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

September 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]

Real Estate Institute of New Zealand (REINZ) Chief Executive Helen O'Sullivan says, "Agents from around the country are reporting strong activity from first home buyers moving to secure properties ahead of the Reserve Bank's LVR changes.

However, the reports suggest that this is occurring more in the regions, rather than in Auckland and Christchurch where we are seeing the greatest price pressure."

The median price across the Nelson/Marlborough region rose by 11.1% compared to August 2012 to reach a new all-time high. Prices rose more than 20% in Nelson, although eased elsewhere across the region.

Sales volume compared to August 2012 was 1% higher with a 50% increase in Richmond, but a 40% fall in Motueka. Compared to July, sales volumes fell 5.1% with falls in Nelson City, Motueka and Marlborough/Kaikoura.

For the wider Motueka market as reported above the number of sales dropped this month and was close to half that of August last year. Combined with the drop in median days on market to a very low 55; the figures reflect the strong buyer activity over the past few months and the comparatively low number of properties coming to the market over the winter months.

This appears to be reversing now as the number of new properties coming to the market last month increased and this trend appears to be continuing, but it is a little too soon to tell if this increase in choice will take the pressure off the buyers.

We traditional see an increase in buyers along with new properties this time of year but the tightening of bank lending criteria may have a softening effect on the buyers.

Moving in to the coming spring I believe that the change in bank lending criteria will have little effect on our local market, there will remain healthy buyer demand for quality, well priced property which will see prices remain steady and the median days on market to remain low.

(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.)

>> , to be added to the page. [If this link doesn't work, use this form instead]

[ Return ]
[ Other news articles ]

Ray White Motueka, Motueka Floral Studio, Nelson Building Society, House of Travel,
Greenwood Active Health, Great Shape Today, T.O.A.D Hall,