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

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]

Residential property sales continued to advance in May with REINZ data showing the number of sales was the highest for the month of May since 2007.

The national median price increased $1,500 compared to April and remains just $8,000 below the record median set in March 2013.

The Chief Executive of the Real Estate Institute of New Zealand (REINZ), Helen O'Sullivan, says price levels in Auckland and Canterbury are continuing to have a major impact on the national picture.

REINZ data shows there were 7,714 unconditional residential sales in May, an increase of 539 sales (+7.5%) compared with the same time last year and an increase of 8.6% compared to April 2013.

The median price across the Nelson Marlborough region increased by $27,625 compared to April to reach a new record high. Prices in Richmond and Nelson City rose the most.

REINZ Chief Executive, Helen O'Sullivan noted that "both investors and first home buyers are active in the market, and vendors remain well informed about the market. However, the region is seeing an increasing shortage of listings for properties in the $250,000 - $400,000 bracket, the most active part of the market."

For the Motueka area there was a steady number of new listings recorded and 31 sales in the wider Motueka area. The days on market ranged from 1611 to 8 with the median sitting at 101 which is down on the 134 from the previous month.

The median price also dropped from the previous month's high of $404,000 to $330,000 due to the high number of homes in the lower price bracket selling over the period.

The rest of the winter looks like it will provide a good time to sell as demand from buyers has not shown any sign of waning yet.

(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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