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17-01-2013

Lifestyle sales hit five-year high

Landlords.co.nz

Lifestyle properties near the main centres are in solid demand, says the Real Estate Institute, and sales are at levels not seen since 2007.

It released data today showing a 28.4% (+358 sales) increase in lifestyle property sales volume in the three months to December 2012 compared to December 2011. 

There were 1618 sales recorded in the three months to December 2012 compared to 1260 sales in the three months to December 2011. The 102 sales in the month of November were the strongest since December 2007.

Twelve regions recorded increases in sales compared to November while one recorded a decrease in sales.  Auckland recorded the largest increase (+27 sales), followed by Bay of Plenty (+21 sales) and Canterbury (+11 sales). 

Compared to December 2011, nine regions recorded increases in sales with five regions recorded decreases.  Auckland recorded the largest increase in sales (+135 sales), followed by Waikato and Manawatu/Wanganui with 50 sales each.

The national median price for lifestyle blocks improved by $15,000 (+3.2%) from $475,000 for the three months to November 2012 to $490,000 for the three months to December 2012 to reach a new record high.  Compared to three months to December 2011 the median price rose by $13,750 (+2.9%). 

The number of days to sell for lifestyle properties improved by two days, from 63 days for the three months to the end of November to 61 days for the three months to the end of December. Compared to the three months ended December 2011 the number of days to sell improved by 21  from 82 days to 61 days. 

REINZ rural specialist Brian Peacocke said: “Those properties close to the main centres, and Auckland in particular, are experiencing solid demand, although there is little pressure on prices in these areas. The lifestyle property market overall is in good health with rising volumes and a new record median price reached this month.”

Source: Landlords.co.nz

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