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Northland accounted for the biggest drop in lifestyle property sales of any region in the country in the three months ending July 2023, compared to the equivalent period last year.
Real Estate Institute of New Zealand (REINZ) data show that Northland was down 67 lifestyle property sales in the May-July 2023 period compared to the May-July 2022 period. The second-largest decrease in the number of lifestyle properties sold was in Canterbury, down 57 sales.
Countrywide, 1374 lifestyle property sales took place in the three months ended July 2023, compared to 1608 lifestyle properties sold for the three months ended July 2022 – a drop of 14.6 per cent.
“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 five per cent down for both lifestyle properties with homes and bare land lifestyle blocks,” REINZ rural spokesman Shane O’Brien said.
“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.”
Northland also recorded the second biggest drop in farm sales nationwide in the three months ending July 2023, compared to the three months ended July 2022. Northland recorded 14 fewer farm sales.
Only Southland, with 20 fewer sales, fared worse.
Three regions recorded an increase in the number of farm sales for the May-July 2023 period compared to the May-July 2022 period, with the most notable being West Coast, up 11 sales.
“Recent weather events across a lot of New Zealand, a lower number of listings on the market and a drop in inquiry for carbon farming and forestry will have impacted this sector,” O’Brien said. “On a more positive and important note, while sales volumes are well down, sale values are holding steady with the previous 12 months, with the median price paid across all sectors actually being up by five per cent,
This shows that buyers, although being cautious, will pay a good price for the right property that meets their needs.”
