Provisional figures released by Quotable Value New Zealand (QV) show the median price in Nelson City for August 09 was behind July 09’s by just under 3%.
A median priced home in July 09 was NZD$357,000 and that dropped to NZD$347,000 in August 09.
Sales numbers were static, 53 in July 09 vs 52 in August 09.
Of interest is what they term their “Median Price to Value Ratio.”
This measures the Median House Price divided by the median rating value. In other words, the amount above CV or its Rateable Value that a property sells for. (NB – new Rateable Values for Nelson are due in Sept 09, so their is an outside chance that these chart figures next month may or may not show big differences.)
The chart above shows Stoke & Nelson City are just a bit of the boil, while Atawhai is on a bit of a roll.
Generally you can see an upward trend over a relatively short time frame. I’m sure this is courtesy of the low stock numbers (as seen in chart below from NZ Property Report August 2009) in our market that I have been talking about of late.
The chart above from the latest NZ Property Report most definitely shows the situation in the South Island of NZ. Both Nelson and Marlborough are under pressure from a lack of listings, and that would clearly influence asking prices, again partly explaining why QV’s Median Price to Value Ratio is as it is.
The other chart here, also from the same August 09 NZ Property Report, shows Nelson, at current rates, has 26 weeks of stock, below the national average of “33 weeks of stock” left. This indicates a swing in favour of the seller.
When read alongside REINZ official figures, due out towards mid month, a fuller market snapshot will be available.