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

March 15th
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) indicates strong sales growth in the residential housing market, with 6,168 unconditional sales for last month. The volume of sales is up by 37% or 1,666 sales compared with the same time last year, and is the best result the market has recorded since 2008.

There is little change in the economic outlook with the sustained low interest rates helping to fuel the increasing activity in the housing market.

The volume of sales is well up when compared with this period over the last 4 years, reflecting the strong growth in sales shown over the rest of the country. The median price is up on the previous month but is yet to catch up with trends from the previous years.

For our local Motueka market we had another strong listing month combined with good sales numbers. There were a number of properties that sold in under 40 days, but the average days on market was out at 187 as some very old listings also sold.

The median price remained in the mid $300k and I expect it to stay there as there are more buyers in the market now for $500k-plus properties.

Overall, well-presented properties up to $550k are getting plenty of attention and this interest is also pushing out into the rural areas which have been very slow for some time. This autumn would be a good time to make a move, particularly if you are thinking of trading up.

[Statistics quoted in this article are sourced in-house and from REINZ, while we endeavor to keep the figures as accurate as possible they cannot be guaranteed.]

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