The Wairarapa district property pulse factsheet for July 2012 is published using data from Realestate.co.nz and REINZ (Real Estate Institute of NZ).
Property sales in the Wairarapa district at 64 in the month showed a significant rise on a seasonally adjusted basis in July and a 33% increase as compared to a year ago. The inventory of unsold houses on the market rose sharply to 110 weeks of equivalent sales returning it to sit above the long-term average of 98 weeks of equivalent sales.
Median sales price for properties sold in the Wairarapa district at $230,000 was down 3% as compared to a year ago, although it was up on both May and June. The current selling price is still some level below the level of the past few years. The asking price expectation of new listings was down 4% as compared to a year ago at $259,129.
The level of new listings coming onto the market in July at 167 was down as compared to June, but up 34% as compared to a year ago.
This data indicates that the Wairarapa region is a fairly balance market which is experiencing more activity than has been seen on recent years. Sales have been strong over the first half of the year whilst prices have been flat. The recent rise in inventory is ahead of sales and could tip the balance in favours of buyers with a strong selection of property to choose from.