Review of the property sales market in the Motueka area in July 2013

July 11th
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 growth in the number of residential property sales eased in June, with REINZ data showing the number of sales at 6,135, equal to the number sold in June 2012.

The national median house price increased by $2,000 (+0.5%), from $392,000 in May, to $394,000 in June. Compared to June 2012 the national median house price increased by $22,000 (+5.9%).

Across the Nelson Marlborough region the median price fell by $2,750 compared to June 2012 and the sales volume was 3.3% higher.

REINZ Chief Executive, Helen O'Sullivan noted that "the number of investors in the market is increasing with the number of first home buyers remaining steady. The shortage of listings is becoming more of a concern, although purchasers are not yet overpaying for properties."

For the wider Motueka market there was a drop in new listings of 30% compared with last month with the number of sales remaining around 30. This reduction in the number of properties on the market in proportion to sales is putting pressure on buyers.

This is also reflected in the number of days on the market which has fallen from 131 in February to 83 in June. The median sales price for the month was $389,000 with 6 properties achieving over $500,000.

If the buyer activity to date is anything to go by there will be no period of dormancy this winter. If you are a buyer or seller now is not the time to sit back, if you are ready to make a move now is the time to do it.

(Statistics quoted in this article are sourced in-house and from REINZ and Realestate.co.nz. While we endeavor to keep the figures as accurate as possible they cannot be guaranteed.)

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