Seven regions recorded increased sales for the March quarter compared with the pcp. Waikato recorded the largest increase in sales (up 36), followed by Taranaki (23) and Otago (17).
REINZ rural spokesman Brian Peacocke said despite record rainfall, flooding and lack of sunlight, most parts of rural New Zealand had experienced ``very good'' mid-autumn conditions during the March month.
Feed conditions had been ideal for beef and lamb, maize harvesting had progressed well and the burst of grass growth had stimulated sufficient milk supply to offset the worst spring many could remember.
Values of horticultural properties showed a significant lift but prices in other categories reflected a degree of volatility, buyer caution and a hint of easing, he said.
Lifestyle property sales fell 5.8% in the three months to March but the median price for all lifestyle properties reached a record high of $625,000 and was $73,000 higher than in the same period last year.
In Auckland, there was a large lift in sales in March in all regions surrounding the city.
Mr Peacocke said demand for quality Auckland properties, particularly those with special features and at the top end of the price range, was outstripping supply.
There was also strong activity surrounding land with potential for residential subdivision, even land with considerable holding periods. There was also evidence banks were tightening up on funding investors into longer-term projects.
In the South Island, there were increased sales recorded in all regions along with some sensitivity surrounding prices at the upper levels in Canterbury but less so in Central Otago.
There were consistent reports of reduced numbers of listings, suggesting the market was coming under pressure in terms of both price and supply.
It took 72 days to sell a lifestyle block in Otago, the second-longest time of all the regions. Bay of Plenty recorded the fewest days at 45.
