House prices up as agents report buyer activity

Median price up $100k in two years.

Median price up $100k in two years.

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GISBORNE'S median house price has risen by more than $100,000 over the past two years, as real estate agents report that buyers from all over New Zealand — and as far away as Australia — all want in on Gisborne’s property ladder.

Latest figures from the Real Estate Institute of New Zealand (REINZ) show that as of last month the median house price here is now $320,000. Sales volumes rose 73 percent in February, with 57 houses sold compared to just 33 in January, while prices rose 18 percent between January and February.

REINZ regional director Philip Searle said the figures represented a “significant jump”.

“Real Estate Institute of NZ figures show a median price for residential properties in Gisborne now at $320,000.

“This is a significant jump from the $218,000 median reported in February 2015. Even if taken over a three-month period (which tends to smooth the highs and lows) the median last month was $295,000 compared with $245,00 in February 2015.

“Real estate agents in Gisborne feel the upward pressure on values is a reflection of the more positive atmosphere in the area and the disenchantment of people who have been living in some of the bigger centres such as Tauranga and Auckland.

“Median days on the market have crept up from 34 reported in January to 44 last month, but with Christmas and New Year in the mix, this has probably had an influence.

“Anecdotally, agents are reporting a continuing amount of interest in Gisborne property from Aucklanders and other larger centres.

“It seems Gisborne is being discovered by a lot of people who have never visited previously.

“It is common for such people to comment that they did not realise what a nice place this is, and of course we have had such good weather this summer compared with many other districts.

“Australians continue to show good interest in buying here as well.”

Mr Searle said one Gisborne real estate agent reported 24 groups had attended an open home at the weekend, for what they would refer to as a “standard” Gisborne home.

“Overall, the Gisborne market continues to move positively, especially with the new industries and expansions we are seeing.”

GISBORNE'S median house price has risen by more than $100,000 over the past two years, as real estate agents report that buyers from all over New Zealand — and as far away as Australia — all want in on Gisborne’s property ladder.

Latest figures from the Real Estate Institute of New Zealand (REINZ) show that as of last month the median house price here is now $320,000. Sales volumes rose 73 percent in February, with 57 houses sold compared to just 33 in January, while prices rose 18 percent between January and February.

REINZ regional director Philip Searle said the figures represented a “significant jump”.

“Real Estate Institute of NZ figures show a median price for residential properties in Gisborne now at $320,000.

“This is a significant jump from the $218,000 median reported in February 2015. Even if taken over a three-month period (which tends to smooth the highs and lows) the median last month was $295,000 compared with $245,00 in February 2015.

“Real estate agents in Gisborne feel the upward pressure on values is a reflection of the more positive atmosphere in the area and the disenchantment of people who have been living in some of the bigger centres such as Tauranga and Auckland.

“Median days on the market have crept up from 34 reported in January to 44 last month, but with Christmas and New Year in the mix, this has probably had an influence.

“Anecdotally, agents are reporting a continuing amount of interest in Gisborne property from Aucklanders and other larger centres.

“It seems Gisborne is being discovered by a lot of people who have never visited previously.

“It is common for such people to comment that they did not realise what a nice place this is, and of course we have had such good weather this summer compared with many other districts.

“Australians continue to show good interest in buying here as well.”

Mr Searle said one Gisborne real estate agent reported 24 groups had attended an open home at the weekend, for what they would refer to as a “standard” Gisborne home.

“Overall, the Gisborne market continues to move positively, especially with the new industries and expansions we are seeing.”

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