House prices are climbing in Nelson-Tasman
House prices are still rising in Nelson-Tasman

Record high for Nelson houses


House prices in Nelson-Marlborough have reached a new record high median $450,000, the September REINZ figures show.

The median price across the region rose $80,000, up 22 per cent, compared to September 2015. Prices rose 31 per cent in Motueka and 18 per cent in Nelson. Compared to August, the median price rose $20,000, up five per cent.

Sales volumes rose three per cent compared to September 2015, with sales rising 44 per cent in Richmond, steady in Motueka and falling across the rest of the region.  Compared to August, sales volumes fell three per cent with sales rising 67 per cent in Motueka and 39 per cent in Richmond, but falling across the rest of the region. .

The level of inventory available for sale has dropped 50 per cent over the past 12 months to 11 weeks of supply. The number of days to sell in September eased by five days compared to August, from 23 days in August to 28 days in September.

Compared to September 2015, the number of days to sell improved by three days.  Over the past 10 years the number of days to sell in September across the region has averaged 39 days.

REINZ spokesman Bryan Thomson says “the market continues to be active, although some parts are more active than others.  The new record median price is evidence of an increase in sales of higher priced properties, likely to buyers from outside the region.”

Nelson-Marlborough is one of six regions nationally, along with Northland, Waikato-Bay of Plenty, Taranaki, Wellington and Otago, to hit new record high median sale prices.