REINZ reports surge in lifestyle property sales
The Real Estate Institute of New Zealand (REINZ) reported a notable rise in the sales of lifestyle properties as 2024 came to a close.
In the three months leading up to December, sales increased to 1,539 properties, marking a 3.8% rise from the previous quarter and a substantial 19.4% increase from the same period in the previous year.
This growth underscores a burgeoning interest in lifestyle properties, with an impressive total of 6,010 properties sold throughout the year, up 10.8% from 2023.
Increasing lifestyle property values
The appeal of lifestyle properties is also reflected in their escalating prices, REINZ data showed.
By December 2024, the median price for lifestyle properties climbed to $1,000,000, a 5.3% increase from the previous year.
Segment-wise, Bare Land Lifestyle properties reached a median price of $467,000, up by 6.1%, while Farmlet Lifestyle properties were valued at $1,125,000, increasing by 3.7%.
Regional sales trends
The demand for rural and greener living spaces varied across regions.
Auckland and Waikato experienced significant sales growth, with Auckland adding 72 new sales and Waikato 63.
Conversely, Nelson/Marlborough and Otago saw declines in their sales figures.
Overall, 11 regions reported higher sales figures compared to December 2023, demonstrating regional disparities in market dynamics.
Price fluctuations across regions
The median prices for lifestyle blocks also showed regional variations.
The West Coast reported the highest increase in median prices with a remarkable 26.9% rise, followed by Taranaki with a 22% increase. In contrast, Nelson/Marlborough/Tasman and Otago experienced declines of 20% and 8.6% respectively.
Market outlook and buyer opportunities
Despite the positive sales and price trends, the time to sell a lifestyle property has slightly increased, now taking a median of 67 days – two days longer than the same period in the previous year.
Canterbury boasted the quickest sales time at 52 days, while Nelson/Marlborough/Tasman faced the longest at 122 days, REINZ reported.
This suggests that while the market is thriving, regional differences could influence buyer and seller strategies.
