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Data released today by the Real Estate Institute of New Zealand (REINZ) shows there were 74 fewer lifestyle property sales (-5.9%) for the three months ended October 2023 than for the three months ended September 2023. Overall, there were 1,175 lifestyle property sales in the three months ended October 2023, compared to 1,334 lifestyle property sales for the three months ended October 2022 (-11.9%), and 1,249 lifestyle property sales for the three months ended September 2023.
In the year to October 2023, 5,435 lifestyle properties were sold, 2,010 (-27.0%) less than were sold in the year to October 2022. The value of lifestyle properties sold was $6.08 billion for the year to October 2023.
The median price for all lifestyle properties sold in the three months to October 2023 was $927,000 and was $87,000 lower compared to the three months ended October 2022 (-8.6%). The median price for Bareland Lifestyle properties sold in the three months to October 2023 was $435,000 and was $35,000 lower compared to the three months ended October 2022 (-7.4%). The median price for Farmlet Lifestyle properties sold in the three months to October 2023 was $1,032,000 and was $158,000 lower compared to the three months ended October 2022 (-13.3%).
Shane O’Brien, Rural Spokesman, at REINZ says: “The October sales results were in line with the trend set throughout 2023 with a small decline in sales in many areas with notable exceptions in the top of the South Island and the Manawatu region. Many agents are reporting an increase in activity levels as the weather improves and properties are looking at their best during the Spring months. A notable increase in activity in the residential markets across much of New Zealand will encourage more activity in this sector as many buyers and sellers move from the built-up urban areas to the nearby rural areas.
The decline in the median sale price of bare land blocks is also not unexpected as buyers adjust for increased development and building costs that are being faced across all of New Zealand.
New regulatory requirements around the development of bare land lifestyle subdivisions are restricting the supply of bare land coming to the market as Councils and developers alike work through this new regime."
Compared to October 2022, three regions recorded an increase in sales, with Nelson/Marlborough (+18 sales) and Manawatu-Wanganui (+5 sales) observing the largest increases. Northland ( -53 sales) and Otago ( -25 sales) recorded the largest decreases in sales in the three months to October 2023 compared to the three months to October 2022. Compared to the three months to September 2023, Three regions recorded an increase in sales.
One region (Southland (+4.2%)) saw the median price of lifestyle blocks increase between the three months ending October 2022 and the three months ending October 2023. The biggest decreases in the median price of lifestyle blocks were in Nelson/Marlborough/Tasman ( -26.2%) and West Coast ( -22.3%).
The median number of days to sell for lifestyle properties was 20 days more in the three months to October 2023 than in the three months to October 2022, sitting at 77 days. West Coast (50 days) recorded the shortest number of days to sell in October 2023. Taranaki (111 days) recorded the longest number of days to sell.
