REINZ Shows 50 More Lifestyle Property Sales (4.3%) For Three Months

Data released today by the Real Estate Institute of New Zealand (REINZ) shows there were 50 more lifestyle property sales (4.3%) for the three months ended March 2024 than for the three months ended February 2024. Overall, there were 1,215 lifestyle property sales in the three months ended March 2024, compared to 1,163 lifestyle property sales for the three months ended March 2023 (+4.5%), and 1,165 lifestyle property sales for the three months ended February 2024.

5,558 lifestyle properties were sold in the year to March 2024, 656 (-10.6%) less than were sold in the year to March 2023. The value of lifestyle properties sold was $6.16 billion for the year to March 2024.

The median price for all lifestyle properties sold in the three months to March 2024 was $970,000 and was the same as the three months ended March 2023 (0.0%). The median price for Bare Land Lifestyle properties sold in the three months to March 2024 was $420,000 and was $20,000 higher compared to the three months ended March 2023 (+5.0%). The median price for Farmlet Lifestyle properties sold in the three months to March 2024 was $1,100,000 and was the same as the three months ended March 2023 (0.0%).

Shane O’Brien, Rural Spokesman, at REINZ says: “Following a considerable easing in sales earlier in the year the market has responded positively to some clarity around future interest rate rises and a more active residential market as buyers transition between the residential and lifestyle markets. Many salespeople are reporting increased inquiry levels and also the movement between the North Island South Island markets.”

Seven regions recorded an increase in sales compared to March 2023, with Gisborne/Hawkes Bay (+30 sales) and Wellington (+25 sales) observing the biggest increases. Otago ( -26 sales) and Manawatu­Whanganui ( -20 sales) recorded the biggest decreases in sales in the three months to March 2024 compared to the three months to March 2023. Compared to the three months to February 2024, 9 regions recorded an increase in sales.

Six regions saw the median price of lifestyle blocks increase between the three months ending March 2023 and the three months ending March 2024. The most notable examples were in Manawatu­Wanganui (+46.0%) and Otago (+13.3%) with the biggest decreases being in Southland ( -31.4%) and West Coast ( -26.3%).

The median number of days to sell for lifestyle properties was 9 days more in the three months to March 2024 than in the three months to March 2023, sitting at 80 days. West Coast (62 days) recorded the shortest number of days to sell in March 2024. Southland (114 days) recorded the longest number of days to sell.

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