Houses selling faster but less up for sale

More Southland properties are selling, and they are selling faster, compared to the same time last year.

Figures released by the Real Estate Institute of New Zealand revealed there was a rise in property sales in Southland for the month of August, compared to August last year. In total 182 properties, 35 more, were sold.

However, the median house price in Southland dropped four per cent to $240,000.

The report showed annually, properties in the region were selling faster, down 11 days to 26.

Nationally, the number of properties for sale in August decreased, compared to August last year. Southland reported a 23.6 per cent drop in listed properties in that timeframe.

Professionals Invercargill general manager Jon Irving said his company’s sales had been up on this time last year. He believed properties were selling faster because of the lower number of properties available for sale. ‘‘You have fewer listings and the same number of buyers.’’

The market seemed to be trending to being a sellers market, Irving said.

Figures also indicated the region had the largest annual increase in sales volume for the country. ‘‘Southland is still the most affordable place in the country,’’ Irving said.

REINZ chief executive Bindi Norwell said the insights in to Southland’s property market were positive and signalled a ‘‘strength in the sector’’.