New Zealand’s national median house price has reached a new record high, passing the $500,000 mark for the first time to hit $506,000, according to the latest figures released by REINZ, source of the most recent, complete and accurate real estate data in New Zealand. Real Estate Institute of New Zealand (REINZ) spokesperson Bryan Thomson says, “May marked the first time the national house price breached the $500,000 mark. “Of some concern is the dwindling level of properties available for sale and, with winter now upon us, the number of properties coming to market is also going through an expected seasonal decline.
For the Nelson/Marlborough region the median price rose $33,500 (+9%) compared to May 2015. Sales volume compared to May 2015 rose 18%. REINZ Spokesman, Bryan Thomson noted that “There have been more first home buyers in the market and a drop in the number of investors over the past month. The supply of properties across the region has fallen by 57% over the past year with less than 12 weeks of supply available and an increase in this rate of decline. This is restricting choice for purchasers and the increased competition due to this, may explain the decline in the number of investors in the market
For our local Motueka market and surrounds we continue to experience a micro version of the wider NZ market. Median days to sell homes in Motueka were down to 58 last month and taking just 82 days in the wider area. The average sale price was 11% over the current capital value with variations ranging from 6.7% under to 48.3% over current capital values. The market is certainly busier in terms of both sale prices and sale volumes with both new listings and the number of sales well up on this time last year. While the number of new listings exceeded the number of sales last month we still have a low 6 weeks of supply available.
Moving in to the coolest part of the winter the local property market does not appear to be easing up and it look like we will see the current hot level of activity continue into the spring.
Content and statistics quoted in this article are sourced from REINZ and in-house, while we endeavor to keep the figures as accurate as possible they cannot be guaranteed.