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

August 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]

Data from the Real Estate Institute of New Zealand (REINZ) shows the national median house price eased by $11,000 to $361,000, after reaching a new record high of $372,000 in June, with Auckland maintaining the $500,000 record median for the third month in a row.

The REINZ reports median house price across the top of the south region eased by $10,000 compared to July 2011, although prices in Nelson City were almost 10% higher, and prices in Motueka were up by over 5%.

Sales volume compared to July 2011 was almost 7% higher with notable increases in Richmond and Marlborough. The trend in the number of days to sell continues to improve, although both the median price trend and volume trend continues to move sideways. Overall the trend for the region is flat.

Within the Motueka area we also enjoyed a shortening of the median days on market down to 44. The median price slipped back to close to $300,000 with 13 house sales recorded for last month and only 2 of those over $400,000.

With buyers still very focused on value and affordability, the strongest demand remains for well present properties under $400,000. However we are seeing a steady number of inspections for properties priced above this level.

With spring just around the corner we are expecting the real estate market to hot up over the next 2 - 3 months.

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