The Real Estate Institute of New Zealand (REINZ) has shared its latest findings on the lifestyle property market, revealing a steady rise in sales with interesting differences across regions.
In the three months ending February 2024, there were 1,162 lifestyle properties sold, which is slightly up from previous periods. This shows a 10% increase in sales compared to the same time last year.
REINZ’s rural spokesperson, Shane O’Brien, mentioned that more people are buying properties with farmlets to avoid the high costs and delays of building new. There’s also less land available due to new rules on land subdivision. Many are interested in country living while staying near cities for the conveniences and work opportunities they offer, especially as remote work becomes more common.
Despite a 12.9% drop in the total number of lifestyle properties sold in the past year, the market’s total value was $6.03 billion. The median sale price for lifestyle properties was $936,750 in the last three months, a slight decrease from last year. However, the price for bare land went up by 11.1%, while farmlet properties saw a 4.5% decrease.
Some regions like Gisborne/Hawkes Bay and Bay of Plenty saw significant sales increases, while Otago and Manawatu-Wanganui experienced drops. Prices in some areas, like Manawatu-Whanganui and Wellington, have gone up, showing the varied performance of lifestyle properties across New Zealand.
Darren Harris - Home4View 