Review of the property sales market in the Motueka area in November

November 15th
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]

REINZ, the most up to date source of real estate data in New Zealand, have announced that there were 6,778 dwelling sales in the month of October, up 2.1% on October last year and up 0.9% compared to September.

The national median price increased $7,525 compared to September to $407,525, a new record median high. Auckland, Canterbury/Westland and Waikato/Bay of Plenty also reached new record median highs in October.

Real Estate Institute of New Zealand Chief Executive Helen O'Sullivan says, "The full effect on prices of the new LVR restrictions may not show up in the national or regional medians for a few months as buyers with pre-approvals make their purchases and the market adjusts to these new conditions.

The median price across the Nelson/Marlborough region rose by $25,000 (+7.4%) compared to October 2012 to $365,000. Sales volume compared to October 2012 fell 3% with strong rises in Nelson and Richmond offset by falls in Motueka and Marlborough/Kaikoura.

REINZ Chief Executive, Helen O'Sullivan noted that "there has been a tapering off in the number of first home buyers in the market as a result of the new LVR restrictions, although open homes have been well attended. New listings have been rising as expected and the market sentiment remains positive."

For our local Motueka market we have not had the usual spring lift in listings and sales. From the statistics our office has collected for the whole of the local market, listings were down for both September and October compared to last year by 23% and 31% respectively, and sales down for the same by 20% and 34% respectively.

The median days on market, median sale price and sale price in relation to the capital value are all remaining within their usually range which tends to point to just a quiet spot in the market.

We still have a healthy number of buyers chasing the reduced number of new listings. This situation has created a bit more competition but has not led to any noticeable increase in house prices yet.

With Christmas just around the corner I expect there to be a good sell-down of property currently on the market leading up to the end of the year.

(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.)

>> , to be added to the page. [If this link doesn't work, use this form instead]

[ Return ]
[ Other news articles ]

Ray White Motueka, Motueka Floral Studio, Nelson Building Society, House of Travel,
Greenwood Active Health, Great Shape Today,