Regional housing sales volume high in more typically lean winter

The regions have stolen some of the housing limelight from Auckland for a change, with a notable increase of sales volumes over the usually leaner winter months.

The Real Estate Institute of New Zealand has released a quarterly snapshot of sales, from June through to August, which reveal a sales bump.

The separate districts of Otago, Queenstown Lakes and Central Otago all had one month where sales numbers were up by more than 50% on a year ago.

REINZ chief executive Colleen Milne said that for the quarter to August, compared with a year ago, sales volumes had increased in almost all areas of New Zealand.

The biggest increase was seen in Waikato, where sales volumes increased by 96%, followed by Coromandel at 91%, Northland at 74% and Bay of Plenty at 64%.

Queenstown Lakes in July had a 59% boost in sales, from 66 to 105, and the median price was up 17% to $635,000.

Central Otago had a sales surge of 50% in July, from 24 a year ago to 36, and the median price rose by 16% to $332,500.

In August, Otago sales were up 54%, from 139 to 214, while the median price rose 7% to $291,075.

She said while there had been plenty of interest in Waikato, Bay of Plenty and Northland for some time, the data was indicating that other areas were beginning to gain as well.

Hawke's Bay, Wairarapa, Central Otago and Queenstown Lakes, Otago and the West Coast all recorded gains in both sales volumes and median sales values, Ms Milne said.

''I believe this is a growing trend where people are considering their lifestyle options long term and for many living outside the main centres is the answer,'' she said in a statement.

Ms Mine said ''across the board'', the REINZ data usually recorded less activity over the winter months.

Changes in sales volumes during spring would be closely watched, given the upcoming changes in loan-to-value banking restrictions around Auckland, and implementation of the Bright-line test; taxing people for selling a second home/rental after less than two years ownership.

simon.hartley@odt.co.nz

Add a Comment