REINZ, the most up to date source of real estate data in New Zealand, announced today that there were 7,989 dwelling sales in May 2015, up 21.6% on May 2014 and up 10.4% compared to April. The national median price was $460,000 for May, an increase of $30,000 or 7.0% compared to May 2014 and an increase of $5,000 or 1.1% from April.
Real Estate Institute of New Zealand (REINZ) Chief Executive Colleen Milne says, “Auckland continues to dominate the real estate market in terms of price movements, with an annual increase of just under 20% for the 12 months to May. The Reserve Bank’s recently announced LVR (Loan to Value Ratio) measures may have some slowing impact on the rate of price increase, but it would take some months for this to take effect. The inventory situation in Auckland remains very tight and the number of sales by auction continues at near record levels.”
For the Nelson/Marlborough region the median price rose by $11,500 (+3.3%) compared to May 2014 with prices rising 8% in Nelson and 2.5% in Richmond.
REINZ Chief Executive, Colleen Milne noted that “there has been strong demand for new subdivisions in Richmond, which is providing confidence to the market as well as an increase in first home buyers active in the market. Listings have declined in line with the seasonal trend.”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 were on par with last month but down by 30% on May 2014. Sales were up a fraction on the previous month. For the 3rd month running the number of sales have closely matched the number of new listings.
The median days on market were 115 while this is a jump up on last month’s 75 it is within our usual range. The median price for sales made during the month was $389,500
With buyer interest remaining steady coming into the winter it appears that the number of new listings will be the determining factor in the number of properties that will be sold over the next month or two.
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.