Activity in residential sales for Marlborough/Kaikoura
has increased with 105 sales compared to 85 sales in April.
There were 17 section sales for May, up on the 10 sales recorded for April. The median sell price for homes has increased to $420,000 in comparison to April’s $400,000.
The median number of days to sell has decreased in May with 35 days compared to April with 41 days
The total value of sales for May was $47,870,950.
As expected for this time of year, the rental market has steadied and we are finding there are not the same number of quality tenants looking for properties. This will have a flow on effect on rent prices, at least over winter.
The May statistics* already reflect this with the median rent for a
2 bedroom house in Blenheim dropping from $312 to $310pw, the
3 bedroom remaining static at $380pw and a 4 bedroom dropping from $420 to $410pw. We may continue to see a slight easing of rental prices over winter but expect these will pick up again in spring.
*Ministry of Business, Innovation and Employment statistics for the six months ending 30th April 2018.
The commercial team at Harcourts Marlborough are about to auction the Kathmandu building at 13, Scott Street , located within the Blenheim CBD.
Recent property sales of large commercial properties have attracted considerable interest from individual investors and investment groups alike.
Commercial property sales in the last few years have seen capitalisation rates ranging between 5.91% and 6.66% in the past two years.
If you require further information regarding the sale of the Kathmandu building or all commercial properties please email email@example.com & firstname.lastname@example.org