Vineyard sales boost for market
An increase in viticulture sales is lifting the Marlborough property market, says Bayleys real estate agent John O'Brien.
There had also been an increase of lifestyle block sales as people from big cities "traded down" to buy in Marlborough, he said.
"Generally the pickup in the viticulture industry, together with increased demand from out-of-town buyers is having a flow-on effect to the residential property market."
The Real Estate Institute of New Zealand (REINZ) rural sales figures show 24 farms sold in Nelson/Marlborough last month, up from 18 in November last year and eight in 2010.
Volumes were also up with 70 rural sales last month, up from 59 in November last year and 57 in 2010.
The median sales price per hectare for horticulture farms in Nelson and Marlborough was $190,053 up from $60,081 in November 2011 and $115,832 in 2011.
The median lifestyle block in Nelson/Marlborough was valued at $518,500 last month, up from $495,000 November last year, but down from $535,000 in 2010.
The median value of residential properties sold in Marlborough and Kaikoura in November also increased last month, REINZ data showed.
The median residential property value last month was $296,000, up 1.4 per cent from $292,000 in October and up 9.1 per cent from $271,263 in November last year.
The volume of properties sold also increased with 104 sales last month, up 5.1 per cent.
- The Marlborough Express