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Data released today by the Real Estate Institute of New Zealand (REINZ) shows there were 64 more lifestyle property sales (+4.9%) for the three months ended July 2023 than for the three months ended June 2023. Overall, there were 1,374 lifestyle property sales in the three months ended July 2023, compared to 1,608 lifestyle property sales for the three months ended July 2022 (-14.6%), and 1,310 lifestyle property sales for the three months ended June 2023.
In the year to July 2023, 5,633 lifestyle properties were sold, 2,218 (-28.3%) less than were sold in the year to July 2022. The value of lifestyle properties sold was $6.45 billion for the year to July 2023.
The median price for all lifestyle properties sold in the three months to July 2023 was $950,000 and was $50,000 less compared to the three months ended July 2022 (-5.0%). The median price for Bareland Lifestyle properties sold in the three months to July 2023 was $450,000 and was $25,000 less compared to the three months ended July 2022 (-5.3%). The median price for Farmlet Lifestyle properties sold in the three months to July 2023 was $1,050,000 and was $150,000 less compared to the three months ended July 2022 (-12.5%).
Shane O’Brien, Rural Spokesman, at REINZ says: “The increase in the number of lifestyle sales in July as compared to June had been borne out by many salespeople reporting an increase in inquiry and open home attendances. Although back by 28% on the same time in 2022, the volume of sales activity reduced noticeably in Canterbury and Northland no doubt impacted by a very wet month in both areas.”
“Although sales volumes were down, the median sale price for lifestyle properties across New Zealand was steady with the same time in 2022 being just 5% down for both lifestyle properties with homes and Bareland Lifestyle blocks.”
“The strong connection between the lifestyle and residential markets in most regions was influencing sales activity as many buyers were grappling with increased interest rates, cost of living increases and some uncertainty from the upcoming general election.”
Compared to July 2022, three regions recorded an increase in sales, with Bay of Plenty (+34 sales) and West Coast (+4 sales) observing the biggest increases. Northland ( -67 sales) and Canterbury ( -57 sales) recorded the biggest decreases in sales in the three months to July 2023 compared to the three months to July 2022. Compared to the three months to June 2023, 9 regions recorded an increase in sales.
Seven regions saw the median price of lifestyle blocks increase between the three months ending July 2022 and the three months ending July 2023. The most notable examples were in West Coast (+62.9%) and Nelson/Marlborough/Tasman (+24.7%) with the biggest decreases being in Otago ( -26.7%) and Waikato ( -19.6%).
The median number of days to sell for lifestyle properties was 23 days more in the three months to July 2023 than in the three months to July 2022, sitting at 73 days. Canterbury (62 days) recorded the shortest number of days to sell in July 2023. Gisborne/Hawkes Bay (96 days) recorded the longest number of days to sell.
