Our sales team report a continuum of the property trend throughout 2019 with strong buyer demand with our sales reflecting a substantial increase in the median sell price of Invercargill City and Southland dwellings. It has been widely reported the total number of sales this calendar year-to-date has reduced with seller supply not keeping pace with buyer demand.
“The REINZ House Price Index in Southland reached a new high from peak with an increase of 18.2% year-on-year, the highest increase throughout the country. On the flipside, the Southland region experienced the biggest decrease in sales (-27%) and the biggest drop in the number of new listings (-34.7%).” Source: REINZ Monthly Report 15 October 2019
Snapshot of REINZ reported sales of Dwellings Invercargill January-September 2019:
- 65% of dwelling sales were closed below $350,000
- Median sell price for dwellings $300,000
- Median number of days on market for dwellings: 30-days
- Preferred method of sale: Dwellings sold by Price / Private Treaty 95.1%
- Median sell price for land: $175,000