April Lifestyle Data: REINZ Reveals A Steady Growth In Lifestyle Property Sales

Real Estate Institute of New Zealand (REINZ) has just released the data for April 2024, revealing a significant increase in lifestyle sales. These figures show an increase of 149 more lifestyle property sales (11.9%) for the three months ended April 2024 than for the three months ended March 2024. Overall, there were 1,404 lifestyle property sales in the three months ended April 2024, compared to 1,289 lifestyle property sales for the three months ended April 2023 (+8.9%) and 1,255 lifestyle property sales for the three months ended March 2024.

5,519 lifestyle properties were sold in the year to April 2024, 362 (-6.2%) less than were sold in the year to April 2023. The value of lifestyle properties sold was $6.12 billion for the year to April 2024.

The median price for all lifestyle properties sold in the three months to April 2024 was $988,650 and was $13,650 higher compared to the three months ended April 2023 (+1.4%). The median price for Bare Land Lifestyle properties sold in the three months to April 2024 was $425,000 and was $30,000 higher compared to the three months that ended April 2023 (+7.6%). The median price for Farmlet Lifestyle properties sold in the three months to April 2024 was $1,107,500 and was $10,000 less compared to the three months ended April 2023 (-0.9%).

Shane O'Brien, Rural Spokesman at REINZ, provided insights on the regional dynamics, stating, “Following a significant slowdown in sales earlier this year, there was a lift in lifestyle sales, with thirteen regions noting an upturn. The increased flexibility from employers, enabling work-from home arrangements, appeals to buyers seeking a country lifestyle without being too distant from urban centres. Many salespeople continue to receive a growing number of inquiries from these buyers.”

Nine regions recorded an increase in sales compared to April 2023, with Auckland (+41 sales) and Wellington (+31 sales) observing the biggest increases. Manawatu-Whanganui ( -23 sales) and Waikato ( -14 sales) recorded the biggest decreases in sales in the three months to April 2024 compared to the three months to April 2023. Compared to the three months to March 2024, 10 regions recorded an increase in sales.

Six regions saw the median price of lifestyle blocks increase between the three months ending April 2023 and the three months ending April 2024. The most notable examples were in Manawatu-Whanganui (+16.9%) and Otago (+13.4%) with the biggest decreases being in Southland ( -14.8%) and Wellington ( -12.8%).

The median number of days to sell for lifestyle properties was 14 days more in the three months to April 2024 than in the three months to April 2023, sitting at 80 days. Northland (69 days) recorded the shortest number of days to sell in April 2024. Otago (109 days) recorded the longest number of days to sell.

© Scoop Media