Gisborne/Hawke’s Bay was one of seven regions in New Zealand to see an increase in lifestyle property sales during the March quarter, according to the latest data from the Real Estate Institute of New Zealand (REINZ).
Compared with the same period last year, the Gisborne/Hawke’s Bay region recorded 30 more lifestyle property sales.
The country as a whole also saw a rise in sales, with 50 more lifestyle properties sold, representing a 4.3 per cent increase.
In total, there were 1215 lifestyle property sales in the three months to the end of March 2024, compared with 1163 sales during the same period in 2023. REINZ rural spokesman Shane O’Brien attributed the market’s positive response to greater clarity on future interest rate rises and a more active residential market, as buyers transitioned between the residential and lifestyle sectors.
However, the data also revealed a decline in farm sales nationwide.
In the three months ending in March 2024, there were 33 fewer farm sales, a decrease of 13.3 per cent compared with the same period in 2023. This decline was seen across various sectors, with dairy farms experiencing a 37.3 per cent reduction, grazing farms down 38.3 per cent, finishing farms down 28.3 per cent and arable farms down 2.2 per cent.
O’Brien said the decrease could be attributed to factors such as a dry summer, lower farm incomes and higher costs and interest rates.
However, he noted that Gisborne/Hawke’s Bay, along with Wellington, bucked the trend and saw some growth in farm sales.
