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

August 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]

House sales surged in July achieving a six-year high for the July month. REINZ, the most up to date source of real estate data in New Zealand, announced that there were 6,777 dwelling sales in the month of July, up 14.7% on July last year and 10.5% higher than June.

The national median price eased back $9,000 compared to June to $385,000, and is now $15,000 below the record median set in March 2013.

Reports from agents around the country suggest that first home buyers are moving quickly to secure properties ahead of any move by the Reserve Bank to impose lending restrictions on buyers with lower deposits.

The median price across the Nelson/Marlborough region fell by $2,750 (-0.8%) compared to June 2012. The shortage of listings is becoming more of a concern, although purchasers are not yet overpaying for properties.

The median price trend continues to improve, although the volume trend is now easing. The days-to-sell trends remain sideways. The overall trend for the region continues to move sideways.

For the wider Motueka market there was a drop in new listings for the second month in a row. Combined with strong buyer demand, this pressure on properties for sale had a number finding new owners that had been on the market a while. This showed up in the jump in days on market from last month's median of 85 days to 115 days.

In general these slower to sell properties were in the higher price bracket, which had the effect of pushing up the median sales value from $389,000 to $475,000. On the other hand the average sales price compared to the capital value reduced from +8% to +1% as the higher value properties as a rule are still struggling to meet their current capital values.

Moving in to the coming spring it is anyone's guess how the property market may go. If the availability of properties remains scarce prices will firm; however this may well be tempered by the spring trend of more properties coming to the market and the ever present threat that leading criteria and interest rates may move against buyers.

(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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