Residential property sales improve

North Otago residential property sales last month continued to improve, compared with the same month last year, building on trends of a slow recovery.

Real Estate Institute Otago zone North Otago representative Tony Spivey Snr said February's figures were "very, very encouraging" for vendors and purchasers and had continued into this month.

The North Otago market was very short of first-time buyer properties and interest in the top end of the market had improved.

Last month, 33 residential properties were sold, compared with 25 in March last year in North Otago.

The area stretches from Palmerston to Omarama and includes Oamaru.

Details were (compared with February last year in parenthesis): Total value of properties sold, $6,679,500 ($5,939,500); $188,000 average list price ($209,000); $183,500 average sale price ($205,000); 49 average days to sell (69); $175,000 median rateable value ($220,000).

Last month, seven residential sections were sold, compared with three in February last year.

Details were: $558,000 total value sold ($89,000); $115,000 average list price ($30,000); $80,000 average sale price ($25,000); 388 average days to sell (347); $86,000 median rateable value ($40,800).



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