Activity in residential sales for Marlborough/Kaikoura
has increased with 75 sales compared to 59 sales in September. There were 19 section sales for October, more than double the 8 sales recorded for September.
The median sell price for homes has increased to $420,000 in comparison to September's $385,901.
The median number of days to sell has also remained
reasonably steady in October with 30 days compared to September’s 32 days. The total value of sales for October was $33,903,550.
As the weather warms up so does the demand for rental properties and this goes hand in hand with increases in rents. We have seen rises in the last 3 months across most markets, the exception being 1 and 2 bedroom flats which have dropped slightly to a median of $190per week for a 1 bedroom and $260 per week for a 2 bedroom. 3 bedroom houses are at their all-time high of a median $372 per week. 2 bedroom and 4 bedroom houses report a median of $295 per week and $380 per week respectively *
This market, whilst great for investors, is making it difficult for tenants looking for properties to rent. We are expecting the new Government to make some legislative changes which will affect the rental industry but we are not expecting them to be as extreme as indicated pre-election. We also do not expect these changes to ease the housing shortage in the short term. For investors, the higher returns we are currently seeing indicates property continues to be a sound investment. The key to any investment option is to receive quality advice and management and this is where our experienced team in Property Management can assist. If you are looking to purchase a property, or have an existing portfolio and would like some advice, contact Lavina Diamanti or Darren Jones on 03 5780888.
* Ministry Business, Innovation and Employment statistics 6 months to 31/10/17 for Blenheim central. Does not include Renwick, Picton or rural areas.
Significant increase in Vineyard values. Back up to 2007 levels.
Over 2200 ha of new plantings since 2014, virtually all being Sauvignon Blanc.
Dairy farms showing a small lift in value levels coupled with increased pay outs.
Lifestyle blocks have had a modest increase in values. More in line with high values residential properties..