Nelson has bucked the trend with the median annual house price increasing, while the national average drops, however Tasman saw the lowest number of sales in the entire country.
According to the latest data from the Real Estate Institute of New Zealand (REINZ), median prices across the country decreased 7.5 per cent annually from $892,000 in October 2021 to $825,000 in October 2022.
While October saw an increase in enquiry and open home attendance in some regions, rising interest rates has caused hesitancy amongst buyers across Aotearoa.
The national median price does show improvement on September, but prices continue to ease, sales activity remains down and properties are taking longer to sell than in October 2021.
Tasman’s median price decreased - down 8.9 per cent to $820,000 year-on-year and had the lowest sales count in the whole country, dropping by 45 per cent.
Nelson increased 3.3 per cent to $775,000 and had the highest increase in stock levels for the entire country – up 184 per cent on October last year.
Marlborough was a stand-out region with the median price up 20.7 per cent to $781,000, reaching a new record high.
The top sales across the Top of the South during October were:
Nelson: $1,680,000 (Stoke)
Tasman: $1,775,000
Marlborough: $1,410,000
