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

April 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]

Residential property sales soared in March with REINZ data showing the number of sales climbed to the highest level for a month since May 2007.

The Chief Executive of the Real Estate Institute of New Zealand (REINZ), Helen O'Sullivan, says price levels in Auckland and Canterbury are having a disproportionate impact on the national picture and potentially skewing perceptions of the overall market.

REINZ data shows there were 8,128 unconditional residential sales in March, an increase of 798 sales compared with the same time last year. The national median house price rose by 4.7% to $400,000 a new record high.

The median price across the Nelson/Marlborough region rose by $13,500 compared to March 2012, with prices in Richmond and Motueka rising the fastest. Sales volume was 22% higher than the previous month.

REINZ Chief Executive, Helen O'Sullivan commented that "the Nelson market continues to suffer from a shortage of listings with buyer demand outstripping the supply of listings. Despite that first home buyers are active in the market along with some investors looking to buy while interest rates remain low."

The Motueka area recorded a similar number of sales to last month with a big jump in the median price from $380,000 to $417,500. This is the third month in a row that the median sale price has risen, reinforcing the national statistics that market confidence is strong. It may also be a reflection of a shortage of properties on the market in the lower price bracket.

As with last month the median days on market also rose to a high of 126 days which has been brought about by the sale of some older listing as the squeeze on stock increases.

As a result of all this activity, buyers are increasingly finding themselves in multiple-offer situations and we are experiencing a lack of properties to sell in some market segments for the first time in a number of years.

(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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