National median house prices increased 6.7% to $540,000 (up from $506,100) in the year to May 2017, according to the latest data from the Real Institute of New Zealand (REINZ) – source of the most complete and accurate real estate data in New Zealand. Bindi Norwell, Chief Executive Officer at REINZ, says: “May housing activity clearly shows continued buoyant activity across a number of regions which contrasts with the continuing stability of the Auckland region. We saw record median prices achieved in 4 of the 14 regions we measure – Northland ($450,000), Manawatu/Wanganui ($269,000), Nelson/Marlborough ($483,250) and Southland ($238,000) – suggesting that the regions continue to hold up overall.
For the Nelson/Marlborough region, the median price rose $88,250 (+22%) compared to May 2016 to
reach a new record median. Prices rose 27% in Tasman District, 13% in Marlborough District and 12% in Nelson City. Sales volume compared to April rose 44%, with sales increased 78% in Marlborough District, 39% in Tasman District and 18% in Nelson City. There was 13 weeks of supply across the region in May, little changed from May 2016.
For our local Motueka market and surrounds, new listings remained on par with this time last year and the previous month. The number of sales for the month were down on the Apr and half the number compared to April 17. The median days on market remained a relatively low 33 and the average sale price was 37% above the current average capital value.
Contrary to the usual winter market whereby sales exceed listing, listings have exceeded sales now for 2 consecutive months. With this increase in choice for buyers, sale prices are flattening. If the trend in increasing stock continues I expect that we will also start to see an increase in the medium days on market.
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.