The average price of a lifestyle block is almost equivalent to the average price of a house in Wellington. And, as a result, demand for lifestyle blocks continues to increase. There were 2480 lifestyle property sold between April and June this year ...
JOHN NICHOLSON/FAIRFAX NZ
Demand for lifestyle blocks increase, with the average price now sitting at $580,000.
The average price of a lifestyle block is almostÂ equivalentÂ to theÂ average price of a house in Wellington.And, as a result, demand forÂ lifestyle blocks continues to increase.There were 2480 lifestyle property sold between April and June this year, compared with 2079 duringÂ the same period in 2014 - an increase of 401 sales.New data from Real Estate Institute of New ZealandÂ (REINZ) shows theÂ median price for all lifestyle properties sold increasedÂ $30,000, toÂ $580,000.READ MORE:*Â Lifestyle block sales at 12-year high at start of 2016*Â Sales of New Zealand lifestyle blocks tops $6 billion*Â Sunless Wellington houses selling well*Â Lifestyle block a popular property choiceThe latest QV figures show the average house priceÂ in Wellington regionÂ $516,430.The median price for a lifestyle block, which isÂ usually betweenÂ 1 andÂ 4 hectares, hit a record high -Â the third consecutive record median price this year.For the year ending June 30,Â 8967Â lifestyle properties Â were sold - Â 27 per centÂ more than in the year endingÂ June 30, 2015 andÂ the highest number of annual sales since March 2004.The value of lifestyle propertiesÂ sold reached new heights -Â $6.67 billion for the year ending June 30, 2016.REINZÂ rural spokesman Brian Peacocke said the data painted a "clear and unequivocal picture" - aÂ strongÂ market with strong prices.
"The lifestyle market is veryÂ similar to the residential market with strong demand across the country with the greatest limitationÂ being the availability of properties for sale."The shortage of properties for sale is consistent across the country, and is likely a contributor to theÂ easing of sales in some regions between May and June," he said."Of note are some particularly strong sales ofÂ land within the wider fringe of the Auckland urban area that would appear to be destined forÂ residential subdivision in due course."Indications from around the country suggest the current robust market is likely to continue for someÂ months yet."TwelveÂ regions recorded an increase in sales.Waikato recorded the largestÂ increase in sales - up 119 -Â in the three months to June 2016 compared to June 2015, while Wellington saw anÂ increase of 67 sales and Otago an increase of 65 sales.Compared to May 2016, six regions recordedÂ an increase in sales.Auckland and Otago regions reached new record high median pricesÂ for the three months to June 30, 2016.The median price for lifestyleÂ blocks in Auckland rose by $317,000 - from $969,500 toÂ $1,286,500 for the three months ,Â reaching another record high.Meanwhile, the median price rose byÂ 8.3 per centÂ in Canterbury toÂ $650,000.In the Waikato, the median price increased byÂ 5.7 per centÂ to $518,500.The median number of days to sell for lifestyle properties improved by just one day compared to the same period last year.Auckland recorded theÂ shortest number of days to sell in June 2016, at 41 days, followed by Waikato at 47 days and Hawke'sÂ Bay at 54 days.West Coast recorded the longest number of days to sell at 139 days, followed byÂ Manawatu/Wanganui at 86 days, and Otago at 85 days.
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