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

October 14th
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 September 2011 showed 5,235 unconditional sales for the month, up 21.1% compared to September last year but only 43 higher than for August 2011, a modest result given the lift usually expected during spring.

Nelson/Marlborough recorded the 4th strongest lift in volumes compared to August, with a noticeable rise in sales volume in Marlborough/Kaikoura. The median price across the region increase by just under 2% compared to August.

The shortage of listings in the region has eased with the arrival of spring, although there is still a shortage of properties for sale, and buyers remain very value-focused even for the right property.

The economic outlook remains flat with fixed and floating interest rates remaining reasonably matched. With many international markets still experiencing severe economic problems, the outlook for this summer is most likely more of the same.

Locally last month saw a typical spring jump in listings, with a 32% increase in the number of properties listed in September when compared with August. This was also another strong month with 24 sales in the immediate Motueka.

The medium price for the month was $261,500 reflecting that the buyer interest is still in the lower-priced properties. Overall we are expecting a good run of sales for the October / November period.

[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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