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August Market Comment

By Alan Atkins

REINZ, the most up to date source of real estate data in New Zealand, announced for July 2015 that there were 8,121 dwelling sales, up 37.8% on July 2014 and 9.4% compared to June 2015.

The national median price was $465,000 for July, an increase of 11.8% on July 2014, and 3.3% from June. Real Estate Institute of New Zealand (REINZ) Chief Executive Colleen Milne says, “The volume of sales has been exceptionally strong for the middle of winter right across New Zealand.

For the Nelson/Marlborough region the median price rose by 8% compared to June, with prices rising 17% in Motueka, 14% in Marlborough/Kaikoura and 9% in Nelson.

Sales volume rose 26% compared to July 2014, with rises of 42% in Marlborough/Kaikoura, 35% in Nelson and 32% in Richmond. REINZ Chief Executive, Colleen Milne, noted that, “Investors are coming into the market from Auckland, Wellington and Christchurch — some with a view to eventual occupancy, presenting a new facet for the market.  However, the number of listings remains a problem, with buyers struggling to find suitable properties in some cases.”

For the wider Motueka market the number of new properties coming to the market was down on both the previous month and the same time last year, sales number were up considerably but once the new release section sales from Tana Pukekohatu & Puketutu were removed the number of homes sold was very much in line with the previous month and this time last year.

The discrepancy between the number of properties listed and sold is creating some tension in our market and we can see this in the median days on market which is down on both this time last year and last month. While REINZ reports prices up 17% in Motueka looking over the wider Motueka area my take on the median sale price of homes is that at $422,500 it is within 1% of the previous month’s median sale price.

With spring just around the corner I expect the number of listings will increase taking some of the tension out of the market, alternatively in absence of an increase in listings we may see some upward pressure on market prices this spring.

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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