October Market Update

At a time when the Auckland housing market appears to be taking a wet winter breather, the national median price has risen to a new record of $515,000, prices outside Auckland have hit a record median high of $400,000 and six regions of New Zealand have hit new record high median sale prices, according to data released by REINZ for September 2016.

According to the latest figures released by REINZ, source of the most recent, complete and accurate real estate data in New Zealand, new record median sale prices were seen in Northland ($390,000), Waikato/Bay of Plenty ($458,500), Taranaki ($350,000), Wellington ($480,000), Nelson/Marlborough ($450,000) and Otago ($296,000).

Real Estate Institute of New Zealand (REINZ) spokesperson Bryan Thomson says: “The real estate market in New Zealand appears to be in something of a two-speed mode at present, with Auckland pausing for breath during a wet school holiday period and ahead of likely new spring growth.

For the Nelson/Marlborough region the median price across the region rose $80,000 (+22%) compared to September 2015 to reach a new record high. Prices up 31% in Motueka, 18% in Nelson and 16% in Marlborough/Kaikoura. Compared to August 2016 sales volumes fell 3%, with sales rising 67% in Motueka and 39% in Richmond,  but falling across the rest of the region. The level of inventory available for sale is now at 11 weeks of supply, a drop of 50% over the past 12 months.

REINZ Spokesman, Bryan Thomson noted that “The market continues to be active, although some parts are more active than others. The new record median price is evidence of an increase in sales of higher priced properties, likely to buyers from outside the region.

For our local Motueka market and surrounds September was a good listing month with 34 new properties listed with new listing marginally exceeding the number of sales for the second month in a row. The median sale price dropped back a bit to just under $500,000, with the sale prices averaging 20% above the properties current capital value. The median days to sell remain low at just 38.

While the supply of properties appears to be increasing buyer interest is still high across a wide variety of property, as such our market remains a sellers’ market with plenty of scope for property owners to trade up or down.

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.