Review of the property sales market in the Motueka area for August 2011

August 12th
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]

Real Estate Institute of New Zealand (REINZ) data on the New Zealand housing market for July 2011 showed 4,928 unconditional sales for the month, up by 517 sales on July last year. The national median house price fell by $15,000 to $345,000 (4.2%), continuing the trend of moving between $340,000 and $365,000 each month evident since June 2009.

The July results continue the trend of prices moving sideways with volumes on an annual basis continuing to recover. The national median 'days to sell' (measuring the number of days from listing date to unconditional date) improved by 2 days from 44 days in June to 42 days in July.

Nelson/Marlborough recorded an almost 20% lift in volumes compared to July 2010, following on from a strong lift in annual volumes recorded last month. Prices eased further in July with the median price for the region falling by $11,750 compared to June, and by $16,000 compared to July 2010.

There appears to have been a recent blip on the road to increasing confidence in the economy; however this will no doubt help keep interest rates down a bit.

Locally new residential property listings increased from 12 last month to 17, a jump usually reserved closer to spring, with an increase in properties for sale. The number of sales was also up, clearly showing that our seasonally quiet winter is driven more by lack of properties to sell rather than any lack of buyers.

Local days on market (taking out sections and development projects) was 136; however four properties were sold in 15 days or less. The median sale price for residential properties in Motueka for July was $290,000, down on the $325,000 for June. All in all the local market is reflecting national trends prices, slipping sideways with steady demand.

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

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