House sales roaring ahead in city

Last updated 13:08 11/12/2013

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House sales have soared by more than 20 per cent in Nelson.

Real Estate Institute figures released today show 103 homes in Nelson city sold in October compared with 85 the previous month and 83 at the same time last year.

In Richmond, house sales increased from 16 in October last year to 25.

However, the strong rises in Nelson and Richmond were offset by falls in Motueka and Marlborough/Kaikoura.

The median price across the region rose by $25,000, or 7.4 per cent, to $365,000, to sit $1500 below the record median high recorded in August.

In Nelson city the median price was $366,000 in October, up from $355,000 at October last year; in Richmond it was $402,000, up from $380,000, and in Motueka $395,000, up from $327,000.

The number of days to sell across the region improved by seven compared to September, from 35 days in September to 28 days in October.

Compared to October last year the number of days to sell improved by 12 days. Over the past 10 years the average number of days to sell in October regionally has been 37 days.

Institute chief executive Helen O'Sullivan said "there has been a tapering off in the number of first home buyers in the market as a result of the new LVR restrictions, although open homes have been well attended. New listings have been rising as expected and the market sentiment remains positive".

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- © Fairfax NZ News

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