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

July 18th
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 June 2011 showed 5,229 unconditional sales for the month, up by 654 sales on June last year. The national median house price rose by $10,000 to $360,000 (+2.9%) with some significant regional variations within this movement.

The Nelson/Marlborough region reported a sizeable increase in volumes, with an extra 60 properties sold in June compared to June last year.

There appears to be increasing confidence in the economy with ongoing low interest rates, favorable borrowing conditions and an overall positive outlook. This is likely to lead to more buyers for local property - what effect this will have on prices will depend on how many sellers also come in to the market.

Locally, new residential property listings remained around the monthly average of 12 while there was a small jump in new rural properties been listed. With sales there was a small drop in number compared to May with the average sale price 4-5% above the 2008 capital values.

The median sale price for residential properties in Motueka for June was $325,000 which was well up on the $270k - $280k for April/May.

[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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