This is a question I get asked each week, sometimes daily.
There are many commentators out there who believe its no judge at all, certainly in no way an aid to price a property. Interesting then when you look at the chart below isn’t it?
I say interesting because yes there certainly is, even over just a short 3 month time frame, no seemingly trackable pattern to this, except that is for the 2 bedroom market.
In Nelson we have a very healthy two bedroom market, divided equally amongst first time home owners commencing at the entry level, retirees and investors. And just for good measure a sprinkling of holiday units.
Another reason could be our reasonably high, for a provincial town that is, median overall price, resulting in buyers sometimes acknowledging that they can’t afford a 3 bedroom property locally and having to settle for something cheaper.
However keeping in mind the pundits thoughts on CV being some sort of measuring stick, its pretty certain that if you saw a two bedroom property in Nelson come on the the market this week and attempted to offer CV or 4% above, I reckon you will more than likely miss out based on the anecdotal that the chart suggests.
This other chart illustrates what I am talking about, the blue band at the bottom is the 2 bedroom one.