Review of the property sales market in the Motueka area for September 2012

September 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]

The national median house price increased by $9,000 from $361,000 in July to $370,000 in August, an increase of 2.5%. Auckland's median house price moved up 1.1 per cent, from the $500,000 level it has stayed steady on for three months, to reach a new record median price of $505,500. The national median house price is up 4.2% compared to August last year.

The REINZ reports median house prices across the top of the south region rose by $29,000, a rise of 9.6% compared to July. This bounce back was welcomed considering the median sale price in July was the lowest since December 2008. Despite this prices eased in Nelson by 7%.

Sales volumes compared to August 2011 were 17.6% higher, with notable increases in Motueka and Marlborough. The trend in the number of days to sell eased by eight days compared to July from 38 to 46 days. The days to sell trend has now moved from improving to flat.

Within the Motueka area median days on market has jumped to 134 days. However due to the size of our market this blip does not carry much weight. The median price has risen to $340,000 with 33 house sales recorded for last month and only 3 of those over $500,000.

With buyers still very focused on value and affordability, the strongest demand remains for well presented properties under $400,000. We are however seeing more interest in properties priced above this level. According to Quotable Value, "Although confidence is still low overall, some top end properties have been selling well and first home buyers are still actively looking for homes."

Sales volumes as predicted are rising and this trend should continue in the coming months as we move into summer.

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