there were 6642 unconditional sales of lifestyle properties, 9% more than in the 12 months to April 2013.

Six regions recorded increases in sales compared to April 2013 while seven recorded decreases.  Otago recorded the largest increase (+43 sales), followed by Northland (+29 sales) and Hawkes Bay (+15 sales).  Compared to March, 12 regions recorded an increase in sales with two regions recording decreases. 

The national median price for lifestyle blocks declined by $8500 (-1.6%) from $518,500 for the three months to April 2013 to $510,000 for the three months to April 2014.

The median price for lifestyle blocks in Auckland rose by $55,000 (+6.8%) from $805,000 for the three months to April 2013 to $860,000 for the three months to April 2014.  Over the same time period for the three months ending April, the median price rose by 4.8% in Waikato to $470,000, and by 7.2% in Canterbury to $592,000. Compared to March 2014, the national median sales price was steady at $510,000

The number of days to sell for lifestyle properties eased by one day, from 74 days for the three months to the end of March to 75 days for the three months to the end of April.  Compared to the three months ended April 2013 the number of days to sell eased by three days from 72 days to 75 days. 

Southland recorded the shortest number of days to sell in April at 47 days, followed by Canterbury at 50 days.  West Coast recorded the longest number of days to sell at 175 days, followed by Wellington at 110 days and Northland at 106 days.

REINZ said the market north of Auckland was robust. Waikato was steady and there was good activity in Canterbury, where businesses were generating good cashflows. Supply was the biggest problem in that market, it said.

« Rents not high enough to justify building: JLLMigration not biggest price driver: Economist »

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