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September Market Comment

By Alan Atkins

Real Estate Institute of New Zealand (REINZ), the most up-to-date and comprehensive source of real estate data in New Zealand, stated that there were 7,766 dwelling sales in August 2015, up 41.7% on August 2014 but down 4.4% compared to July. The national median price was $465,000 for August, an increase of $45,000 or 10.7% on August 2014.

REINZ Chief Executive Colleen Milne says, “Activity right across New Zealand continued to be very strong through August, with wintry conditions apparently no deterrent to sales being concluded.  A rise in the number of new listings matched by the number of sales, showing that with more properties available for sale buyers have emerged to take up the additional supply. However, most regions still face a shortage of listings going into spring.

For the Nelson/Marlborough region the median price across the region rose $25,000 (+7%) compared to August 2014 to reach a new record. Prices rose 12% in Nelson, 9% in Richmond and 3% in Marlborough/Kaikoura.

REINZ Chief Executive, Colleen Milne, noted that “Listings are in very short supply across the region, with buyers having to be well organised and quick to secure properties they are after. Both first home buyers and investors are active, with an increasing level of interest coming from outside the region from buyers with longer term plans to move.”

For the wider Motueka market there was a lift in August of new properties coming on the market but this was still well below the level for the same month period last year. The number of sales for August was down on both the previous month and the same period last year.

The slowing in number of sales is almost certainly related to the reduced numbers of properties on the market while this could create an environment of increasing prices, buyers are still being prudent opting to wait for the right opportunity rather than take what is available, to this end the median days on market have become longer.

With spring upon us the spring listing surge has started however with the ratio of buyers to sellers apparently remaining stable it looks at present that there will be no great swings with either day’s on market or sale prices.

Statistics quoted in this article are sourced in-house and from REINZ and, while we endeavor to keep the figures as accurate as possible they cannot be guaranteed.

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