“The Southland region saw a 19.8% increase in median prices from $283,750 in June 2019 to $340,000 in June 2020. Additionally, the REINZ House Price Index increased 12.2% year-on-year, the largest increase for the South Island. Sales volumes also increased 27.7% annually, the second highest increase in sales volumes across all regions and the highest June sales count in 13 years.
The market has been particularly busy this month with approximately 50% more attendees at open homes compared to last month. New listings also increased significantly by 59.0%, the highest increase across all regions. There have been similar number of investors in the market, likely attracted by the low interest rates.
The increase in activity across the market is likely due to the post-lockdown catch-up currently occurring. It will be interesting to see how the market will react in the coming months as we near election time.” Bindi Norwell REINZ CEO
- Median Sell Price June 2020: Invercargill City $348,000 and Southland Wide $320,000
- Current Days to Sell of 33 days is less than the 10-year average for June which is 40 days. There were 24 weeks of inventory in June 2020 which was 13 weeks more than the same time last year.