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SALES IN NZ’S COASTAL TOWNS AND SUBURBS

OneRoof and Valocity examined sales activity and value movement in 251 beach and costal locations around New Zealand. The analysis covered the five years to the end of June 2022, and included non urban centres with more than 100 residential properties within 800 metres of the coast line. The total number of settled sales was 35,356. Of those, 45% (15,997) were “second home” purchases - ie purchases that took the owner into the multi-homeowner category.

Overall sales plunged at the start of the Covid crisis to 76 but then exploded following the lifting of the lockdown restrictions, with the monthly average for the second half of 2020 rising to just over 760 and the share of second home purchases rising above 50%. Sales declined in the first half of 2021 as tighter lending laws made second purchases harder but the there was a brief resurgence in the market towards the end of the year. Sales volumes now are below 20172019 levels with rising interest rates likely a key factor in the overall market slump.