House prices buoyant with faster sale time

House prices are up across the Nelson region on last year, latest Real Estate Institute sales figures show.

For the year to July, the median price in Richmond is up 18 per cent, in Nelson city up 8 per cent and in Motueka up 5 per cent.

The more buoyant prices coupled with faster selling time seems to make it a sellers' market.

It was significantly quicker to sell across the Nelson Marlborough region, taking 17 fewer days compared with June, from 55 days to 38 days, giving the region the second shortest number of days to sell in July. Compared with July 2011, the number of days to sell also improved by nine days, from 47 days to 38 days.

The region's sales volume compared with July 2011 was almost 7 per cent higher with notable increases in Richmond. However, compared with June, sales volume eased by over 5 per cent with sales down over a quarter in Nelson City and down 17 per cent in Richmond, although sales were higher in Motueka.

The latest QV index shows nationwide residential property values rose again in July.

Values are up 2.2 per cent over the past three months, 4.6 per cent up over the past year, and are now only 0.8 per cent below the previous market peak of late 2007. In inflation adjusted terms, values are 13.1 per cent below peak.

The QV index shows Nelson property values up 1.9 per cent at $367,092, while in Tasman they were down 1.3 per cent at $370,504.