Data released today through the New Zealand Institute of Real Estate (REINZ) shows that there were seventy-six more lifestyle asset sales (6. 2%) during the three months ending in December 2023 compared to the three months ending in November 2023.
In total, there were 1,297 lifestyle asset sales in the 3 months ended December 2023, compared to 1,331 lifestyle asset sales in the 3 months ended December 2022 (-2. 6%) and 1,221 sales of lifestyle assets in the 3 months ended December 2023. months ended November 2023.
5,433 lifestyle homes were sold in the year to December 2023, 1,377 (-20. 2%) fewer than those sold in the year to December 2022. The price of lifestyle homes sold was $5. 98 billion for the year through December 2023.
Shane O’Brien, Rural Spokesman, at REINZ says the Lifestyle property market ended the year on a positive note with $432 million of sales, up from $411 million year on year.
“The end of the year paralleled a larger housing market in late 2023, as buyers moved back and forth between the two markets.
“There was also an increase in the sale of bareland blocks, with 93 sales up slightly since 2022. The drop in the median sale price was seen as buyers adjusted to higher building and site development costs,” says O’Brien.
“This market has been affected by the government’s policy of reducing the amount of productive land subdivided, and several regions have a particularly smaller volume of available available land blocks. “
The median value of homes for all lifestyles sold in the 3 months ended December 2023 was $950,000, a drop of $90,000 from the quarter ended December 2022 (-8. 7%).
The median value of Bareland Lifestyle homes sold in the 3 months ending December 2023 was $440,000 and $30,000 less than in the 3 months ending December 2022 (-6. 4%).
The median price for Farmlet Lifestyle properties sold in the three months to December 2023 was $1,080,000 and was down $120,000 compared to the three months ended December 2022 (-10.0%).
“Agents continue to report good volumes of enquiry and for some South Island regions, a continuation of enquiry from other parts of the country,” comments O’Brien.
Eight regions saw an increase in sales through December 2022, with Nelson/Marlborough (17 sales) and Bay of Plenty and Manawatu-Whanganui (9 sales) seeing the largest increases. Auckland (-51 sales) and Canterbury (-21 sales) It recorded the largest declines in sales between the 3 months to December 2023 and the 3 months to December 2022. Compared to the 3 months to November 2023, 8 regions recorded an increase in sales.
Three regions saw the average value of lifestyle blocks grow between the three months ending in December 2022 and the three months ending in December 2023.
The most prominent examples were Wellington (-12. 8%) and Southland (-4. 3%), with the largest declines on the West Coast (-40%) and Gisborne/Hawkes Bay (-20. 4%).
The median number of days to sell lifestyle homes was 14 days more in the 3 months to December 2023 than in the 3 months to December 2022, or 64 days.
Southland (48 days) recorded the fewest days through December 2023. The West Coast (119 days) had the highest number of days through December 2023.
Developed through Fuseworks and Truescope: media monitoring, information and news distribution for New Zealand organisations.