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

December 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]

Ongoing strong demand drove robust sales volume growth in the residential property market in New Zealand during November, with the number of sales up 24.1 per cent on November 2011.

The Chief Executive of the Real Estate Institute of New Zealand (REINZ), Helen O'Sullivan, says that despite a surge in new listings during spring, demand continues to outstrip supply in key markets such as Auckland.

The national median house price increased by $3,250 from $380,000 in October to $383,250 in November, with Auckland's median house price moving up to a new record median price of $540,000.

The median price across the Nelson Marlborough region fell by $5,000 (-1.5%) compared to November 2011, although there were solid price increases in Richmond and Marlborough / Kaikoura.

Helen O'Sullivan commented that, "the Nelson/Marlborough region remains relatively constrained with a continued shortage of listings and rising demand for properties, although this is not yet being fully reflected in sale prices." The overall trend for the region is sideways.

For the Motueka area, November listings were down a fraction on October and sales up as both sellers and buyers had a strong desire to get their property needs sorted before the summer holidays.

The median days on market was 70 with the median house price at $336,500. Both these figures have remained relatively static over the last few months, reflecting our reasonably stable property market.

With interest rates remaining low and a steady demand for property we are expecting the summer to be a busy one.

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