Sept 16th 2013
The Real Estate Institute of New Zealand has just released the Sold figures for the month that was August 2013.
Highlights of the month reported were;
- 6,548 houses sold in August 2013, up 8.5% on August 2012
- New median high price in Nelson/Marlborough; Canterbury/Westland back at its median high
- National Stratified House Price Index has reached a new record high; Auckland House Price Index also hit new high and is up 17.9% over August 2012
- 1,416 houses sold by auction, representing 21.6% of all sales in August.
- Market continues to experience significant shortages of listings
REINZ report that Nelson regions data shows;
The median price across the region rose by $36,500 (+11.1%) compared to August 2012 to reach a new all time high. Prices rose more than 20% in Nelson, although eased elsewhere across the region. Compared to July the median price increased by $21,500 (+6.2%) with prices rising in Nelson and Richmond but easing elsewhere.Sales volume compared to August 2012 was 1% higher with a 50% increase in Richmond, but a 40% fall in Motueka. Compared to July sales volumes fell 5.1% with falls in Nelson City, Motueka and Marlborough/Kaikoura.The number of days to sell improved by one day compared to July, from 42 days in July to 41 days in August. Compared to August 2012 the number of days to sell improved by five days. Over the past 10 years the average number of days to sell in August across the region has been 44 days.
REINZ Chief Executive, Helen O’Sullivan also noted that “the market remains active with first home buyers moving quickly. Investors have a noticeable presence in the market also meaning that overall activity has been good. Listings remain tight, limiting buyer choice, however, the market could be categorized as something of a sellers market at present.”
I should mention that although the REINZ CEO states plenty of activity in the first home buyer territory, I can tell you there was equally plenty of activity in the $450 – 600k price range too, a region not usually known for showing the kind of “days to sell” the chart above dictates. Just noticed that the Days to Sell didn’t print for the 5+ category, it was 32 days.
SOURCE – Sales and Prices Rising in August Real Estate Market – 16 Sep 2013