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

October 22nd
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, announced this month that there were 6,720 dwelling sales in the month of September, up 18.9% on September last year and up 2.6% compared to August.

The national median price increased $10,000 compared to August to $400,000, and is now equal to the record median set in March 2013.

Real Estate Institute of New Zealand (REINZ) Chief Executive Helen O'Sullivan says, "Real estate sales volumes have been strong in the lead up to the introduction of LVR restrictions by the Reserve Bank, with sales up over 19% compared to September last year."

The median price across the Nelson/Marlborough region fell by $11,000 (-3.1%) compared to September 2012. The number of days to sell improved by six days compared to August, from 41 days in August to 35 days in September. The overall trend for the region continues to improve.

For our local Motueka market, sales were down a tad on both the previous month and the same time last year. Median days on market for the sold properties remain around the mid 50s.

The median property sale price has stayed around the $340,000 mark, which reflects that it is the mid to lower end of the market that is still getting most of the attention from the buyers.

There has perhaps been a small drop in the new buyer enquiry due to the changed bank lending rules, but as we have also not experienced a strong spring surge in listings, there appears to have been little noticeable effect of the change locally.

With a little over 2 months to run until Christmas I expect there to be plenty of activity in the market before 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.)

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