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

May 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]

Nationally the underlying strength of the residential housing market is being reflected in an increase in sales in April and a steadying of the national median house price at near record levels.

Data from the Real Estate Institute of New Zealand (REINZ) shows there was a 13.8% increase in unconditional sales in the month, to a total of 5,676. The national median house price for the month was $365,000.

The long period of relatively low interest rates rumbles on, maybe it's the new norm? However it is only a small step to fix and have peace of mind that you know what you will be paying over the next 2-3 years.

Regionally sales volume fell by 30% in April after a strong March. Local reports suggest that the Nelson/Marlborough region benefitted over the summer from an increased in buyer interest from Christchurch that has seen higher volumes and improved pricing, although with the onset of Autumn this influx of demand appears to have eased off.

Locally we had a similar number of new listings come on to the market this month compared with last but the number of sales halved to just 16 - this was expected as the previous month was a bit out of the ordinary. The market is holding its value as the median price was up from $305,000 to $337,500 which is the highest it's been for quite some time.

I expect that we will see our usual steady market leading into the winter on the back of high buyer confidence and stable interest rate.

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