lifestyle blocks

PHOTO: Sales are still well up compared to the same time last year.

After surging in the wake of COVID-19 livestyle property sales are starting to ease, according to the latest figures from the Real Estate Institute of New Zealand (REINZ).

According to the data, there were 302 fewer sales – a drop of 10.9 percent – for the three months ended February 2021 compared to the three months ended January 2021.

However sales remain well up on a year earlier, with 2471 lifestyle property sales in the three months ended February 2021, compared to 1769 for the same period in 2020 – an increase of 39.7 percent.

The drop in sales compared to January comes after the COVID-19 lockdown last year led to a spike of interest from Kiwis in moving to lifestyle blocks.

A total of 9244 lifestyle properties were sold in the financial year to February 2021, 1992 (27.5 percent) more than in the year to February 2020.

The value of lifestyle properties sold in the year to February 2021 was $8.77 billion.

The median price for all lifestyle properties sold in the three months to February was $845,000 – $135,000 higher compared to the same time last year.

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