Nelson house prices continue to rise

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The median house price in Nelson-Marlborough rose $45,000 to $455,000, up 12 per cent compared to August last year, the latest REINZ figures show.

Prices rose 45 per cent in Motueka, 33 per cent in Richmond, 8 per cent in Nelson. Compared to July, the median price rose $28,500 (7 per cent) with prices rising 11 per cent in Nelson and 4 per cent in Richmond.

The level of inventory available for sale is now at 14 weeks of supply.

Compared to August last year, sales volumes rose 12 percent with sales rising 5 per cent in Nelson.  On a seasonally adjusted basis, sales in August rose 6 percent compared to July.

Sales volume compared to July rose 21 per cent with sales rising 25 per cent in Motueka, 24 per cent in Richmond and 18 per cent in Nelson.

“The region continues to be active, with solid activity across a range of price points,” REINZ spokesman Bryan Thomson says. “The number of first home buyers appears to have fallen a little, although investors continue to be active in the market.

“The number of listings has increased slightly over August, which is providing greater choice to buyers, although vendor expectations are increasing.”

Auckland and Nelson-Marlborough) were the two regions nationally that hit new record high median sale prices, while the national median price dropped 2.57 per cent to $492,000 from $505,000 last month.