PERILS OF THE LIFESTYLE DREAM
Quick turnover of lifestyle blocks suggests downside to dream of escaping from the pressures of the city
The dream of escaping the rat race for a more relaxed life outside the city may be harder in reality, new data suggests.
Figures from property experts CoreLogic reveal people hold on to lifestyle properties for only a fraction of the time they keep residential ones.
In Auckland the average suburban home stays in the same ownership for nine years.
Lifestyle blocks in greater Auckland, however, are sold after four years.
The same can be seen in other cities with homes in suburban Wellington held for 11 years and lifestyle blocks sold after five.
The biggest difference was in Porirua where houses were held for nine years and lifestyle blocks sold after just one year.
Nick Goodall from CoreLogic said there was a long-held belief that some bought lifestyle properties but then realised how much work they took.
“The potential explanation for this might be people biting off more than they can chew with a lifestyle property and it in fact becoming more of a life-steal,” he said.
CoreLogic data showed the people who bought lifestyle properties were “movers” — that is they had owned properties before.
“Unsurprisingly, lifestyle properties aren’t as popular with first-home buyers — 12 per cent of lifestyle and 25 per cent of houses were bought by first-home buyers.”
Alan Woodford of Ray White Warkworth thought people might be moving between lifestyle properties.
“Most of the properties I have sold the new owners stay a long time and the others are moving on to other lifestyle properties.”