House prices stable
The value and volume of residential properties sold in Marlborough and Kaikoura last month show little change compared with the same time last year.
Real Estate Institute New Zealand figures show the national median price of residential properties increased in September compared to the same month last year, however Marlborough values fell over the same period.
The median value of Marlborough houses sold, not including the Marlborough Sounds, was $297,000 in September, up 6.1 per cent from $280,000 in August, but down 2.6 per cent from $305,000 in September last year.
Nationally, the median house price is up 6 per cent and $1000 below the record median price set in June this year.
QV property statistics show a similar story, although it is calculated differently, reporting the average price of Marlborough houses sold in the last three months was $310,057, down 0.4 per cent in the last 12 months.
First home buyers and investors are definitely more active in the market now than has been the case for several years. However, in general buyers are acting carefully, doing their research and not overpaying. This is despite the lack of listings, which would ordinarily mean increased competition and prices.
Sixty-seven houses sold in Marlborough last month, down 11.8 percent compared with 76 in August, but up 6.3 per cent from 63 in September last year.
Real Estate Institute New Zealand chief executive Helen O'Sullivan said a shortage of listings in Auckland, in particular, was behind the national median price increases.
“Auckland continues to be the key region in terms of price increases and demand for housing. However, other regions are now starting to see pressure building."
Houses that sold last month had taken a median 50 days to sell, l compared with 76 days in August.
- The Marlborough Express