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

February 22nd
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 NZ indicates a positive start to the 2012 year in the residential housing market, with 4,073 unconditional sales for the first month.

The volume of sales is up by 25.2% or 821 sales compared with the same time last year, and is the best January result the market has recorded since 2008.

The interest rates appear very stable at present with commentators suggesting that the 2-3 year fixed rate is the best deal at present. Certainly when you look back over the last 30 years the current rates are low.

The median price across the Nelson region eased by 2% in January compared to December, but rose by 2% compared to January last year. Nelson City appeared to do the best of all markets with an almost 35% increase in volumes compared to January last year. The trends in general indicate that prices in the region are overall still flat.

For our Motueka market there were around 26 new listings for the month of January and this healthy level of new listings coming on to the market has continued in to February.

Sales numbers for January were also strong reflecting the large amount of activity in the market pre-Christmas. We expect the good sales volumes to remain though February/March on the back of these listings; however this will depend on the sellers and buyers being able to agree on the all-important price.

Prices paid on the whole have not varied a great deal over the last 12 months with the median sale price for Motueka at $327,000 in January and the average sale price 3% above the capital value.

Overall this year is shaping up to be a steady year for real estate where willing buyers and willing sellers will each be able to keep moving on with their lives.

[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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