The Real Estate Institute of New Zealand (REINZ) has reported positive trends in the lifestyle property market for the three months ending May 2024, highlighting an increase in sales and stable prices.

REINZ data reveals 1,449 lifestyle property sales in the three months to May 2024, a 1.1% rise from the previous three months and a 4.5% increase compared to May 2023.

Over the past year, 5,669 lifestyle properties were sold, despite a 3.5% decrease from the previous year.

The total value of these sales reached $6.30 billion.

Median prices for lifestyle properties remained steady at $1,000,000, unchanged from the same period in 2023.

Bareland lifestyle properties saw a median price decrease to $418,000 (-2.3%), while Farmlet lifestyle properties had a slight decline to $1,100,000 (-0.9%).

"Despite some regional variations, the overall increase in sales and stable median prices highlight the continued demand for lifestyle properties in New Zealand," said REINZ spokesperson Shane O’Brien.

"The market's performance over the past year underscores its significance in the country's lifestyle sector."

Regionally, Auckland and Wellington led in sales increases, while Waikato and Manawatu-Whanganui saw declines.

Median prices varied, with notable increases in West Coast and Bay of Plenty, and decreases in Gisborne/Hawkes Bay and Wellington.

The median selling time increased by 11 days to 76 days, with Waikato having the shortest period at 65 days and Southland the longest at 108 days.