The lifestyle block market has remained strong over winter, with sales volumes and prices both up strongly.
According to the latest rural sales figures from the Real Estate Institute of NZ, 2089 lifestyle blocks were sold in the three months to the end of July this year, which was up 6.9% compared to the same three month period of last year.
However, sales in the three months to July this year were down by 7.9% compared to the three months ended June, although that is more likely a reflection of seasonal trading than an overall market movement.
Over the 12 months to the end of July this year, 10,235 lifestyle blocks were sold which was up a whopping 49% compared to the previous 12 months.
Overall, lifestyle prices have risen by 25% over the last year, with the median selling price hitting $925,000 over the three months to the end of July, an increase of $185,000 compared to a year earlier.
The median price of bare land properties was $475,000 over the three months to the end of July this year, an increase of $118,478 (+33%) compared to 12 months earlier.
Those that had been developed as farmlets had a median price of $1.1 million over the three months to the end of July, up by $240,000 (+28%) compared to a year earlier.
REINZ rural spokesman Brian Peacocke said there was continuing strong demand for lifestyle properties and the increase in prices reflected a constrained supply.
The chart below shows the monthly trend in total lifestyle block sales since January 2003.
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