Lifestyle price at record high

Kiwi actor Shane Cortese (left) is working as a real estate agent for NZ Sotheby's in Takapuna. Photo / Norrie Montgomery

There has been a drop in the number of lifestyle properties sold, according to the Real Estate Institute.

It says there were 124 fewer sales (-5.8 per cent) for the three months ending March than for the same period last year.

Overall, there were 2011 lifestyle property sales in the three months ended March 2017, and 8912 lifestyle properties sold in the year to March 2017, 346 more than were sold in the year to March 2016.

The total value of lifestyle properties sold was $7 billion for the year to March 2017. The median price for all lifestyle properties sold in the three months to March 2017 reached a new record high of $625,000.

"Strong sales volumes for the most recent three-month period and a significant lift in price are the features of the lifestyle market, where all regions but one experienced increases during March," says the institute's rural spokesman Brian Peacocke.

Outrageous fortune
Kiwi actor Shane Cortese is working as a real estate agent for NZ Sotheby's in Takapuna.

"I didn't just jump into it," says the Outrageous Fortune actor. "There has been a lot of thought gone into this decision and I'm very excited.

"I'm also committed to NZ drama and would like to remain filming in NZ. However, that comes with restrictions based on the amount actors make, so I need other interests."

The new role isn't spelling the end of Cortese's acting career, but it is enabling him to remain in New Zealand with his family, and be a "bit more selective in television opportunities".

Surge over
Property information firm Corelogic reports that following a surge in market activity earlier in the year, demand has significantly weakened.

The firm expects the market to pick up after the September general election.