Marlborough house prices hit all-time high
Marlborough house prices have again climbed to a record high, and there's no sign of any let up.
Houses across the top of the south, including Marlborough, Nelson and Tasman, have bucked the national trend and median prices have climbed to nearly half a million dollars.
The $483,250 median house price for the region was up 22.3 per cent in a year, according to the latest figures from the Real Estate Institute (REINZ).
REINZ chief executive Bindi Norwell said the country's strong economy coupled with high demand and fierce completion had driven prices up in the region.
She said the top of the South Island's "robust" market, including year-on-year growth in sales volumes, was "in contrast to almost all of the rest of the country".
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"Marlborough's an area attracting a lot of international attention. It's seen as affordable, you get more for your money and those houses at the top end of the market in particular are receiving a lot of interest."
The median house price was $402,500 in Marlborough, $482,500 in Nelson, and $545,500 in Tasman in May. Marlborough, the cheapest of the lot, had all the benefits and was such a "lovely part of the world," she said.
The district was one of only four nationwide that reached a record high median house price last month as the fallout from the affordability crisis in Auckland, Hamilton and Wellington continued to make the regions attractive to buyers and investors.
"With the political unrest overseas at the moment, there is a tendency to stay in New Zealand and staying home is seen as the better option. There's not so many houses on the market and when there are less properties available to buy, that creates competition."
There were 7 per cent less properties available in the region compared to this time last year.
REINZ Nelson spokesman Darryl Marshall said the property market remained "very active" across the region and was showing no sign of cooling off over winter.
"I would suggest that if the interest that we're experiencing to date is an indicator it's similar to what we experienced last year. I can't see any reasons at the moment to say it's going to be different to what it was last year."
Sales volumes across the region increased 44 per cent in May compared with April, but Marshall said the housing stock remained low.
"I think the main part of this equation is that we don't have an abundance of stock. It's a supply and demand equation."
Marshall said demand continued to be strong with high numbers attending open homes and many properties attracting multiple offers.
However, buyers were taking more time to do due diligence and produce competitive offers, Marshall said.
The same factors that have been driving the region's property market — improved accessibility, strong economy, and attractive location — were still at play, he said.
"In real general terms it's still much of the same that we're experiencing — it's strong, it's positive.
And while higher prices meant first-time buyers were required to dig deeper, Marshall said they could take comfort in the fact that they're investing in a "very solid" market.