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

May 13th
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]

Across New Zealand 4,987 unconditional sales were reported for the month of April as the market came off the traditional March peak. The national median house price eased by $5,000 to $360,000 from March 2011, but was up $4,000 compared to April 2010. The median house price for the Nelson/Marlborough region increased by $10,000 or 3% compared to March 2011.

The economic outlook looks buoyant with the latest BNZ confidence survey indicating an 18 month high in the level of optimism businesses have about where the economy will be a year from now. There is continuing positive sentiment about current economic conditions in agriculture, manufacturing for export and forestry, and improved sentiment in construction, accountancy, and both residential and non-residential property. However retailing remains weak.

The local market had a small lift in local sales volumes compared with March as well as a lift in the average sale price against the 2008 capital values; which is a reversal of the downward trend we have seen since January. It must be said however that of the 14 sales within the Motueka township the highest value sale was $492,000 with the median price of $282,000, demonstrating that the demand for the higher value properties is still weak.

Considering the level of recent buyer enquiry and the economic outlook, I expect that we will have a reasonably active market over the coming winter months.

[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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