Dip in March year-on-year median house price for Gisborne

REINZ reports the median house sale price for March year-on-year in Gisborne dropped by just over 2% to $640,000. Photo / Gisborne Herald

The median house sale price for March in Gisborne decreased year-on-year by 2.3% to $640,000, according to latest figures from the Real Estate Institute of New Zealand.

Real Estate Institute of New Zealand (REINZ) chief executive Lizzy Ryley said owner-occupiers were active over the month, with an increase in inquiries from investors as well.

“However, inquiries from those interested in mid-range-priced properties declined.

“Most vendors were aligning their asking prices with market expectations.

“Attendance at open homes declined over the month, although a few properties received notably high attendee numbers.

“There were fewer properties sold under the hammer on the day, but an increasing number went under contract within a few days of the auction.”

Ryley said market sentiment was influenced by the conflict in the Middle East, current fuel prices and the amount of stock on the market.

“Local salespeople indicated that the local residential market has slowed due to the amount of stock currently available.

“Buyers have plenty of choice, exercise greater caution, and properties take longer to sell.

“This situation may persist while the Middle East conflict continues, potentially influencing other factors within the market.”

The median days-to-sell figure in Gisborne in March was 51.