The Gisborne district property pulse factsheet for July 2012 is published using data from Realestate.co.nz and REINZ (Real Estate Institute of NZ).
Property sales across the Gisborne region at 42 in the month matched the prior month and showed a strong rise on a seasonally adjusted basis in July. The sales were also up a very significant 68% as compared to a year ago. The inventory of unsold houses though fell to 44 weeks which is just slightly below the long-term average of equivalent sales at 47 weeks of equivalent sales.
Median sales price of property sold during the month in Gisborne at $190,000 was down 10% as compared to a year ago but up from the prior month. Prices have taken a significant downward path over the first half of 2012. The asking price expectation of new listings in the Gisborne region was also down 10% as compared to a year ago at $271,783, this was also down from the June figure of $296,275.
The level of new listings coming onto the market in July at 77 was up as compared to June and up 6% as compared to a year ago.
This data indicates that the Gisborne region is staging a strong recovery with very strong level of sales probably driven by realistic pricing both in terms of asking price and sales price. The available inventory is falling steadily which is not quite being met by new listings and could see a further tightening in the coming months.