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Data released today by the Real Estate Institute of New Zealand (REINZ) shows there were 112 fewer lifestyle property sales (-8.1%) for the three months ended August 2023 than for the three months ended July 2023. Overall, there were 1,273 lifestyle property sales in the three months ended August 2023, compared to 1,516 lifestyle property sales for the three months ended August 2022 (-16.0%), and 1,385 lifestyle property sales for the three months ended July 2023.
In the year to August 2023, 5,533 lifestyle properties were sold, 2,114 (-27.6%) fewer than were sold in the year to August 2022. The value of lifestyle properties sold was $6.29 billion for the year to August 2023.
The median price for all lifestyle properties sold in the three months to August 2023 was $910,000 and was $100,000 lower compared to the three months ended August 2022 (-9.9%). The median price for Bareland Lifestyle properties sold in the three months to August 2023 was $444,500 and was $35,500 lower compared to the three months ended August 2022 (-7.4%). The median price for Farmlet Lifestyle properties sold in the three months to August 2023 was $1,022,609 and was $177,391 lower compared to the three months ended August 2022 (-14.8%).
Shane O’Brien, Rural Spokesman at REINZ, says: “The Lifestyle sales market continues to follow the trend of the residential market, with lower sales volume on previous years but noting the median sales price across most regions is holding in line with 2022. Areas to record higher sales activity on previous years are Taranaki and the South Island’s West Coast, with Taranaki recording 66 lifestyle property sales.
Similar to the rural market, many salespeople are starting to ready listings for the Spring market, although some vendors are choosing to hold off promoting properties until after the General Election on 14 October, giving themselves and buyers greater certainty. The wet weather across most regions has also delayed preparing properties for the traditional Spring market.
Building costs continue to impact the number of Bareland lifestyle property sales, but this market is still buoyant, with both the Auckland and Waikato regions being active.”
Compared to August 2022, three regions recorded an increase in sales, with Bay of Plenty (+17 sales) and West Coast (+10 sales) observing the biggest increases. Northland ( -69 sales) and Auckland ( -41 sales) recorded the biggest decreases in sales in the three months to August 2023, compared to the three months to August 2022.
Compared to the three months to July 2023, two regions recorded an increase in sales.
Four regions saw the median price of lifestyle blocks increase between the three months ending August 2022 and the three months ending August 2023. The most notable examples were in Southland (+23.7%) and Nelson/Marlborough/Tasman (+12.5%), with the biggest decreases being in Otago ( -29.5%) and Gisborne/Hawkes Bay ( -19.5%).
The median number of days to sell for lifestyle properties was 24 days more in the three months to August 2023 than in the three months to August 2022, sitting at 79 days. West Coast (57 days) recorded the shortest number of days to sell in August 2023. Manawatu-Whanganui (122 days) recorded the longest number of days to sell.
