November 17th, 2010
Yesterday morning the Real Estate Institute of New Zealand ( REINZ ) released its monthly report for October 2010 on Farms and Lifestyle Properties, otherwise known combined as the “Rural Figures.”
Up til now I have only highlighted the Residential Sales side of things in my monthly Nelson Real Estate Sales reports.
However the impetus to comment on the Nelson / Tasman Lifestyle Property situation comes about because lately I have been receiving as many email queries regarding Lifestyle properties as I do on Residential ones.
And I guess there are a couple of main reasons why;
1] by way of background reading, one of my first posts here, way back in October 2008 was under the heading Brightwater or Britwater? It spoke of the fact that Brightwater just 10-15 minutes from Stoke, was being called by some “Britwater” in recognition for the amount of new UK emigrants. In fact it topped the polls in NZ at that time for the most amount, as a percentage, of new UK immigrants to any NZ suburb/town as a % of the population in that area. Then the figure measured was 10% of Brightwaters population.
2] the price of Nelson / Tasman lifestyle properties is right at the top of the tree for NZ prices paid.
In terms of highest median pricing, Auckland still leads the way, but then its a bit of a derby between Nelson and the Bay of Plenty. Like I have said before Supply & Demand.
Which brings us to October 2010s update.
Here’s a breakdown of the top end of the chart.
As you can see above both the Bay of Plenty and Nelson/Tasman started out in one place and then two years later are just about in the same area.
For Nelson/Marlborough, REINZ report;
54 lifestyle blocks sold in October, down slightly on 56 sold in September 2010 (October 2009: 72). The median price fell to $491,000 (September 2010: $500,000; October 2009: $507,500).
New Zealand wide , the report says;
Sales of lifestyle properties increased slightly from 1039 for the three months to September 2010, to 1053 for the three months to October 2010. But at $425,000, the median selling price has continued to slip back from $427,500 at the end of September and $436,750 for the three months to the end of August and $445,000 for the three months to the end of October 2009.
NOTE: the data for Nelson is actually the combined data for Nelson (which includes Tasman) and Marlborough – they don’t break it down any further than that, but its safe to say that the figures are for the “TOP OF THE SOUTH”