Sales of lifestyle blocks for the three months ending October have continued to skyrocket, according to the latest figures from the Real Estate Institute of New Zealand (REINZ).
Sales for the period were up more than 70 percent on the same time last year, with 2839 properties being sold compared to 1664 in the three months ended October 2019.
The median price for all lifestyle properties for the period was up $80,000 compared to the same time in 2019, to $775,000.
"Sales statistics for the lifestyle category for the three-month period ending October 2020 again nudge their way into the record book with sales volumes extending the envelope beyond expectation," said REINZ rural spokesperson Brian Peacocke.
"Of note is that whilst sales figures for the month of October are slightly behind the previous month of September, the combined outcome from the last three months has resulted in a figure that defies explanation, this in spite of several major regions recording a reduction from the previous month.
"Time will tell whether such results are sustainable, and if they are to continue, whether there is sufficient stock available to cater for the demand," Peacocke said.
So far a total of 8071 lifestyle blocks have been sold in the year to October, 16.4 percent more than the 1139 properties that were sold in the year to October 2019.
The total value of lifestyle properties sold in the year up to October is $7.15 billion.
All of the country's 14 regions recorded an increase in sales compared to the same period in 2019, with Auckland and Waikato having the biggest increases.
Ten regions saw an increase in the median price compared to the three months ending October 2019, with the biggest gains in Wellington (+ 29 percent), Manawatu-Wanganui (+22 percent) and Northland (+19 percent).
The notable exceptions were Southland, which saw median prices fall 17 percent, and Hawke's Bay and Otago, which both had a 9 percent drop in the median price compared to the same period last year.
