Residential Statistics for March 2021
Statistics for March show the region’s median house sale price was $664,000, which is an increase of 10 percent on February, while the number of houses sold also increased by 10 to 74, up from 64 in February.
“Property prices are still remaining strong,” First National Marlborough Branch Manager and Principal Officer Angela Bowers says.
“One of the changes we have seen in the market is more people being able to make an offer subject to sale of a house, which is encouraging for those who previously have been concerned about doing that and not being able to compete in the frenzy situation that we were experiencing.”
The cool in the market, Angela says, is likely due to efforts from the government to make it easier for first home buyers to get into the market and ease pressure on the housing market by encouraging investment in new builds and favouring first-home buyers over investors.
“The frenzy [is] being taken out of the market and properties [are] taking a wee bit longer to go under contract, but property prices have certainly not decreased and we saw that, obviously, with the recent stats, with the 10% increase in property values,” Angela says.
“Property is still a great investment.”
The average number of days a property is on the market was also slightly lower than in February, with 22 days in March down from 29 in February and 31 in January.
Witherlea was the pick of the bunch for March, with 14 house sales, followed by Picton (12), Blenheim (10), Springlands (9) and Redwoodtown (9).
If you’d like to see how your property would stand up in this hot market, or you’re looking to increase your property portfolio, pop in and see us or give us a call. We’d love to help you out.