Sales for rural lifestyle properties have hit a 20-year record, with 9,000 more of these properties selling in the year ending September 2016 compared to last year.
A total of 9122 New Zealand rural lifestyle properties, with a combined value of $6.86 billion, sold during the year ending September 2016.
This is the largest number of New Zealand rural lifestyle properties sold over a 12-month period since 1996.
“The very high volumes of lifestyle block sales for the three-month period ending 30 September 2016 again confirms the strength and health of the market, to the extent that those high volumes appear now to be the norm,” REINZ rural spokesperson Brian Peacocke says in a media release.
But there has been a slight dip in volume in the three months ending September 2016, compared with the three months ending August 2016 – with 2,354 properties sold in the August quarter down to 2,230 sold in the September quarter.
Prices down for lifestyle properties
The median price for all lifestyle properties sold has actually decreased slightly – $530,000 for the three months to September 2016, down $5,000 compared with the same period the previous year. Median prices have decreased $15,000 in September compared to August.
Housing supply issues in Auckland have been easing slightly, and sales are strong, with high numbers of sales in the residential market. Those who have sold land rezoned through the Auckland Unitary Plan are re-entering the market “at a very low level”.
But many Aucklanders are also looking further afield to invest in lifestyle property, particularly in Waikato and in the Nelson Marlborough region.
The median average to sell a lifestyle property over the three-months ending September was 62 days, 8 days less than over the three months ending in August.
Properties are selling the fastest in Auckland, taking 43 days to sell in the three months ending in September, followed by Bay of Plenty at 45 days and Waikato at 48 days. Properties take more than four times as long to sell in West Coast than in Auckland, taking 201 days. It takes 101 days to sell a property in Taranaki, and 100 days in Otago.