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

April 19th
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]

The latest data from the Real Estate Institute of New Zealand (REINZ) indicates strong sales growth in the residential housing market, with sales volumes up by 25.3% compared with the same time last year, and is the best monthly result the market has recorded since November 2007.

The national median house price reached a new record high of $370,000 in March with a new record median price of $495,200 set for Auckland.

The long period of relatively low interest rates and stable environment (at least in our part of the world) probably has a great deal to do with this surge in property sales. For borrowers the general advice is that it may be a good idea to start fixing their mortgage interest rates for 3 years as a change may be just around the corner.

The median price for the Nelson region increased by $500 compared to February 2012 and recorded the strongest overall price trend, followed by Richmond. Sales volumes in the region over all eased back after a very strong increase in February, although Motueka bucked the trend by more than doubling its sales compared to March 2011.

Locally approximately 25 new properties were listed, the same as for this period last year. The sales volume surge appears to be due to high buyer confidence in the lower end of the market. The median house price for the period was $305,000 with only 4 of the 33 sales over $400,000.

I expect that this area of the market will continue to see most of the activity for the coming months, we are seeing buyers enquiring on mid-market properties but they are very value-driven and frequently dependant on selling another property before they can proceed with their purchase. In general it's a good market to be in, with plenty of opportunity whether you are buying or selling.

[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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