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

House prices continue to climb

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The median price of houses sold across the Nelson-Tasman-Marlborough region in November increased to a record high of $466,000, the latest REINZ figures show.

Prices rose $91,000, up 24 per cent, compared to November 2015, with a 27 percent increase in Nelson and 13 per cent in Richmond. Compared to October, the median price rose 16 per cent in Richmond and four percent in Nelson.

The level of inventory available for sale is now at 14 weeks, a drop of 25 per cent over the past 12 months.

REINZ spokesman Bryan Thomson says in contrast to other regions, first home buyers in Nelson and Tasman “appear to be taking a back seat” to investors. He says the level of inventory remains low, although it has improved with an increase of listings during spring.

“Indications are that the market is shifting from a sellers’ market to a more balanced position, with the 25 per cent increase in the median price over the past 12 months likely causing first home buyers to drop out of the market.”