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Property Collection - Lifestyle and viticulture property on upward trajectory through top of the South

June 2021

In the Tasman region headline prices for lifestyle property have risen up to 20 per cent in the past 12 months.

On low interest rates listings do not need long on the market to attract motivated buyers, encouraged by lower debt servicing costs. Properties in the $700,000 to $1.2 million range and under 20 hectares are particularly highly sought after, reflecting the local residential market’s strength and generally falling within bank residential lending rules. Listing numbers are likely to diminish through the winter, though buyer demand is unlikely to let up, suggesting anyone who offers lifestyle property in Nelson or Marlborough will achieve a satisfactory result.

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Viticulture continues to dominate Marlborough’s rural property market. By volume, reported on market sales during 2020/21, transactions were nearly 50 per cent higher than the previous year. Values for the most sought after established vineyards around Rapaura average above $300,000 per canopy hectare, with strong sales also in the Awatere and Wairau Valleys. A shortage of vines for new plantings and the increased number of older vines requiring replanting will keep the established vineyard market buoyant in the coming years.

For sheep and beef property those established farming families already in the industry dominate the market, making it difficult for newcomers to compete for property. Some change of land use is taking place, particularly with purchases for carbon farming and ongoing horticulture spread.

After several years of relative inactivity, Tasman district dairy property sales have recommenced based on excellent returns and growing confidence among farmers.

 

Joe Blakiston

Nelson/Marlborough Sales Manager

M 027 434 4069

JBlakiston@pggwrightson.co.nz

  

Read the full edition of the Winter Property Collection here >

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