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

January 16th
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 national median house price reached a new record of $389,000 in December, up almost 10% on December 2011. Ongoing strong demand drove robust sales volume growth in the residential property market during 2012 with 74,000 sales, up 21 per cent on 2011 and at the highest level since 2007.

The national median house price increased by $5,750, from $383,250 in November to a new record high of $389,000 in December, an increase of 1.5%.

The median price across the Nelson Marlborough region rose by $27,000 (+8.3%) compared to last month, with prices in Marlborough/Kaikoura rising fastest.

Sales volume was 16% higher with a notable increase in Richmond. Over the year the number of sales in the Nelson/Marlborough region increased by 17.5% (2,780) compared to 2011.

For the Motueka area the number of new listings was up slightly on the previous month, and about one-third of the properties new to the market were located outside of the immediate town area.

Considering the short working month there were a strong number of sales recorded, with almost 30% of these being sections, which is the highest this percentage has been for some time.

The median days on market jumped up from 70 to 126 as a number slower-to-sell properties found new owners. Running with this trend, the median price fell from $336,500 to $315,000. I expect both these figure will move back this month as the market appears relatively static.

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