Sales saw an 11.9% increase
Lifestyle property sales saw a significant increase in the three months ending in April, according to data from the Real Estate Institute of New Zealand (REINZ).
In its data for April, it found that there was a 149-lifestyle property sales increase, which amounted to 11.9%. This number was larger compared to the metrics during the three months ending in March.
In total, there were 1,404 lifestyle property sales in the three months ending in April. The number was only 1,289 life property sales year-over-year while it was only 1,255 month-over-month. Lifestyle properties that were sold in the year to April 2024 amounted to 5,519. The value of these properties that were sold was $6.12 billion for the year to April.
“Following a significant slowdown in sales earlier this year, there was a lift in lifestyle sales, with thirteen regions noting an upturn,” said Shane O’Brien, rural spokesperson at REINZ.
“The increased flexibility from employers, enabling work-from-home arrangements, appeals to buyers seeking a country lifestyle without being too distant from urban centres. Many salespeople continue to receive a growing number of inquiries from these buyers.”
The median price for lifestyle properties that were sold in the three months to April amounted to $988,650, which was an increase of $13,650 compared to the number seen in the three months ending in April 2023.
Auckland and Wellington saw the biggest increases in sales year-over year, with an additional 41 and 31 sales, respectively. Meanwhile, the biggest decreases were seen in Manawatu-Whanganui and Waikato which saw a decline of 23 and 14 sales in the same time period, respectively.
Some regions saw the increase of the median price of lifestyle blocks year-over year, with the most notable being in Manawatu-Whanganui and Otago, reaching a 16.9% and 13.4% uptick, respectively. Meanwhile, the largest decreases were seen in Southland and Wellington, with 14.8% and 12.8%, respectively.
