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21-05-2007

Lifestyle property prices show surge

Lifestyle property prices are surging, matching the demand for houses in town.

The Real Estate Institute said a rise in prices in April stood out in a slow month for rural sales.

The national median price for lifestyle properties jumped $20,000 from March to $470,000, up 13 per cent from last April.

Strong prices in Auckland and Waikato contributed to the national increase, but prices throughout the country were firm, institute president Murray Cleland said.

In the same period, the residential property median increased by 14 per cent. Since April last year, the Auckland region lifestyle median price was up 31.5 per cent to $855,000, while Waikato was up 27 per cent to $479,250.

"The lifestyle market mirrors the national residential market very closely, which means owners aren't losing out on the investment even though they chose to go out of the main centres," Mr Cleland said.

Though 7 per cent ahead of April 2006, the national farm median price in April this year was $1,125,000, down on March's $1,212,500, mainly because of heavy sales of more expensive dairy units.

Farm sales in April, at 187, were similar to last year's but less than the 234 in March. Only 35 dairy farms were sold, 21 down on March. The median price fell from $3,275,000 to $2,425,000, similar to April 2006 levels.

 

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