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Bayleys Research


NEW ZEALAND RURAL PROPERTY 2ND HALF 2006

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Lifestyle Property Values on Rapid Rise

The continued attraction of lifestyle property has resulted in rapidly increasing values throughout the country. While all residential property has experienced sharply rising prices over the last few years, it is lifestyle property which has performed the most strongly.

The average value of lifestyle property in the June 2006 quarter sat at approximately $507,100 according to the latest sales statistics released by the Real Estate Institute of New Zealand (REINZ). This is the highest ever recorded, slightly up from the previous highest figure of 506,000 recorded in the March quarter 2006. This is well up on the 2004 national lifestyle average of $396,400 recorded in the September quarter 2004.

Northland has experienced the greatest growth over the two year period increasing approximately 60% to $402,516 from the $253,866 recorded in 2004. Canterbury has seen the second highest growth over the two year period, coming off an already high price base, increasing its median value by 48%. Waikato, Hawkes Bay and the Bay of Plenty have all experienced growth of over 30% during the last two years.

 

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