March Market Comment

REINZ, the most up to date source of real estate data in New Zealand, announced today that there were 6,898 dwelling sales in February 2015, up 12.6% on February 2014 and up 42.5% compared to January. This the highest February sales level since 2007. The national median price was $430,000 for February, an increase of $4,000 or 0.9% from January.

Real Estate Institute of New Zealand (REINZ) Chief Executive Colleen Milne says, “The surge in sales volumes in February compared to January was a little stronger than is normal, but this partly reflects a catch up after there were fewer sales than expected in January.”

“The data also shows that there has been no increase in the median price for New Zealand, excluding Auckland, between February last year and February just gone. This underlines again the view that there are two distinct real estate markets in New Zealand – Auckland and the rest of the country.

For the Nelson/Marlborough region the median price rose by $12,100 (+3.4%) compared to January with prices rising 5% in Marlborough/Kaikoura, 3% in Richmond and 3% in Nelson. Compared to February 2014 the median price rose by $10,100 (+2.9%) with prices rising 6% in Nelson.

Sales volume compared to January rose 24%, with sales rising 58% in Marlborough/Kaikoura and 44% in Richmond. REINZ Chief Executive, Colleen Milne noted that “the Nelson/Marlborough region is continuing to see high levels of activity from both local and out of town buyers, with strong enquiry and good attendances at open homes. Vendor expectations are rising, with an increasing number of multiple offers.”

For the wider Motueka market February saw an increase in properties listed over both last month and Feb 2014. Sales were also firm with numbers at last month’s level and up slightly on Feb 2014, this is contra to some other reported data. The median days on market were down to 68 (this includes rural sales) which is a sign of a strong demand for property. The median property price was down to $352,000 but this was due to a relatively large number of section sales confirming for the month.

Coming in to the autumn it appears the demand for property will stay firm across the whole property range with buyers showing interest in all property types.

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.