The Auckland "urban fringes" are continuing to attract strong buyer interest, according to lifestyle block figures for the three months to July released by the Real Estate Institute.
REINZ rural spokesperson Brian Peacocke said Rising residential prices in the major cities were providing additional stimulus in the lifestyle sector with demand for lifestyle properties rising the most in rural Auckland and Canterbury. "Demand in Waikato is also rising in response to higher Auckland house prices."
“Highlights include; a surge in sales in Canterbury driven by a mix of delays in rebuilding and a shortage of listings; an active market in the Waikato in the $800,000 to $1 million range; and a consistently strong market on the Auckland urban area fringes,” Peacocke said.
The national median price for lifestyle blocks rose by $13,500 (+2.8%) from $475,000 for the three months to July 2012 to $488,500 for the three months to July 2013, although it was down on the $505,000 median reported for the three months to June 2013..
The median price for lifestyle blocks in Auckland rose by 16.5% in the year to July 2013 to $830,000, which is closing in on the all-time high in the Auckland area of $842,500 established in June 2007.
There were 409 blocks sold in the Auckland area during the three months to July, which compares with 308 sold for the same period a year ago.
Peacock said prices rose by 4.4% in Waikato, however, the median price fell by 14.2% in Canterbury.
The number of days to sell for lifestyle properties eased by three days, from 69 days for the three months to the end of June to 72 days for the three months to the end of July.
Compared to the three months ended July 2012 the number of days to sell improved by 13 days from 85 days to 72 days. Taranaki recorded the shortest number of days to sell in July at 28 days, followed by Southland at 46 days and Canterbury at 55 days. Gisborne recorded the longest number of days to sell at 124 days, followed by Northland and Bay of Plenty, both on 105 days.