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

June 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]

Data from the Real Estate Institute of New Zealand (REINZ) shows there were 7,175 unconditional sales nationally in May, an increase of 1,409 sales (+24.4%) compared with the same time last year.

The national median house price rose by $4,000 to $369,000, just $1,000 below the record high reached in March 2012. Auckland set a new record median of $500,000.

The world's economy appears to remain shaky based on the European troubles and this will most likely keep the interest rates at their relatively low levels for some months to come.

Sales volumes increased for the Nelson / Marlborough region by one quarter in May, after pulling back sharply in April. It appears that this increase in sales volume in Nelson in particular reflects continued buyer interest from Christchurch, which has not dropped off as expected with the arrival of autumn.

Locally we had a low number of new listing but this is common for this time of year. The number of sales bounced back after the slow previous month with the median days on market down to 96. The median sale price dropped a little to $310,000 and the average sale price was 3% below the capital value.

There are a healthy number of buyers in the market keen to secure property at the current low, low interest rates. While these buyers are showing the strongest interest in properties under the $400,000 mark, the effect of the seasonal drop off in listings should see good demand for all types of property.

I expect we will see plenty of activity around properties that are on the market this winter.

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