“You’ve got to move quickly in Invercargill

“You’ve got to move quickly in Invercargill if you want to buy a home. Real estate in the southern-most city is among the fastest selling in the country, due to increased demand from first-home buyers, real estate experts say.

Of the 12 suburbs where houses spent the shortest time on the market last year, all but three had median property values of less than $500,000. Invercargill dominated the list, with homes in four of the city’s suburbs typically selling within 20 days or less.” Source: OneRoof

December 2019 Real Estate Sales Snapshot

REINZ Dec data: Property market finishes 2019 with highest sales volume for December in 3 years New Zealand rounded off the decade. For New Zealand excluding Auckland, the number of properties sold increased by 5.8% when compared to the same time last year (to 4,425 up from 4,184) – the highest for the month of December in 3 years.

Bindi Norwell-REINZ CEO: “Looking around the country, 12 out of 16 regions saw annual increases in the number of properties sold – the highest number of annual increases in 3 months – with particularly strong increases in Auckland, the Bay of Plenty, Southland, Northland and Canterbury,” continues Norwell.

Record median prices were recorded in December• Southland with a 32.0% increase to $330,000 up from $250,000 at the same time last year. The median sell price for Invercargill City was $336,000 for the month of December.

Days to Sell decreases both year on year and month on month In December the median number of days to sell a property nationally decreased by 4 days from 35 to 31 when compared to December 2018 – the lowest days to sell in 3 years. Southland again had the lowest days to sell of all the regions at 21 days, down 2 days from the same time last year, but 3 days higher than November 2019’s figure which was the lowest median days to sell since August 2007.

FOR SALE 173 Queens Drive, Invercargill

Market brief Invercargill Real Estate

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

Meet our team delivering next level results.


So you back yourself to stand up and ste

So you back yourself to stand up and step outside the norm and embrace a challenge; then whoever hires you is one lucky employer. We’d like that employer to be us!
We are recruiting for a property manager and we want you to work with us not for us. Perhaps this is the day you seek out a role you’d never considered before? What you waiting for; there’s no green light to signal go for it?

Thursday’s being one of the days our sa

Thursday’s being one of the days our sales team head out to view our new property listings. Our neighbours – Electric Motor Vehicle Company kindly lent us their zero emission Nissan Leaf to road test across the team. The ride was very quiet with the car full of zest even with four blokes. The comparative discussions were interesting however the latent feeling expressed by all was these vehicles have a place on our roads.

The underlying demand for rental propert

The underlying demand for rental property continues and it’s Interesting to note the latest increase in median rents for Invercargill City July 2019 comparing July 2018.
Beds July 2019 July 2018 % Increase
1 $180 $162 +11.1%
2 $280 $230 +21.7%
3 $340 $280 +21.4%
4 $390 $280 +27.8%

A quick check of our rental board at our office punctuates that the market remains limited for choice.

The Welcome Home Loan and HomeStart gran

The Welcome Home Loan and HomeStart grant will now only require a five per cent deposit under KiwiBuild reset changes.
The Government-backed supports – available for all first-home buyers, not just KiwiBuild buyers – have seen major changes as part of the reset. The Welcome Home Loan allows first-home buyers making up $130,000 a year as a couple or $85,000 or less as an individual to buy a house with a 5 per cent deposit. The HomeStart grant gives couple buyers up to $20,000 of help in getting that deposit.

Four major banks have announced cuts to

Four major banks have announced cuts to home loan rates.
The RBNZ slashed the cash rate by 50 basis points to 1 per cent today – a new record low for New Zealand’s cash rate.
ASB was the first bank to move on cutting its home loan and saving rates but it has since been joined by Westpac, BNZ and Kiwibank.
ASB’s variable home loan interest rate will fall from 5.7 per cent to 5.2 per cent and its revolving credit Orbit home loan will drop from 5.75 to 5.3 per cent.
Source: NZ Herald.


Informative updates are fundamental to be first to know when the time is right to make your move whether it be buying or selling. Adhering to REINZ policy we are not at liberty to comment on the market data; so, we’ll just let our ‘desktop analyses’ of the sales numbers do the talking.

Invercargill Sales by Property Type

Report Period: January – June 2019 comparing the previous 6 months July – Dec 2018

□ REINZ reported sales. Private / Developer direct sales not included.

Property Type January – June 2019 July – Dec 2018 Variance +/-
Residential Dwellings (RD) 865 sales  914 sales    -5.3%
RD Median Sell Price $291,500 $259,000 +12.5%
Residential Sections/ Lifestyle Blocks (RS) 74 sales  104 sales  -28.8%
RS/ RB Median Sell Price $155,000 $127,500 +21.5%
Total Sales Numbers 939 sales  1018 sales    -7.7%
Value of Sales $ $300,175,240 $291,004,740   +3.1 %

 January – June 2019 comparing previous 6-months July -Dec 2018:

  • Jan – June 2019 median sell price residential dwellings all types (home, unit, apartment, townhouse) $291,500. Sales above $700K represented 2.1% of all sales
  • July-December 2018 median sell price residential dwellings all types (home, unit, apartment, townhouse) $259,000. Sales above $700K represented 2.5% of all sales.

Analysis of selling method/ All property Types:

January – June 2019 comparing previous 6-months July -Dec 2018:

SELLING METHOD Jan -June 2019 Jul-Dec 2018
Tender  0.3%   0.6%
Quiet/ Off market  2.4%   2.9%
Auction  3.6%   4.7%
Private Treaty 93.7% 91.8%


REINZ Reported sales by price of Invercargill City Residential Dwellings

January – June 2019 comparing previous 6-months July -December 2018:

Price Band % of Total Sales % of Total Sales
               Sub $199,000  15.4 %   25.1%
  $200,000 – $299,000  36.5%    39.2%
  $300,000 – $399,000  24.4 %    18.0%
  $400,000 – $499,000  11.2%      7.3%
  $500,000 – $599,000   6.4%       4.4%


   $600,000 – $699,000    4.0%        3.5%
                Plus $700,000    2.1%         2.5%


REINZ Reported sales by price of Residential Sections/ Lifestyle Blocks.

January- June 2019 comparing previous 6-months July -December 2018:

Price Band % of Total Sales % of Total Sales
 Sub <$149,000 48.5%   62.5%
  $150,000 – $199,000 13.8%      9.6%
  $200,000 – $249,000 22.9%    18.4%
  $250,000 – $299,000   4.0%      3.8%
  $300,000 –      $349,000     n/a       0.9%
  $350,000 plus 10.8%       4.8%

 Data Source: REINZ. Private & Developer direct sales data not included.

Disclaimer:  While every effort has been made to ensure the information contained herewith is true, no responsibility will be taken for errors or omissions. You should seek your own independent advice from your legal, taxation and financial consultant prior to purchase.