Good value retained in Marlborough real estate market

By Scott Bentley

Good value retained in Marlborough real estate market

Sales figures just released for Marlborough demonstrate a continuation of the New Zealand-wide real estate trends, while value still remains within the residential market.

 The second half of 2019 shows sales were very similar to the previous year, with an average of 75 properties sold per month, compared with 77 in 2018.

Marlborough First National co-owner Owen Norrish says the figures are very much a reflection of demand exceeding supply.

“The median sales price for December 2019 was $477,500, against the $426,000 median for December 2018. The median of $454,000 for the six months to December 2019 compared to $439,000 for the equivalent 2018 period, reflecting an increase of about 4 percent growth in value.

“This shows Marlborough is following the national trends. 

“The New Zealand average house sales price is close to $600,000, so Marlborough at about $477,000 means there is still very good value to be had for the dollar in our local market.”

Multiple offers on properties continue to be a feature of our local market, Mr Norrish says.

“We are seeing strong competition for houses, with multiple offers the norm, rather than the exception.”

And, while most sales tended to be in the $425,000 - $499,000 range (22 in December), there were also 28 sales in the $600,000 upwards brackets, out of the 79 total December sales.

“This is a good indication that there is a strong demand, not just from first or second-home buyers, but at the higher end of the market as well. 

“This is probably because our market is offering very good value for money. However, we recognise that this is a tough market for buyers.

“As a result, people are prepared to look in all locations.”

Mr Norrish also offers a word of advice to sellers:
“While it is a strong market, vendors still need to be aware that the key ingredient to achieving the best price is ensuring their property is very well presented.”

Marlborough First National provides expertise in working with home sellers presenting homes for sale.
“It makes a significant difference to the first impression made to buyers. A property that is well presented will help encourage buyer interest and assist to achieve the best price.”

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