Lifestyle property market strong for quality listings

Although the overall sales of lifestyle blocks fell in the three months to August, the median price for Canterbury properties rose by nearly 26%.

Real Estate Institute of New Zealand figures for the three-month period show the number of lifestyle properties sold throughout the country dropped by 13.9%, but in the 12-month period to August the fall was just 1.2%.

For the 12 months to August 2014, there were 6361 unconditional sales of lifestyle properties in New Zealand.

The national median price for lifestyle blocks rose by $25,510 to $510,510 in the three months to August this year. In Auckland, the median price for property rose to $872,000 and in Canterbury it rose by 25.9% to $579,000 in the same period.

It took an average of 60 days to sell a lifestyle block in Canterbury, compared with 35 days in Gisborne, 59 days in Southland and 328 days on the West Coast.

Reinz rural spokesman Brian Peacocke said while the volume of sales of such properties had fallen during the past 12 months, more than half the regions had held or marginally increased levels of sales during July and August.

''A number of districts are reporting a shortage of listings, particularly in the Canterbury region, but expectations are for improving conditions as the market emerges into spring,'' Mr Peacocke said.

''Quality properties that are well priced to the market continue to sell well.''

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