Real Estate update for Invercargill.

“Southland reached a new record median house price of $486,000 this February — an annual increase of 24.6%. “The most active buyers in the market were owner-occupiers backed by equity. There is strong demand from upper-end buyers moving from other areas of New Zealand as people reassess their goals and look for a lifestyle change.

For New Zealand excluding Auckland the total number of properties available in February increased 53.5%, from 8,633 February 2021 to 13,253 February 2022.

With an increase of stock in the region, attendance at open homes was lower across most of the market, and auctions saw fewer bidders and cash buyers. Vendors are starting to understand the shifting market and adjusting their expectations and approach to selling.

Jen Baird REINZ CEO.

• Median Sell Price of Dwellings-Invercargill City: Feb-22 $484,500 / Jan-22 $425,333 / Feb-21 $388,200.
• Days to sell Feb-22 of 37 days (10-year average is 39 days).

The following graph highlights the upward trend on new property listings to the market across Invercargill City since November 1^st.