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April Market Comment

By Alan Atkins

REINZ, the most up to date source of real estate data in New Zealand, announced today that there were 8,803 dwelling sales in March 2015, up 20.3% on March 2014 and up 27.6% compared to February.  This is the highest March sales volume since 2007. The national median price for March was $475,000, an increase of $35,000 or 8.0% compared to March 2014. Real Estate Institute of New Zealand (REINZ) Chief Executive Colleen Milne says: “While the increase in the number of sales is more or less spread across the country, the movement in the national median price is almost entirely an Auckland effect.”

For the Nelson/Marlborough region the median price compared to February fell by $6,100 (+-1.7%) with prices rising 6% in Motueka and 4% in Nelson, but falling elsewhere across the region. REINZ Chief Executive, Colleen Milne noted that “the region is seeing more first home buyers and investors than earlier in the year, but numbers overall are lower than last year.  The number of listings has increased, which is providing more choice for buyers, with a resulting increase in open home attendances.”

For the wider Motueka market March saw a small drop in listing over February and an increase in sales of about 28%. March sales included a diverse range of property from leasehold through to million dollar homes with a good variety of sections and lifestyle properties as well. This range of property being transacted demonstrates the stability of our current real estate market. The median days on market jumped up to 154 but this was a result of a number of properties that had been on the market for some time finally been matched with a new owner. I would expect the days on market to come back next month as most of our current listings have not been on the market that long. With the ongoing confidence in our local market I expect that we will see a healthy number of sales going in to the winter months.

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

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