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

October 18th
By Alan Atkins, Ray White Motueka

[Editor's note: Ray White Motueka is the Principal Sponsor of Motueka Online, and one item of assistance the company 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 5,911 dwelling sales in the month of September, down 12.0% on September 2013 but up 7.8% compared to August.

The national median price was $420,000 for the month of September, an increase of $20,000 compared to September 2013, and steady from August 2014.

Real Estate Institute of New Zealand chief executive Helen O'Sullivan says, "The real estate market appears to have moved on from the election, with a noticeable increase in activity over the last 10 days of the month.

"Despite stronger activity in the latter part of the month, sales volumes were again well down on the same time last year. The pace of price increases has eased significantly, with the annual rate of price increase now only five percent, compared to more than 10 percent in April."

For the Nelson Marlborough region the median price fell by $12,250 (-3.4%) compared to August. Sales volume compared to August rose 5%.

Helen O'Sullivan noted that "first home buyers have become more active, although the shortage of listings across the region has left a number of would-be buyers ready to move but unable to find the right property".

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

Our local Motueka market appears to have held up reasonable well with regard to the number of new properties coming on to the market, and while numbers are down on August they are up when compared with this time last year.

The average sale price is up from 5% above the capital value for this time last year to 10% above for September. The median sale price has come up from last month to $363,300 which is still low and reflects the number of older homes selling.

Our local market in continuing to experienced steady demand for property with prices remaining firm.

(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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