August 13th, 2010
Expect REINZ (Real Estate Institute of NZ) to officially release New Zealand home sales figures for the month of July 2010 any day now.
Winter has well and truly set in, with the drop off in sales from last month continuing.
At the same time the number of listings** in the market rarely reached 350 (stands at 339 this morning) – like I said last month – stable.
Notably, no 1 bedroom or 5+ bedroom properties were transacted in July. Adding to the un-seasonality was that 8 sections sold too, although for the first time in a while there were a few of them discounted, one quite majorly.
The stability in Nelson / Tasman that I speak of, is also depicted in the latest QV (Quotable Value NZ) chart of the Nelson region covering the Top of the South. The other South Island regions north of Christchurch were a bit of a mixed bag really.
In related news just out QBE LMI’s 2010 Housing Outlook Report (prepared for them by Infometrics) has described the recovery of our housing market as “uncertain.” They go on to say that overall in NZ, they believe house prices may fall 4% by June next year.
….and in regards specifically to the Nelson region, they say;
The Nelson/Marlborough housing market has seen some lift in house prices over the last year, although this increase has occurred primarily in the Nelson area only.
Courtesy of the potential for good economic growth in the region, they forecast a “substantial pick-up in house prices, particularly in 2012/13.” They follow by saying that between June 2010 and June 2013, prices are forecast to rise a total of 12% (up 0.1% in real terms).
UPDATED: 13-08-2010 REINZ official figures released at 10am
Heres what they say about our region;
The median price in the Nelson/Marlborough district decreased from $347,250 in June to $327,000 last month, slightly down on the July 2009 median of $328,000. At 159, residential property sales are up on 150 in June, but fewer than the 228 in July last year.
In Nelson City the median price decreased from $325,250 in June to $312,000 last month (July 2009: $350,000) but sales volume rose from 50 the previous month to 59 in July, though still less than 75 in the same month last year.
The median price of a Nelson Council Zone house fell to $332,000 from $352,500 in June and is down on the July 2009 median of $355,500. The number of sales increased to 113 from 98 in June (July 2009:135).
** – Data via www.realestate.co.nz
MAP GRAPHIC CREDIT – qv.co.nz