Lifestyle market powers ahead - sales up 23% year-on-year

The new farming season is now in full swing, with preparations for summer well underway.

In addition to all things farming, our confidence in the lifestyle property market continues to grow, too. The lifestyle market is well ahead of the same time last year. Lower interest rates are a factor, but equally favourable times on the land often translate into decisions to retire and move closer to town, to something big enough to keep the prized Fergy and enough shed space to hide away in. Not to mention enjoying the benefits of a modern home for the first time, without the requisite 7-cord wood pile to see you through the winter.

Looking at the national picture for lifestyle sales 1-20 hectares, the median sale price has hardly shifted from $1 million in the last four years, including to 30 June this year. What has shifted has been the number of sales, up 802 sales on the prior year, or 23%. This strengthening trend continues this season, with more people attending open homes, more offers on the table, and significantly fewer conditional offers tied to long-dated, sometimes over-optimistic pre-sale outcomes.

In our view, the market has not only bottomed in rural lifestyle, but it has turned the corner and is on the up as we head into summer.

What has shifted has been the number of sales, up 802 sales on the prior year, or 23%.

We expect the lifestyle sales category to return to 2021/22 levels (5,000+ sales), with a median price similar to the current $1 million+, but with a significant reduction in days on market. Potential lifestyle vendors can have confidence in taking their property to market this season. This includes a pre-Christmas option too, for those ready to go.

Feedback from our sales consultants indicates strong demand for entry-level lifestyle, so don’t underestimate buyer demand to get on the property ladder and secure their slice of the Kiwi dream. However, interest is across the board this spring, including the top end of the market, as illustrated by our front cover featuring the wonderful rivers edge property at Tamahere in the Waikato, where initial interest has already prompted our team to take calls.

For those looking to time the lifestyle market, you might be out of time. For those considering bringing their property to market, this is as good an opportunity as we’ve had in the last four years, and it continues to improve. Whether you’re looking to buy or sell your farm or lifestyle property, our True Team is here to exceed your expectations. With a perfect blend of energy and experience on your side, you can’t go wrong with Property Brokers.

Tune in for the inside word on the rural property market

The Land and Lifestyle Property Market Insights podcast is brought to you by Property Brokers and powered by The Country. Jess Davidson sits down with Property Brokers Rural General Manager, Conrad Wilkshire, to unpack the latest rural property trends, share sector insights, and explore what the long-term outlook looks like for rural New Zealand.

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