Tasman Region Market Trends – August 2020

The housing market across New Zealand is still buoyant and the Tasman Region is no exception.

” The market will continue to be busy with the attractiveness of job and lifestyle options in the area.”

Bindi Norwell – REINZ CEO

Median sale price increase

Every region in the country saw an annual increase in median house prices, according to the latest data from the Real Estate Institute of New Zealand. The median sale price for the Tasman District for August is $660,000, an increase of 9.1% compared to that same period last year.

Sales volume

The number of residential properties sold in August across New Zealand increased by 24.8% from the same time last year (from 6,132 to 7,652) – the highest number of properties sold in an August month for 5 years.

Regions outside Auckland with the largest increase in annual sales volumes during August were Nelson, Southland, Hawke’s Bay, Wellington, Northland and Tasman, with the Tasman district’s sales volume increasing by 28.8% (from 66 to 85 – 19 more houses) – the highest for the month of August since records began.

Days to sell

In August, the median number of days to sell a property nationally decreased 5 days from 39 to 34 when compared to August 2019, the lowest for the month of August in 4 years, and the same figure

as July this year. In Tasman, the number of days to sell is down to 30 days, 8 days less than the 10-year average for August.

A seller’s market

With the total number of properties available for sale nationally decreasing, record low interest rates and the removal of loan-to-value restrictions, combined with people’s new aspiration for more space and first-time buyers’ desire to get onto the market have all contributed to an uplifted market hitting records month after month.

” The housing market’s recovery post-lockdown over the last few months has been astonishing and has certainly surpassed many predictions.”

Bindi Norwell – REINZ CEO

(Source – REINZ, Aug 2020)