Median house prices and sales volumes have grown across New Zealand during November, according to the latest figures released by REINZ, source of the most recent, complete and accurate real estate data in New Zealand.
10 of 12 regions in New Zealand hit new record high median sale prices in November 2016, with the national median price also reaching a new record median of $520,000, and all but two regions showed double-digit percentage growth.
Only Auckland and Central Otago Lakes did not post new record median prices. Auckland eased back from a record in October, and Central Otago Lakes median continued to ease following its rapid price increase earlier in the year.
For the Nelson/Marlborough region the median price rose $91,000 (+24%) compared to November 2015 to reach a new record high. Sales volume compared to October rose 10%, with sales rising 20% in Nelson and 17% in Marlborough/Kaikoura, but falling across the rest of the region.
REINZ Spokesman, Bryan Thomson noted that, “In contrast to other regions first home buyers appear to be taking a back seat with investor to the fore. The level of inventory remains low, although it has improved with an increase of listings during Spring. Indications are that the market is shifting from a sellers market to a more balanced position, with the 25% increase in the median price over the past 12 months likely causing first home buyers to drop out of the market.”
For our local Motueka market and surrounds sales were steady against October with an increase in listings which has put a bit more choice in to the Market for buyers. Properties are still selling fast with the median days on market for November down to just 36. The average sales price remained around 20% above the current capital value.
As we enter the summer holiday period we expect the usual slow down due to lack of access to bank lending manager’s, solicitor’s and other professionals, this is likely to be short live and we are likely to see a quick return to an active property market early in January.