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Market Update January 2017

By Alan Atkins

Median house prices have risen and sales volumes have stayed flat or fallen across New Zealand in December 2016 when compared to December 2015, according to the January 2016 figures released by REINZ, source of the most recent, complete and accurate real estate data in New Zealand.
The national median sale price rose 11% year-on-year to $516,000, just $4,000 from its record high of $520,000 in November.
The volume of sales for December 2016 was 6,533, a decline of 11% compared to December 2015. On a seasonally adjusted basis sales for December fell less than 1%, in line with expectations for this time of year.

For the Nelson/Marlborough region the median price rose $65,750 (+17%) compared to December 2015. Sales volume compared to December 2015 fell 12%, with sales falling 2% in Marlborough/Kaikoura, 16% in Motueka and 17% in Nelson.
REINZ Chief Executive Officer, Bindi Norwell noted that, “Investors and first home buyers are a little more active in the market, although the Christmas break has seen some defer any activity until the New Year. Attendances at open homes have risen over the past month which suggests greater activity in the New Year. Overall a steady market”.

For our local Motueka market and surrounds the number of new listings was strong for December, however a large proportion of these properties were in the surrounding areas rather than the town, so residential properties remained in short supply over the holiday period. Sales numbers remained at a similar level to the same period last year, the medium house sale price was $477,000 (on average 32% above the current capital Value), and the median days on market were down from 62 to 42.

As we enter the new year many of the factors around supply, demand and finance that defined the real estate market in 2016 remain in place so expect 2017 to follow along the same lines.

Content and statistics quoted in this article are sourced from REINZ and in-house, while we endeavor to keep the figures as accurate as possible they cannot be guaranteed.

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