NZ's lifestyle property market sees robust growth in sales and prices, REINZ reports
The Real Estate Institute of New Zealand (REINZ) has reported a positive trend in the lifestyle property market for the three months ending November.
Sales of lifestyle properties saw a noticeable increase, with 52 more properties sold than in the previous quarter, marking a 3.8% rise.
Overall, the sales totaled 1,424 properties, a significant 15.4% increase from the same period in 2023, where 1,234 properties were sold.
EMBED IMAGE: Lifestyle map_November 2024
Annual growth and value increase
Over the past year, the lifestyle property market has experienced substantial growth, REINZ reported.
A total of 5,916 lifestyle properties were sold in the year to November, which is an increase of 464 properties or 8.5% compared to the previous year. These transactions amassed a staggering $6.65 billion, demonstrating the sustained attractiveness of lifestyle properties in New Zealand.
Median price developments
The median price of lifestyle properties has also seen robust growth.
By November, the median price reached $985,000, an increase of $33,750 or 3.5% from the previous year.
Notably, bare land properties witnessed a sharp rise in median price to $460,000, up by $35,000 or 8.2%. Farmlet properties also enjoyed price growth, with their median reaching $1,141,250, an increase of $41,250 or 3.8% year-on-year, REINZ data showed.
Regional sales performance
While Northland and Waikato led regional sales with substantial increases, other areas like Manawatu-Wanganui and Nelson/Marlborough experienced slight declines.
Despite these variances, 10 regions saw growth in sales compared to the preceding months, painting a largely optimistic picture for the market.
REINZ insights on market dynamics
Shane O’Brien (pictured above), rural spokesperson at REINZ, expressed satisfaction with the market’s performance, noting the continuous upward trend in sales across most regions.
“These sales have continued a trend over the past several months, with increased sales activity in most regions. The increase in sales volume and median sales values are encouraging signs for the market as the year closes,” O’Brien said.
He also highlighted the recovery in bare land sales, attributing the mid-year surge to a resurgence in buyer activity following earlier restrictions that had tempered listings due to government regulations on land subdivision.
REINZ: Strong finish for NZ lifestyle property market
The lifestyle property market in New Zealand is ending the year on a high note, with increases in both sales and median prices across various property types.
This positive momentum is expected to continue as more buyers enter the market, drawn by the appealing prospects of lifestyle properties.
For more information, see REINZ’s LinkedIn post. You can also download REINZ’s full lifestyle report here. You can also compare the latest figures with REINZ’s previous reports here and here.
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