Properties taking longer to sell in Nelson Tasman, report shows

Thursday, 11 August 2022

Properties are taking an average of 53 days to sell in the top of the south, more than the 10-year average for July which is 37 days.

Homes are taking longer to sell in Nelson Tasman as buyers take their time with purchases.

Real Estate Institute of New Zealand (REINZ) data has revealed properties are staying on the market longer and while median prices in Nelson have increased they have dipped in Tasman.

The report revealed properties are taking an average of 53 days to sell in the top of the south, which is longer than the 10-year average for July of 37 days.

The figures also show that all regions saw inventory levels increase annually by 50% or more compared to the same period last year. Nelson’s inventory was up 187.3%.

* Record high prices matched to low sales in Nelson Tasman housing market

* REINZ figures show 28 per cent jump in Tasman median house prices

Darryl Marshall, Nelson-Marlborough Real Estate Institute New Zealand spokesperson says Nelson Tasman’s attractive attributes meant it was still a popular place to move to.

REINZ top of the south spokesman Darryl Marshall said the longer sale time could be attributed to buyers having more options and not needing to rush in to secure a purchase.

“The market still has some depth in it, but it’s far more considered. People know they don’t have to be in a hurry. There is choice for people and the competition is there, but not pressurised.”

Nelson property prices have seen a 16.3% rise from July 2021. The median property price was $688,000 last July, increasing to $785,000 this June and to $800,000 last month.

Marshall said while the volume of sales between June and July was “really low” at 48, the median price rising suggested higher priced properties were selling.

Meanwhile in Tasman, the median house price decreased by 4.6% since July 2021. In June, the average Tasman property price was $865,000, but just one month later, prices dropped to equal Nelson at $800,000.

Marshall said 57 properties were sold in Tasman in July, up from 49 in June.

He said a possible reason for the median price decrease in Tasman was “to do with the value of the properties selling”.

But he said overall, Nelson Tasman still had “strong local activity which is positive – people are still moving, everything just hasn’t stopped”.

The region was in a good position, he said.

“We’ve always been a popular destination for what we offer in terms of lifestyle features, climate, proximity to activities … we’ve always been an attractive place.”

And he said those attributes set the region apart from most of the country.

Across New Zealand, median prices for residential property decreased 1.8% annually, from $825,000 in July 2021 to $810,000 in July 2022. Month-on-month, this represents a 4.7% decrease from $850,000 in June.

“Traditionally Nelson Tasman has always been insular to outside impacts of what might be going on.

“We are still seeing Nelson as a new place to come to, both from north and south.”