Marlborough real estate prices are up… The median price of homes sold in the Marlborough region has risen 1.8 percentover the past year. Data compiled by the Real Estate Institute of New Zealand are the source of these figures.
Just-released figures show that the median sale price for homes in the Marlborough District in April this year was $427,500. Compared to $420,000 in April last year. Equating to a year-on-year rise of $7,500.
Marlborough Real Estate – Updates from April REINZ Report:
- The urgency (to buy homes) seen in past years has now dissipated. Evidenced by the Nelson City, Marlborough District and Tasman District seeing a slight increase in the median number of days to sell a property.
- The sales volume trend had been increasing over the past year. But it has dipped marginally in the past couple of months.
- Open home attendances remain positive, especially for new listings. Bank lending restrictions continue to affect the number of active first home buyers. Multiple offers remain common, particularly in the lower price brackets.
National Policy Statement on Urban Development Capacity prepared by MDC:
This Marlborough real estate report noted that in 2018, 152 building consents for new homes have been issued. Furthermore, 50 residential land development resource consents were issued. This puts a total of 61 new sections into the pipeline over the coming years.
The data identified that 40 of those sections approved for creation last year were in the Omaka Landing Development. The report stated that with the Boulevard on Taylor and Omaka Landing subdivisions nearing the final stages of development, activity in the two locations was likely to tail off.
The number of building consents granted in 2018 by Marlborough District Council for commercial property work was almost double the figure from the previous year.
Renting in Marlborough:
Now could be a good time for investors and property landlords to consider buying Marlborough Real Estate. The Housing and Business Capacity Assessment Report, (also compiled by MDC), has identifies that the number of renters looking for lease accommodation in the city will grow eight times faster than the number of owner/occupiers seeking out dweelings to buy over the coming four years.
The same report also predicted there will be a greater number of smaller residential units and apartments being built around the city over the coming fourteen years. Identifying that feedback from stakeholders suggests a shortage of one and two-bedroom homes in Blenheim. While traditionally, there has been high demand in Blenheim for single-level standalone homes with three or more bedrooms, there is currently demand for smaller homes and a shortage of supply.
You can always count on Bayleys Marlborough to bring you the latest Marlborough real estate round up. If you’re thinking of selling or buying in the region do contact us.