Latest figures signal a continued improvement in the market, spokesman says
Despite a decrease from December, lifestyle property sales figures for January showed a promising rise compared to the same period last year, suggesting a resilient market amid fluctuating conditions, according to REINZ.
Lifestyle property sales and days to sell
Lifestyle property sales numbered 1,166 in the three months ended January, a 7.2% decrease from the three months ended December but a notable 3.5% increase from the same period last year. This trend indicates a slow yet positive start to the year, aligning with a broader uptick in residential market activity across New Zealand.
The year to January saw a total of 5,273 lifestyle properties sold, marking a 16.2% decline from the previous year. Despite this annual dip, the total value of sales reached $5.79 billion.
“The number of sales of lifestyle properties is back slightly from December 2023 as much of the month was taken up by holidays but was up on the corresponding period in 2023 signalling a continued improvement in the market following trends in rising activity in the residential market across much of New Zealand,” said Shane O’Brien (pictured above), rural spokesman at REINZ, in a media release.
The time to sell lifestyle properties lengthened by 13 days in the three months to January, reaching an average of 65 days, REINZ reported.
Pricing trends
The median sale price for all lifestyle properties in the three months to January was $950,000, reflecting a 7.8% decrease from the same period the previous year.
Bare land Lifestyle properties had a median price of $420,000, down $44,000 (-9.5%) from January 2023. Farmlet Lifestyle properties dropped to a median of $1,060,000, decreasing by $110,800 (-9.5%) from the previous year.
Regional highlights
Sales performance varied across regions, with Manawatu-Wanganui (+19 sales) and Nelson/Marlborough (+19 sales) experiencing the most significant increases in sales compared to January 2023. Conversely, Auckland (-50 sales) and Waikato (-8 sales) saw notable declines.
In five regions, median prices of lifestyle blocks rose from January 2023 to January this year, with Wellington and Southland seeing significant increases of 19.4% and 11.3%, respectively. Conversely, the largest declines occurred in Gisborne/Hawkes Bay and West Coast, with decreases of 25.8% and 13%, respectively.
Manawatu-Wanganui reported the shortest selling period at 55 days, while the West Coast experienced the longest, at 84 days, REINZ reported.
Click here for REINZ’s Lifestyle Press Release
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