Review of the property sales market in the Motueka area for July 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 6,135 unconditional sales in June, an increase of 906 sales (+17.3%) compared with the same time last year. The national median house price rose by $3,000 to $372,000, a new record high.

Interest rates across the board remain at their relatively low levels; this is not however generating a lift in buyer enquiry as the business community and investors still appear unwilling to increase their borrowing.

The median price across the Nelson region joined in the national trend by increasing by 4.2%. This is the first reasonable upward trend in the median price after an extended period going sideways, although the volume trend continues to move sideways.

Locally we had a big jump in listings compared with sales, which was the complete opposite with the previous month; this reflects the volatility of our small local market.

The median days on market excluding sections is down to a low 49. This perhaps is the best indicator that buyers and sellers are agreeing on a property's value earlier in the marketing process.

For the 17 local sales the median sale price was up at $340,000. However there were only two sales above $500,000 in our local area. The sale prices averaged 2% above the capital values.

With the days lengthening, I expect that we will see more properties listed over the next couple of months as sellers come onto the spring market, and that this increase in property choice will fairly well matched by an increase in buyers.

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