REINZ Reports Lifestyle Property Market On The Rise
Data released today by the Real Estate Institute of New Zealand (REINZ) shows that in the three months ending September 2024, there were 1,400 lifestyle property sales, an increase of 45 sales or 3.3% compared to the previous three months. This represents an 11.8% rise from 1,252 sales during the same period in 2023. REINZ Reports Lifestyle Property Market On The Rise
Over the year leading up to September 2024, 5,699 lifestyle properties were sold, 234 more than the year ending September 2023, marking a 4.3% increase. The total sales value of these properties sold was $6.34 billion. REINZ Reports Lifestyle Property Market On The Rise
The median price for all lifestyle properties sold in the three months leading up to September 2024 was $945,000, an increase of $35,000 compared to the same period in 2023, or 3.8%. The median price for Bareland lifestyle properties was $450,000, a slight increase of $500 or 0.1% compared to 2023. REINZ Reports Lifestyle Property Market On The Rise
Similarly, for Farmlet lifestyle properties, the median price in the three months leading up to September 2024 was $1,050,000, showing an increase of $27,196 compared to 2023, a 2.7% rise. REINZ Reports Lifestyle Property Market On The Rise
“The September sales results reflect a continuation of the positive momentum in the market as we approach spring. The recent reduction in interest rates and indications of further decreases are boosting buyer confidence. This positive trend is expected to persist throughout the spring and summer selling season, leading up to Christmas,” commented REINZ Rural Spokesperson Shane O’Brien. REINZ Reports Lifestyle Property Market On The Rise
Seven regions recorded an increase in sales compared to September 2023, with Northland (+63 sales) and Waikato (+42 sales) observing the biggest increases. Taranaki (-18 sales) and Bay of Plenty (-8 sales) recorded the biggest decreases in sales in the three months to September 2024 compared to the three months to September 2023. Compared to the three months to August 2024, 8 regions recorded increased sales.
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Ten regions saw the median price of lifestyle blocks increase between the three months ending September 2023 and the three months ending September 2024. The most notable examples were in the West Coast (+74.3%) and Taranaki (+21.2%), with
the most significant decreases being in Auckland (-4.5%) and Nelson/Marlborough/Tasman (-2.7%).
The median number of days to sell for lifestyle properties was 18 days more in the three months to September 2024 than in the three months to September 2023, sitting at 95 days. West Coast (65 days) recorded the shortest number of days to sell in September 2024. Auckland (114 days) recorded the longest number of days to sell.
“Buyers have access to a good selection of listings across all markets, and the upward trend in median sale prices for both Farmlets and Bareland is encouraging. However, the increase in the average days on the market suggests that buyers are still cautious when purchasing,” comments O’Brien.