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Bayleys Research


NEW ZEALAND LIFESTYLE FIRST HALF 2006

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SALES SLOW BUT VALUES RACE AHEAD

The lifestyle market enjoyed another year of strong growth in 2005 according to figures released by the Real Estate Institute of New Zealand (REINZ). The average sale price finished the year at a new record high level of $497,500 up from a previous level of $414,500 in 2004 an increase of 20%. The lifestyle sector outperformed the residential sector, which experienced a 13.5% increase in average values over the same period.

 

In the latter half of 2005, the amount of time taken to sell a lifestyle property decreased with the average days on market figure in the December quarter being 60 days compared with 70 in the June quarter and 62 in December 2004.

Sales volumes of lifestyle properties over the last two years have fallen back from the record levels of 2003 when 8,564 properties changed hands. In 2004 the total number of completed transactions recorded was 8017 while in 2005 the number of sales completed fell back slightly to 7990. The ongoing increase in values and the reduction in days on market indicate the level of purchaser inquiry remains strong and it is mainly a shortage of property being brought to market which brought about the latest reduction in sales volumes. This coincides with a period during which farm incomes have been good reducing the incentive to sell off productive land.

 

 

The lifestyle market comprises both vacant land and sites on which dwellings have already been constructed, ”lifestyle improved”. According to figures released by Quotable Value (QV) sales of improved properties since 2000 have accounted for on average 61.3% of sales by number and 76.5% of sales by volume.

 

 

 

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