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July Market Comment

By Alan Atkins

REINZ, the most up to date source of real estate data in New Zealand, announced that there were 7,426 dwelling sales in June 2015, up 29.2% on June 2014 but down 7.0% compared to May.

The national median price was $450,000 for June, an increase of $23,000 or 5.4% compared to June 2014 and a decrease of $10,000 or 2.2% from May. Excluding the impact of the Auckland region, the national median price was steady at $340,000 compared to June 2014.

Real Estate Institute of New Zealand (REINZ) Chief Executive Colleen Milne says, “There is increasing evidence that Aucklanders are looking out of the region for properties, both as owner-occupiers and for investment properties.

For the Nelson/Marlborough region the median price fell by $12,600 (-4%) compared to May with prices rising 22% in Richmond but falling 7% in Nelson and across the rest of the region. Compared to May sales volumes rose by 3%, rising 20% in Nelson and by 14% in Marlborough/Kaikoura but falling across the rest of the region.

REINZ Chief Executive, Colleen Milne noted that “Demand for new subdivisions in Richmond remains strong, with first home buyers starting to compete with out of town buyers (mostly Auckland) in a market that is experiencing a lack of listings, particularly in Nelson.” The price trend for the region continues to fall, although the sales volume and days to sell trends are now easing.  Overall the trend for the region is easing.

For the wider Motueka market new listings numbers were consistent with last month and this time last year as were sales volumes. The median price of property sold moved up to $424,239 on the back of a number of higher value sales, the average sales price was 3% above the current capital value.

The median days on market dropped down to 99 from 115, this is still on the high side and reflects a number of rural/lifestyle properties that sold after been on the market for some time.

With the coldest part of winter upon us we are seeing an increasing number of property owners enquire about selling their property as the weather improves. I consider we will have a busy late winter and spring period.

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