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

November 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]

Keen buyers across the country are driving strong growth in the volume of residential sales. Sales are 32.6 per cent up on October 2011 and the national median house price is at a new record of $380,000.

The Chief Executive of the Real Estate Institute of New Zealand (REINZ), Helen O'Sullivan, says the springtime surge in new listings is struggling to keep pace with buyer demand leading to a further drop in the average number of days taken to sell to 32 days.

Sales volumes rose across the country in October but prices did not automatically follow. "The market is very much in two parts - the metropolitan regions of Auckland, Wellington and Christchurch where prices are rising and the rest of the country where price trends are mixed."

The median price across the Nelson/Marlborough region eased by $13,000 (-3.7%) after hitting a new all-time high of $353,000 in the previous month. Prices firmed in Nelson, but eased elsewhere across the region.

The large swings in the median price over the past few months has seen the median price trend flatten once again and with the trend in the days to sell also flattening out the overall trend is now flat.

Within the Motueka area there were 26 properties sold in October with the median days to sell remaining in the high 60s and the median price at $375,000.

The usual spring surge of new listings hit the market during the month and considering the current strong level of buyer activity I expect to see good sales volumes for November and December.

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