Review of the property sales market in the Motueka area for November 2010

November 15
By Alan Atkins, Ray White Motueka

[Editor's note: Ray White Motueka is the Principal Sponsor of Motueka Online, and one item of assistance it provides is a regular, general update on the state of property sales in the area. The reports do not contain any promotion of Alan's company, but are provided purely for informational purposes]

The number of property sales last month was lower than expected as we have not had the traditional springtime rise, but the national median price is holding firm at $350,000, according to figures released by the Real Estate Institute of New Zealand (REINZ).

Across the country residential property sales fell to 3,903 in October. This is the first time residential property transactions have dipped below 4000 in October for more than a decade.

Around the Nelson/Marlborough district the median price eased back to $320,000 which is the same as the October 2009 median. The number of residential sales also fell back to 151 from 172 in September and are down on the 206 sales recorded in October last year.

Given this continuing weakness in the property market, it is pleasing to hear that other aspects of the economy appear to be firm with a positive outlook. This seems to be reflected in the banking industry with interest rates looking more like increasing than decreasing and some commentators now advising that a 2 year fixed rate may be the best bet.

On the local front, new residential listings increased only marginally between September and October with the number of new listings coming on so far in November matching those for the beginning of October. What is catching us out is the number of residential sales which for October were down to only 7 for the Motueka area compared to 17 for the same period last year.

This decline in the number of sales has meant that the total number of properties on the market at present is higher than on average. We have experienced a healthy increase in sale and purchase contracts over the last 4 weeks but a high percentage of these are subject to a sale of the buyer's property so these contracts may take a while to become sales.

All up it's a good time to buy as there is an excellent range of well priced properties to select from. If you are selling then it is as important as ever to have your property presented in the best possible condition when you take it to the market.

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