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Kiwis Buy The Good Life

If you longed for some space to spread out over lockdown, it turns out you’re not alone. There’s been a big boom in people buying lifestyle blocks.

11 October 2021

It appears many of us are rethinking our city lifestyles. We’re buying lifestyle blocks and moving into the country in increasing numbers.

Figures from the Real Estate Institute of New Zealand (REINZ) show there’s been a big boom in people buying lifestyle blocks recently.

We’ve bought $5.81 billion in lifestyle blocks for the year to July 2020, and there have been ‘spectacular’ prices paid in the Queenstown/Lakes District, including the rural home above, which sold for $6 million to an Auckland buyer.

Brian Peacocke of REINZ says he was surprised by the sales volumes over the past couple of months, given what’s been happening throughout the country.

“Sales volumes for the three-month period ending July 2020 were unexpected and have jumped 62.6 per cent from the three-month period ending May 2020.

“The figures for the month of July 2020 alone – at 913 sales compared to 197 for the month of May 2020 – represent an amazing 463 per cent increase over that period, a graphic demonstration of the impact of the recent Level 4 lockdown.”

The figures also show that we’re prepared to pay more for the privilege of calling the country home.

The median price for all lifestyle properties sold in the three months to July 2020 was $735,500, which was $35,500 higher than the three months ended July 2019 (up 5.1 per cent).

“All regions throughout the country experienced a lift in sales in July compared to June, some more than others,” he says.

Some Kiwis appear to be looking for warmer northern climates, and others for the scenic southern landscapes.

Peacocke says the most significant increases were in Northland, which was up 89 per cent, Auckland, which was up 34 per cent, and Canterbury, up a whopping 76 per cent.

He says the market has bounced back to the levels we saw 12 months ago.

But he warns: “Sustainability of such pent-up activity will be the test in months to come.”

Where would you like to move to?

Upper North: Strong results and an improved median price throughout the Far North, Whangarei and Kaipara districts; heavy trading at steady prices in the Auckland region, particularly in the Rodney and Franklin districts, with Manukau and Papakura also keeping their names to the fore.

Central Regions :Healthy activity across the Waikato, with July figures setting a benchmark compared to recent years; Waikato and Waipa districts competed strongly for line honours, with the median price showing a modest gain; Bay of Plenty performed creditably, with the Western District dominating and the median price increased by 5.2 per cent; Taranaki maintained par comfortably but was solid rather than spectacular.

Eastern Regions: Gisborne was one of the few districts with a drop in median price. It was balanced by the increase in Hawke’s Bay, where sales activity strengthened solidly from previous months; steady activity spread throughout the popular districts of the Wairarapa.

Lower North Island: Solid performances across the region with the lighter activity in the Wanganui and Rangitikei districts being balanced out by stronger, consistent levels of sales in the Manawatu and Horowhenua districts; the median price improved in the northern sector of the province but eased marginally in the Wellington area

Upper South Island: Improving volumes in the top of the South, particularly Tasman, good activity on the West Coast, and an excellent increase in sales results in Canterbury with Waimakariri, Selwyn and Timaru districts; a modest and continuing improvement in the median price over recent years.

Lower South Island: Sales volumes were up 40 per cent from last month in Otago, with Central Otago leading that recovery, and some spectacular prices paid in the Queenstown/Lakes District; the median price improved, but has not recovered to the stronger levels of 2018 and 2019; consistently solid results in Southland, with steady activity in all districts.

JUNO’s content comes from sources that JUNO magazine considers accurate, but we do not guarantee its accuracy. Charts in JUNO are visually indicative, not exact. The content of JUNO is intended as general information only, and you use it at your own risk.


Informed Investor's content comes from sources that Informed Investor magazine considers accurate, but we do not guarantee its accuracy. Charts in Informed Investor are visually indicative, not exact. The content of Informed Investor is intended as general information only, and you use it at your own risk.

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