SunLive – Way of life property gross sales enhance to file excessive

The variety of way of life properties offered throughout the nation was the best ever for the month of July as individuals look to reassess their dwelling conditions because of COVID-19 in response to the newest information from the Actual Property Institute of New Zealand – REINZ.

In July, there have been 849 way of life properties offered in comparison with 594 in July final yr – a 42.9 per cent uplift. This was additionally an uplift on June’s gross sales volumes the place 643 way of life properties have been offered.

“For some time now we’ve been listening to tales of individuals buying way of life properties because of COVID-19 and now we’ve seen this translate within the information,” says REINZ Chief Govt Bindi Norwell.

“Over the previous couple of months gross sales of way of life properties have been growing, and final month noticed the best variety of way of life properties offered in a July month ever,” says Bindi.

“As quickly because the nation went into lockdown brokers began receiving calls from individuals wanting extra space and way of life choices given individuals have been spending extra time at house. Now that expertise makes working from house so viable, COVID has been a robust catalyst for many individuals to make the leap they’ve been speaking about for years.”

Breaking the info down across the nation, the growing curiosity in way of life properties is a development that has been seen in each area, bar Marlborough (which noticed gross sales volumes flat) and Nelson.

“Each area that noticed an annual enhance in gross sales volumes of way of life properties throughout July noticed double digit will increase which is an unbelievable consequence,” says Bindi.

“In reality, curiosity ranges in way of life properties have been so excessive within the Manawatu/Wanganui area that it was the best variety of way of life properties ever offered in Manawatu/Wanganui in a single month since information started. Moreover, gross sales volumes on the West Coast noticed triple determine will increase, with the variety of way of life properties was up by 157.1 per cent when in comparison with July final yr.”

Along with vital will increase in gross sales volumes, July additionally noticed a major enhance within the median worth per hectare of way of life properties.

Throughout the nation, the median worth of way of life blocks elevated by 4.1 per cent to $750,000 in comparison with $720,577 in July final yr, and up marginally from June’s median worth of $745,000. This the best median worth in a July month since information for way of life information started.

Areas with the largest enhance in median worth included:

Bay of A lot: up 44.6 per cent from $650,000 in July final yr to $940,000

Canterbury: up 27.Four per cent from $570,000 to $726,250

Gisborne: up 26.9 per cent from $417,500 to $530,000.

Moreover, the Bay of A lot, Canterbury, Northland and Southland all had their highest median worth for a July month.

“It’s not shocking we’ve seen the value of way of life blocks rise in lots of components of the nation given the demand for these kinds of properties. Now that the nation has gone again into ‘lockdown 2.0’ it is going to be fascinating to see if there’s even better demand going ahead and whether or not costs proceed to rise as we head in the direction of the hotter months of the yr; particularly as there’s an elevated curiosity from offshore consumers trying in the direction of alternatives in New Zealand,” says Bindi.