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

March 21st
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]

February residential property sales climbed to the highest level for the month in six years. The national median price rose 7.6% to $382,000 compared to February 2012 but remains below the record $389,000 established in December 2012.

The Chief Executive of the Real Estate Institute of New Zealand (REINZ), Helen O'Sullivan, says that while the residential real estate remains active, the rate of growth in the number of transactions is slowing despite prices being near record levels.

For Nelson / Marlborough the median price eased by $5,500 (-1.6%) compare to last month with prices rising in Motueka but falling in Marlborough/Kaikoura.

Sales volume compared to January was 29% higher with notable increases in Nelson City and Marlborough / Kaikoura.

REINZ Chief Executive, Helen O'Sullivan commented that "the Nelson market has become more challenging with vendors sticking to price expectations and buyers generally being prepared to wait".

For our Motueka area Helen O'Sullivan comments above ring true particularly for coastal and lifestyle type properties. The median price for Motueka homes rose to an average of $380,000 with the median days on market at 131. These figures reflect the sale of a number of higher value properties that had been on the market for some time.

As we move in to the autumn we expect that the demand for property will remain steady with prices remaining reasonably stable.

(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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