Median house price down 9.8pc

A109 Light Utility Helicopter flight with mayor Gisborne City from the air in November 2023.

House prices here continue to fall but realtors do not expect the market’s mid-winter blues to last much longer.

Latest data from the Real Estate Institute (REINZ) shows the region’s median price is down $65,000 from a year ago.

“Gisborne’s median price decreased

9.8 percent annually to $600,000,” REINZ regional director Neville Falconer said.

“Owner occupiers were the most active buyer pool, but across the region all buyer activity was light.

“Rising interest rates, cost of living and a fear of overpaying is continuing to impact Gisborne’s market.

“Sales counts were down 46.8 percent year-on-year — seeing only 25 sales take place in the region over May.”

It is the fourth month in a row the median price has fallen year-on-year, with house prices down $75,000 from the start of the year.

Property Brokers Gisborne acting branch manager Philip Searle said the region was “in step” with the rest of the nation.

“Nationally, the median residential sale price has dropped 8.2 percent year-on-year while Gisborne has dropped 9.8 percent.

“While this shows a 1.6 percent greater drop for our area, we need to take into consideration the fact that only 25 houses sold here over that period.

“This affects the median substantially, depending on the value of the houses sold.

“The report from REINZ shows that the numbers of houses on the market look to have stabilised, meaning we may be seeing a shift in the balance of supply versus demand.

“We at Property Brokers are seeing a marked increase in the number of buyers in the market currently, which bodes well for those wanting to sell.

“The autumn and winter, with all the rain we have had, certainly does affect the market with some properties a bit too wet to place on the market.”

Bayley’s Gisborne director Simon Bousfield said it was not uncommon for new listing stock to be light at this time of year.

“What we are seeing is very good numbers through those properties that are coming to market,” Mr Bousfield said.

A recent rainy Sunday saw 16 groups through one property open home, with others also registering strong numbers — not often expected on rainy days.

“Values continue to adjust to market lending conditions but there is a continued appetite to buy, as seen through strong viewing numbers, which will in time have its effect on value.”