21 February 2018
The Easing Trend Continues
Data released today by the Real Estate Institute of NZ (REINZ) shows there were100fewerlifestyle property sales (-5.5%) for the three months ended January 2018 than for the three months ended January 2017.Overall, there were 1,726 lifestyle property sales in the three months endedJanuary 2018, compared to 1,959lifestyle property sales for the three months ended January 2017(-11.9%) and 1,826 lifestyle property sales for the three months endedDecember2017.
7,591lifestyle properties were sold in the year to January 2018, 1,399 (-15.3%)fewer than were sold in the year to January 2017. The value of lifestyle properties sold was $6.01billion for the year to January 2018.
The median price for all lifestyle properties sold in the three months toJanuary 2018was $657,250and was $74,250higher compared to thethree months ended January 2017 (+12.7%).
Brian Peacocke, Rural Spokesman, at REINZ says: “Sales figures for the 3-month period ending January 2018 confirm the easing trend that has emerged in recent months. The holiday period aside, the number of lifestyle properties sold in January 2018 is down 23% from the number sold in December 2017, making it the lowest monthly number of sales since January 2015. As part balance to the above, the median price continues to increase incrementally and is now at the highest level seen for some time.”
Points of Interest around New Zealand include:
- Northland/Auckland– consistent figures in Northland but a dramatic drop in Auckland; solid demand in Aucklandcontinues for re-zoned land; there are slower sales over $1million, but sales are solid under that level, good success with auction marketing campaigns but generally, mixed results around the city
- Waikato Central Districts– consistent results in Bay of Plenty, Rotorua and Taranaki, but substantial reductions in volumes in Waikato and Hawke's Bay
- Lower North Island– a slight easing in the Manawatu/Wanganui region but solid results to the south, particularly in the Wairarapa where Wellington purchasers remain a strong influence on the market
- Upper South Island– an easing of activity in the Nelson/Marlborough district, status quo on the West Coast, but a distinct reduction in Canterbury. Reports from mid Canterbury indicate the market is hard over $1m but good in the $650,000/$850,000 bracket
- Lower South Island – similar results throughout the deep south with volumes down slightly in Otago, but a reasonably active market in Southland in the $600,000/$800,000 range.
Fourregions recorded an increase in sales compared to January 2017. Manawatu/Wanganuirecorded the most substantial increase in sales (+27sales) in the three months to January 2018 compared toJanuary 2017. Compared toDecember 2017,threeregions recorded an increase in sales.
Most of the regions saw the median price of lifestyle blocks increase between the three months ending January 2017 and the three months ending January 2018. The most notable examples were in West Coast (+90%), Wellington(+43%) and Southland(+37%). Themost notable exception was Taranaki whose median price fell 12% over the year.
The median number of days to sell for lifestyle propertieswas the same in the three months to January 2018as in the three months to January 2017, sitting at 55days. Compared to the three months ended December 2017 the median number of days to sell stayed the same.Nelsonrecorded the shortest number of days to sell in January 2018at 44days, followed byHawke’s Bay(46 days), Bay of Plenty (48 days), Auckland (51 days) and Wellington (52 days). West Coast recorded the longest number of days to sell at 427days, followed byTaranakiat 147days and Gisborne at 90days.
Real Estate Institute of New Zealand
For more real estate information and market trends data, visit For New Zealand's most comprehensive range of listings for residential, lifestyle, rural, commercial, investment and rental properties, visit - REINZ's official property directory website.
The information provided by REINZ in relation to the lifestyle real estate market covers the most recently completed three-month period; thus references to Januaryrefer to the period from 1November 2017 to31January 2018.