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

May 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]

The volume of residential property sales in April across the country reached the highest level in six years with sales up by just over 25 per cent when compared to April 2012.

The Chief Executive of the Real Estate Institute of New Zealand (REINZ), Helen O'Sullivan, says April was notable for the surge in prices and sales of mid-level homes in many parts of the country.

Several regions appear to be benefiting from the tail-wind generated by the strength of house prices in Auckland and Christchurch. The national median house price fell by $9,500 (-2.4%), from the record high of $400,000 in March, to $390,500 in April.

For the Nelson/Marlborough region the median price fell by $18,000 (-5.2%) with prices falling across most of the region, apart from Marlborough/Kaikoura. Compared to March sales volumes fell by 14% with sales flat in Nelson City, but falling elsewhere across the region.

The median price trend continues to improve, although the volume and days to sell trends remain sideways. The overall trend for the region has now eased to sideways.

For the Motueka area there was a sharp lift in the number of property sales recorded in April. However this was due to a large number of section sales that were released during the month.

The number of house sales remained about the same, with the median house sale price dropping back to $404,000. The median days on market stretched out to 134 as the steady property demand shook a few of the older apples off the tree.

Looking forward to the next couple of months, it would appear that conditions will be good for people wishing to sell their property. We have a steady property demand, relatively low numbers of property on the market and favourable borrowing conditions.

(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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