Review of the property sales market in the Motueka area in August 2014

August 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]

REINZ, the most up to date source of real estate data in New Zealand, announced that there were 5,893 dwelling sales in the month of July, down 13.0% on July 2013 and up 2.3% compared to June.

The national median price was $416,000 for the month of July, an increase of $31,000 compared to July 2013, but a fall of $11,250 from June.

Real Estate Institute of New Zealand (REINZ) Chief Executive Helen O'Sullivan says, "The real estate market is firmly in winter mode at present with listings low and activity muted across the country.

"Sales volumes picked up a little in July compared to last month but this is about in line with the normal seasonal pattern. Rising interest rates and the forthcoming election are probably also influencing buyer behaviour."

For the Nelson Marlborough region the median price rose by $10,000 (+2.9%) compared to July 2013 with prices rising in Nelson City, Motueka and Marlborough / Kaikoura, but falling in Richmond. Compared to July 2013 sales volumes fell 14% across the region, with sales falling 25% in Nelson and 10% in Marlborough / Kaikoura.

Helen O'Sullivan noted that "first home buyer activity remains subdued across the region with all buyers being cautious, although attendances at open homes appear to be strong for the time of year. However, listings remain in short supply."

The median price trend remains steady, although the volume trend is now falling. The days to sell trend is also now falling, with the overall trend for the region also now easing.

The wider Motueka market appears to have bucked the trend for new listings with a substantial increase in new listings compared with last month and this time last year. The number of sales was on par with last month, as was the median days to sell and the median house price.

With the increase in properties on the market it looks like there is going to be plenty of action in the property market as we come into the spring.

(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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