Overall, the property market continues to be buoyant with momentum expected to build over 2013. The Real Estate Institute of New Zealand (REINZ) reported that 74,000 houses were sold in New Zealand during 2012 resulting in a 21% increase on 2011 and the highest annual total since 2007.
With mortgage rates at historic lows, the strength of the overall property market in New Zealand has also been evident in the number of mortgage approvals in the past three months. According to REINZ the number of mortgage approvals has increased 23% compared with a year ago.
These are all good signs for the local Martinborough property market which has seen a rise in confidence with both buyers and sellers in the area. This has been reflected through the increase in sales at the end of 2012 and the beginning of 2013 compared with previous years. With over 10 years of experience selling property in and around Martinborough, Susan Stephen has observed these trends. In Martinborough there were 38 urban sales totaling $10,850,300 in 2011, whereas in 2012 there were 51 urban sales totaling $14,727,550. Out of 22 of the sales in the Martinborough area in the last four months, Susan has been responsible for selling 13 of the properties.
“Martinborough is busy with the fairs, concerts and weddings, and is a great place to enjoy fantastic food at a variety of cafes, buy unique items at boutique shops and explore the numerous vineyards and sample award winning wine.
This also brings out buyers looking for their idyllic piece of Martinborough.With a wonderful selection of properties to buy – homes, sections, lifestyle blocks – the area continues to grow in popularity as people realise it is virtually ‘Wellington’s Playground’, only an hour away from the city (close enough to commute) offering so much for all ages!”
Susan Stephen
Source of REINZ information – www.reinz.co.nz/reinz/public/reinz-statistics/reinz-statistics_home.cfm
