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January Market Comment

By Alan Atkins

Real Estate Institute of New Zealand (REINZ), the most up to date source of real estate data in New Zealand, announced that there were 7,313 dwelling sales across the country in December 2015, up 3.5% on December 2014, but down 9.1% compared to November. The national median price was $465,000 for December, an increase of 3.3% on December 2014, and up 1.2% compared to November.

REINZ Chief Executive Colleen Milne says, “Regional markets, particularly Northland, Waikato/Bay of Plenty, Hawkes Bay and Central Otago Lakes are now setting the pace for the New Zealand real estate market, with Auckland, in a relative sense, now in the middle of the pack. The decline in sales volume in Auckland, while noticeable, is likely transitory as the region gets to grips with the new LVR rules for investors, although the median price continues to firm.

For the Nelson/Marlborough region the median price rose 11% compared to December 2014 and 4% compared to November. REINZ Chief Executive, Colleen Milne noted that “The market is busy with a seasonal increase in enquiry at this time of the year from out of town investors, with first home buyers continuing to be active across the region. The number of sales has pulled back in line with the normal seasonal trend in December, but prices are holding with the median price again reaching the record it did in October.”

For the wider Motueka market new listings dropped back a little when compared with December 2014. The number of sales were down but not substantially when compared with the average December. Days on market stretched out to 62 while the median price remained steady around $420,000.

In hindsight it was a fairly predictable result with the strong sales over the spring period taking some of the heat out of the early summer. Overall the number of listing is not quite keeping up with the number of sales so expect the prices to stay firm and properties, particularly those priced at or under the median price to attract multiple offers.

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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