Property sales start to improve
The North Otago property market continues to provide positive results across the board, according to the latest Real Estate Institute of New Zealand (REINZ) figures.
Auckland continued to lead the market in the number of properties sold, followed by Canterbury/Westland and Otago, where the market lifted by 4.3 per cent.
Thirty-four properties sold in North Otago in October, with a median price of $222,500 from from 36 sales the previous month for a median sale price of $210,000.
Properties took 49 days to sell in October, compared with 91 for the previous month.
Oamaru real estate representative Tony Spivey Jnr. said the market figures look good for the region.
"Properties remain in demand and a lift in the median sale price certainly bodes well for sellers aiming to list their properties," he said.
REINZ chief executive Helen O'Sullivan said the springtime surge in new listings is struggling to keep pace with buyer demand.
"This is leading to a further drop in the average number of days taken to sell," she said.
"Sales volumes rose across the country in October but prices did not automatically follow.
"The market is very much in two parts, the metropolitan regions of Auckland, Wellington and Christchurch where prices are rising and the rest of the country where price trends are mixed."
The total value of residential sales across New Zealand, including sections was $3.15 billion in October, up from $2.62 billion in September.
Properties priced at under $400,000 proved to be the most sought after with 3527 sold, taking a 53.1 per cent of the total market.
At the top end of the scale, 328 properties valued at $1 million or above sold, representing 4.9 per cent of the overall market.
