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Virginia Woolf / Stuff
Homes in the Toi Toi, Nelson South area. The region has experienced a large drop in the number of homes on the market.
Nelson and Tasman are among New Zealand’s 11 regions with record median house prices for November, while Nelson leads the country in low share numbers, according to the latest data from the New Zealand Institute of Real Estate.
In the 12 months to November 2020, the median home price in Tasman saw a 28% increase from $ 605,000 to $ 774,400, while Nelson increased 9.8% from $ 610,000 to $ 670,000 in the same period.
Nationally, the data showed the highest number of properties sold in New Zealand in 13 years, and the number of residential properties sold in November in New Zealand increased by 29.6 percent from the same period last year (from 7627 to 9885).
The national median reached a record $ 749,000 in November 2020, 18.5 percent higher than the $ 632,000 in November 2019.
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Excluding Auckland, this increased by 15.0 percent from $ 535,000 in November last year to a new record median price of $ 615,100.
Nelson led the eight regions that had the lowest inventory levels with a percentage decrease of -44.7 percent from 421 to 233-188 properties less, followed by Marlborough with -42.8 percent.
REINZ CEO Bindi Norwell said that open houses have seen high levels of attendance across all price ranges and that properties are selling fast, usually with multiple offers.
Sales volumes rose 25.8 percent for Nelson, the highest for a November since 2002, and 13 percent for Tasman, the highest for a November since records began.
However, Nelson and Marlborough posted record inventory levels with six and eight weeks available to potential buyers, respectively, he said.
The West Coast, on the other hand, had a 36-week inventory available to prospective buyers compared to 43 weeks in the same period last year.
Nelson REINZ spokesman Darryl Marshall said the numbers were a reflection of how active and positive the market was proving to be, with a high level of buyer research that many in the real estate industry had never seen before.
“I don’t think anyone knew in April what was going to happen and nobody knows what is going to happen in April next year from what we are experiencing, if everything remains constant, those equations keep changing or expanding all the time. “
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REINZ data for November has shown median house prices on an upward trajectory, with Nelson among the regions experiencing high year-on-year increases.
Stock shortages were a major driver of the local market, along with other factors such as those looking to invest and those coming to the region, low interest rates and Nelson’s position as a chosen destination.
“It’s a perfect storm in that sense in terms of all these drivers that keep the business going, which is happening with a degree of urgency – people who are buying are doing it in some tough or hardcore situations to make themselves attractive by securing the property”.
