Median home prices in Waimate and Mackenzie districts hit record high in August as Timaru falls

A monthly real estate report from the Real Estate Institute of New Zealand (REINZ) said the August median residential price in the Waimate district was $515,000.

JOHN BISSET/Stuff

A monthly real estate report from the Real Estate Institute of New Zealand (REINZ) said the August median residential price in the Waimate district was $515,000.

Residential property prices in Timaru district are falling, but Waimate and Mackenzie districts have bucked the New Zealand-wide downward trend to median levels records in August.

The Real Estate Institute of New Zealand (REINZ) Monthly Property Report said the August median price in the Waimate district rose 41.9% to $515,000 from $363,000 in July 2022 , while it was $350,000 in August 2021. There were 11 homes sold in August compared to eight in July and six in August 2021.

The Mackenzie District median record is now $860,000, which represents a 47% jump from $585,000 in July 2022 when the median in August 2021 was $612,000. The figures are based on the sale of five houses in August compared to eight in July and 10 in August 2021.

However, median house prices in Timaru district fell by 11.1%, recording $450,000 in August from $506,000 in July, while the median price was $407,000 in August 2021. There had 53 sales in Timaru district in August compared to 48 in July and 83 in August 2021.

READ MORE:
* Median home price in Waimate hits record high of $460,000
* Real estate prices continue to rise in Timaru’s “fairly buoyant” market
* The housing market in Timaru continues at a brisk pace

Across New Zealand, the median price fell 5.9% in the 12 months to August.

Harcourts Waimate sales consultant Simon Finch said the $152,000 rise in median home prices in the district was due to the type of properties sold in August and comes a week after Quotable Value said that the total assessed value of the district had increased from $4.9. billion in 2019 to $5.88 billion.

“The properties sold were larger homes and higher-end properties,” Finch said.

“Once again it shows that Waimate is a choice for people who want to live a rural life. It’s great that Waimate is breaking records in today’s market.

REINZ chief executive Jen Baird said that across New Zealand, median residential property prices (excluding sections) have fallen 5.9% per year, from $850,000 in August 2021 to $800. 000 dollars in August 2022.

“Month-over-month, that’s down 1.2% from July’s $810,000,” Baird said.

“Seasonally adjusted figures show a 2.1% decline in median price as we move from July to August, suggesting weaker than expected performance.”

However, Baird said, the median house price in Canterbury rose 4.8% year-on-year to $650,000 in August.

REINZ chief executive Jen Baird said that in New Zealand, median residential property prices (excluding sections) had fallen by 5.9% per year.  (File photo)

Provided

REINZ chief executive Jen Baird said that in New Zealand, median residential property prices (excluding sections) had fallen by 5.9% per year. (File photo)

“Owner occupiers have been the most active in the area and investors have started to return. First-time home buyers were the least active of all buyer groups in August.

“The approach of spring and the improving weather has prompted more people to make changes, whether to buy or sell. People are still showing interest in the Canterbury area – there has been strong demand from out-of-town buyers.

REINZ Ambassador for Timaru, Julian Blanchard, said it was good to see more first-time home buyers returning to the market.  (File photo)

Bejon Haswell / Stuff

REINZ Ambassador for Timaru, Julian Blanchard, said it was good to see more first-time home buyers returning to the market. (File photo)

REINZ Ambassador for Timaru, Julian Blanchard, said in the urban area of ​​Timaru that 41 properties sold in August at a median price of $465,000, taking a median 41 days to sell.

“It was good to see more first-time home buyers returning to the market with more lower-end properties sold during the month,” Blanchard said.

“The median price has come back slightly from last month’s all-time high and shows that the market is still strong here.”

Blanchard said the 41 sales were six fewer than in July.

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