Southland sales dip to new low

A record low number of properties were sold in Southland last month, industry data shows.

Figures released yesterday by the Real Estate Institute of New Zealand (REINZ) showed only 100 properties were sold in the region, the lowest since records began.

That was down from 157 sold in July 2021 and 188 in August 2020.

Despite the low number, the median house price in Southland increased 8.6% to $405,000 for the 12 months to August 2021, up from $373,000.

Homes in the Gore district were worth $375,000, Invercargill City homes were worth $421,000 and property in the Southland district was worth $425,000.

In Wanaka, house prices reached a record median price last month of $1,193,000, up 26.2% on August 2020.

The Queenstown-Wakatipu area also reached a record median price, up 15.2% to $975,000 from the year before.

REINZ regional director Gail Hudson said the Covid-19 Alert Level 4 lockdown increased online buyer inquiries but slowed down offers which could be due to the high percentage of out-of-town buyers unable to travel.

Dunedin’s median house price jumped 22.1% in the 12 months to August, reaching $629,000.

The Mosgiel-Taieri ward had the biggest increase, up 26.2% from August 2020 to $568,000.

The number of sales in the city dropped 19.3% from 145 in August 2020 to 117 last month.

Nationally, house sale volumes fell 26.5% in August — only 5753 properties were sold, down from 7828 in August 2020, the least number of properties sold in the month since 2014.

ANZ senior economist Miles Workman said the return to Level 4 meant volatility in housing data was back.

Despite some businesses and households doing it tough, broader economic and housing confidence appeared to be holding up well, he said.

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