Lifestyle blocks appear to be following the residential property market down, with a sharp decline in the number of lifestyle blocks being sold and falling prices in many areas.
Latest figures from the REINZ show there were 1984 lifestyle properties sold in the three months to the end of July, compared to 2455 in the same three months of last year, a decline of 19.2%.
On an annual basis, sales were down 8.7%, in the 12 months to July compared to the previous 12 months.
The median price of all lifestyle blocks sold throughout the country was $580,000, down from $601,250 in the three months to June but still up by $10,000 on the median of $570,000 in the three months to July last year.
Around the country, median selling prices for the three months to July were below where they were for the same period of last year in six regions: Auckland, Hawkes Bay, Taranaki, Wellington, Canterbury and Otago, while they were up in eight regions: Northland, Waikato, Bay of Plenty, Gisborne, Manawatu/Whanganui, Nelson, West Coast and Southland.
In Auckland the median selling price for the three months to July was $1,180,000 compared to $1,260,000 in the three months to July last year, while in Wellington it dropped to $490,000 from $538,500 over the same period, in Canterbury it dropped to $611,000 from $645,000 and in Otago it fell from $462,089 to $424,500.
However several regions also posted substantial annual price gains, with the median price increasing from $399,500 to $450,000 in Northland, from $560,000 to $636,000 in Waikato, from $580,000 to $745,000 in Bay of Plenty, from $555,250 to $732,500 in Nelson (setting a new price record for the region) and from $320,944 to $367,500 in Manawatu/Whanganui.
“The general easing in sales volumes for the latest three month period mirrors the situation in the residential market throughout New Zealand, whereby the mix of LVRs imposed by the Reserve Bank, security of employment and uncertainty surrounding the forthcoming election are contributing factors,” REINZ rural spokesman Brian Peacocke said.
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