Property bucks national trends in top of south

As house prices fall across the motu, sales in the top of the south are bucking the trends as the region enjoys a level of insulation from the shifting market.

The latest market report from the Real Estate Institute (REINZ), released yesterday, reported a 1.9% increase in the national median price in October compared to September, but a 7.5% decrease year-onyear.

But Marlborough went the other way, recording a new record high median price of $781,000, up 20.7% on the same month last year.

Nelson also bucked the trend, with the median price rising

3.3% annually to

$775,000. The city also recorded the biggest jump in stock for the country, up 184.2%.

But while prices rose in Marlborough and Nelson, the scene in Tasman District was not so rosy, with a, 8.9% fall in prices to $820,000, and the lowest sales count in New Zealand – down 45% annually.

REINZ chief executive Jen Baird said it was too soon to tell if the new record price for Marlborough was part of a longer-term trend, because fewer sales meant the statistics were ‘‘more subject to variability’’.

‘‘For example, in September, the region recorded its lowest median price since August 2021.’’

October also saw a jump in the number of high-value sales for Marlborough – with 23.2% being worth more than $1 million, compared to 7.1% in September, and 10.1% in October 2021.

The REINZ report said the lifestyle and location of Te Tauihu helped to protect the region from some of the market forces driving down prices.

‘‘Nelson, Marlborough and Tasman have traditionally enjoyed a level of insulation from market headwinds, allowing them to maintain a relatively stable housing market compared to the larger cities. This isn’t to say that they aren’t impacted by changing conditions – just to a lesser degree.’’

Baird said the region offered an ‘‘alluring lifestyle’’ that was now available to more people as remote working became more common.

‘‘[Nelson, Marlborough and Tasman] have traditionally been attractive options for retirees and holiday homeowners, but as they grow, other buyer demographics are filtering into the markets more prominently. This has been accentuated by flexible working measures, allowing people to move around the country and work remotely.’’

Meanwhile, demand in the rental market was high, with fewer investors due to rising interest rates. ‘‘As a result, the number of available rental properties has decreased – but demand for rentals remains high,’’ Baird said.

‘‘There has been a growing number of local, out-of-town, and even overseas inquiries. This is the time of year when people begin to think about their moving plans.’’