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Bayleys Research


JUNE 07 MARLBOROUGH AND KAIKOURA RESIDENTIAL REPORT

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MARLBOROUGH AND KAIKOURA

The Marlborough and Kaikoura regions have prospered from the diversity of attractions and activities on offer in the area over recent years. Located at the northern end of the South Island and often blessed with the highest number of sunshine hours in New Zealand, the area has become a popular destination with a number of people choosing to settle in the area. As a result, the residential property market has performed well with further increases in median house prices recorded in the March 2007 quarter, according to the latest figures released by the Real Estate Institute of New Zealand (REINZ).

Median house prices in Marlborough/Kaikoura have risen from $133,000 in the March 2002 quarter to $315,000 five years later, a whopping 136% increase. The growth in prices over this time has been varied with the median sale price starting to increase rapidly from the March 2002 quarter before taking a breather over the later part of 2004. The Marlborough/Kaikoura area undertook a period of consolidation between late 2004 and mid 2006 recording conservative growth before the strong increase from $267,000 in the June 2006 quarter to the current $315,000, an 18% increase in less than a year.

While sales volume in Marlborough/Kaikoura dipped in the December 2006 quarter, growth in the number of sales back to historical levels has been occurring since the drop in the March 2004 quarter. Total sales for the March 2007 quarter were just 13 sales short of the record 404 recorded in the March 2003 quarter, a time when the New Zealand residential property market was booming.

The healthy state of the market is also portrayed with the time it takes to sell a property in the Marlborough/Kaikoura market. The average days on market figure decreased in the latest quarter to 48 days compared to 59 recorded one year earlier. The average days on market has been tracking around 55 to 64 days since the September 2004 quarter to September 2006 quarter before dropping down to under 50 for the last two quarters.

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