Data released today by the Real Estate Institute of New Zealand (REINZ) shows there were 179 fewer lifestyle property
sales (-7.9%) for the three months ended July 2021 than for the three months ended June 2021. Overall, there were
2,089lifestyle property sales in the three months ended July 2021, compared to 1,955lifestyle property sales for the
three months ended July 2020 (+6.9%), and 2,268 lifestyle property sales for the three months ended June 2021.
10,235 lifestyle properties were sold in the year to July 2021, 3,367 (+49.0%) more than were sold in the year to July
2020. The value of lifestyle properties sold was $10.73billion for the year to July 2021.
The median price for all lifestyle properties sold in the three months to July 2021 was $925,000 and was $185,000 higher
compared to the three months ended July 2020 (+25.0%). The median price for Bare land Lifestyle properties sold in the
three months to July 2021 was $475,000 and was $118,478 higher compared to the three months ended July 2020 (+33.2%).
The median price for Farmlet Lifestyle properties sold in the three months to July 2021 was $1,100,000 and was $240,000
higher compared to the three months ended July 2020 (+27.9%).
Brian Peacocke, Rural Spokesman, at REINZ says: “Whilst sales results for the 3-month period ending July 2021 reflected
an easing from the previous sale period ending June 2021, the numbers were still comfortably ahead of the equivalent
periods ending July 2019 and July 2020.
“Reports reflect a continuation of strong demand, and whilst sales volumes remain solid, the increasing median price
reflects a constrained supply,” he concludes.Points of Interest around New Zealand include:Upper North IslandAn increase in sales numbers in Northland but a significant decrease in the median priceThe opposite applied in the Auckland region which experienced a 20% decrease in sales but a 10% lift in the median price
to a record level of $1,760,000The wider Waikato/King Country/Taupo region benefited from a good lift in sales volumes but a surprising, albeit small,
easing in the medium priceBay of Plenty/Rotorua responded strongly to the slump in sales experienced last month with a 50% lift in volumes
although it remained below the recent autumn 2021 and spring 2020 results; the median price however caved in by 18%.Central North IslandGisborne/Hawke’s Bay maintained par with recent months but was still a massive 60% below the peak achieved in spring
2020, with Gisborne very much feeling the impact of that drop; the median price however benefited with an equally
massive 35% lift to record the strongest level yet at $1,320,000Taranaki strengthened slightly in sales volumes, but also experienced a 12/13% lift in the median price to just under
$930,000, which is a record for the province.Lower North IslandManawatu/Wanganui maintained par in numbers but was pushed into touch with a significant drop in the median priceWairarapa retained its consistently strong following with a 15% lift in volumes and a strong 22% lift in price whereas
by contrast, activity in the Wellington district was particularly subdued.Upper South IslandNelson/Marlborough retained its popular support with consistency in sales and retention of a strong medium priceCanterbury maintained par in sales numbers on a well-spread basis, with a slight recovery in the median price from the
previous quarterWest Coast performed with merit, recording a 10% lift in sales numbers and a 22% lift in price.Lower South IslandOtago continued to feel the impact of the lower level of sales experienced last month and with fewer sales reported in
the Central Otago/Queenstown-Lakes districts, experienced a dramatic 58% drop in the median priceBy contrast, the gritty Southlanders outperformed their northern neighbors by holding par on numbers but gaining a
meritorious 25% lift in price; however, the $529,000 figure reported was well below the peak of $760,000 achieved in May
of this year.
10regions recorded an increase in sales compared to July 2020, with Otago (+40 sales) and Waikato (+35 sales) observing
the biggest increases. Manawatu-Wanganui (-26 sales) and Gisborne/Hawkes Bay (-11 sales) recorded the biggest decreases
in sales in the three months to July 2021 compared to the three months to July 2020. Compared to the three months to
June 2021, 1 region recorded an increase in sales.
11regions saw the median price of lifestyle blocks increase between the three months ending July 2020 and the three
months ending July 2021. The most notable examples were in Gisborne/Hawkes Bay (+67.9%) and Waikato (+37.8%) with the
biggest decreases being in West Coast (-12.9%) and Southland (0.2%).
The median number of days to sell for lifestyle properties was 46 days less in the three months to July 2021 than in the
three months to July 2020, sitting at 43 days. Manawatu-Wanganui (38) and Wellington (41) recorded the shortest number
of days to sell in July 2021. West Coast (94) and Northland (69) recorded the longest number of days to sell.