Lifestyle Market Remains Steady – Scoop.co.nz

Data released today by the Real Estate Institute of New
Zealand (REINZ) shows there were 31 less lifestyle property
sales (-1.7%) for the three months ended February 2020 than
for the three months ended January 2020. Overall, there were
1,769 lifestyle property sales in the three months ended
February 2020, compared to 1,468 lifestyle property sales
for the three months ended February 2019 (+20.5%), and 1,800
lifestyle property sales for the three months ended January
2020.

7,254 lifestyle properties were sold in the year
to February 2020, 189 (+2.7%) more than were sold in the
year to February 2019. The value of lifestyle properties
sold was $5.90 billion for the year to February
2020.

The median price for all lifestyle properties
sold in the three months to February 2020 was $710,000 and
was $20,000 higher compared to the three months ended
February 2019 (+2.9%).

Brian Peacocke, Rural
Spokesman, at REINZ says: “Sales data for the 3-month
period ending February 2020 shows a recovery in volumes from
the drop experienced in the previous month of January, with
the bottom line holding steadily to volumes recorded in the
spring of 2019.

“All regions apart from Taranaki and
the West Coast recorded an improvement in sales numbers,
with the above referred to areas showing a noticeable
easing.

“Prices in the main also held well, albeit a
slight easing in the median price from a record $755,000 to
the current level of $710,000 for the 3-month period,” he
concludes.

Points of interest
include:

• Upper North Island – a
  steady increase in volumes in all districts throughout
  Northland, albeit an easing in values; a better result in
  the Auckland district where Rodney continues to dominate the
  numbers game; solid results south of the city with good
  sales volumes in the $1m – $1.7m range but a struggle at the
  higher to top end, particularly in the $3m – $4m range; an
  increase in sales of bare land blocks where “new builds”
  are active; increasing interest again in land suitable for
  subdivision
• Central North Island –
  a big lift in volumes from the previous month in the Waikato
  where sales numbers exceed those for Auckland, albeit an
  easing in the median price; activity was strong in the
  Hamilton and Waipa regions, with Taupo performing solidly to
  the south; a slight improvement in activity in the Bay of
  Plenty where the Western Bay of Plenty and Rotorua performed
  well; reasonable activity but a lower median price
  throughout Gisborne and Hawke’s Bay, where Central
  Hawke’s Bay held its own against the Hastings district;
  Taranaki experienced a slight dip in volumes but gained in
  their median price.
• Lower North Island
  – Manawatu/Wanganui performed steadily with
  Horowhenua competing equally with the Manawatu district;
  median price held on par; Wairarapa/Wellington were again
  steady with honours being shared between the Kapiti Coast
  and each of the Wairarapa districts, albeit prices eased
  marginally
• Upper to Central South Island –
  Tasman easily dominated the numbers game in the
  Nelson/Marlborough region where a gentle easing in the
  median price was experienced; West Coast dropped back to the
  lower level experienced in December with a corresponding
  decrease in the median price to the lowest level for several
  years; Canterbury enjoyed a significant lift in volumes from
  the previous month as well as a strengthening in the median
  price; accolades were evenly spread between the Waimakariri
  and Selwyn districts, with both Waimata and MacKenzie
  districts performing with credit
• Lower South
  Island – Otago experienced a lift in sales in
  excess of 10% from the month of January but copped a big
  drop in the median price as it went; Central Districts and
  Dunedin dominated the numbers but Queenstown Lakes dominated
  the top-end prices with $2.1m being the bottom end;
  Southland improved their sales numbers with an even spread
  of activity across the province, albeit their median price
  eased by a little over 9.0%

Eleven regions
recorded an increase in sales compared to February 2019.
Auckland recorded the most substantial increase in sales
(+80 sales) in the three months to February 2020 compared to
February 2019. Compared to January 2020, five regions
recorded an increase in sales.

Eight regions saw the
median price of lifestyle blocks increase between the three
months ending February 2019 and the three months ending
February 2020. The most notable examples were in Gisborne
(+26%), Northland (17%) and Taranaki (+13%) and the most
notable exceptions were Otago (-20%) and West Coast
(-17%).

The median number of days to sell for
lifestyle properties was one day longer in the three months
to February 2020 than in the three months to February 2019,
sitting at 65 days. Compared to the three months ended
January 2020 the median number of days to sell was seven
days longer. Gisborne recorded the shortest number of days
to sell in February 2020 at 36 days, followed by Wellington
(46 days) and Manawatu/Wanganui (56 days). West Coast
recorded the longest number of days to sell at 118 days,
followed by Northland at 74 days and Taranaki at 73
days.

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