The Unconditional Blog

The impartial voice of the industry

 
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Wellington steals the limelight from Auckland property market

Posted on: May 4th, 2016 | Filed in NZ Property Report

Wellington inventory levels at record low, upward pressure on prices

 AUCKLAND, 3 May 2016 – Statistics released today by Realestate.co.nz for April 2016 show that strong demand means available inventory weeks of property for sale in Wellington is down a record 61% on the same time last year (April 2015).

“That’s an all-time low for any region and also the lowest level ever recorded for Wellington,” says Brendon Skipper, CEO of Realestate.co.nz.

Inventory of Listings, April 2016

“It means that theoretically if no new listings were to come onto the market, all available property for sale in Wellington would sell out in only 5.6 weeks,” he says.

Inventory measures the amount of property on the market at any one time. In the first quarter of 2016 it has dropped significantly in Wellington.

“With the lower level of stock on the market and buyers still out there, it’s certainly a sellers’ market,” says Brendon.

In terms of price, the April average asking price in Wellington has risen by two per cent from the previous month to $506,532, which is an all-time high for Wellington.

Across New Zealand, Realestate.co.nz statistics show it’s a strong sellers’ market, with the inventory of listings for April showing of the 19 regions measured, all favour sellers by market sentiment (refer graph: NZ inventory of listings for April 2016, compared with long term average).

 “While historic sales data is important, for buyers and sellers it’s equally important to know what’s happening right now in their own market, so they can make informed decisions,” says Brendon.

“As always, it’s the properties that are priced appropriately within the context of the market that will sell quickly,” he says.

In Auckland, weeks to sell fell by 2.78% in April 2016, compared with the same time last year.

Nationally, the inventory of listings is at the lowest level ever recorded by Realestate.co.nz since January 2007 when statistics were collected via the site (refer graph – NZ Property Market Inventory). The inventory of listings for all regions in April 2016 was 14 weeks compared to the Long Term Average of 34 weeks.

 

NEW PROPERTY LISTINGS VARY AMONG MAJOR CENTRES

New Property Listings, April 2016 Refer infographic – New property listings for April 2016, compared to April 2015 for all regions

 While Auckland and Wellington recorded a decrease in the number of new listings during the month of April (compared to April 2015), sellers in Waikato, Canterbury and Otago are more active and the number of new listings in those regions are up by a double digit percentage increase compared with the same time last year.

 

REGIONS ON THE UP

 Refer infographics –

  • New Property Listings for April 2016, compared to April 2015 (all regions)
  • Property asking price for April 2016, compared to prior month (all regions)
  • NZ Inventory of listings for April 2016 / long term average (all regions)

Property Asking Price, April 2016The majority of the regions are also in a sellers’ market phase.  Star performers include Northland, Coromandel, Bay of Plenty and Southland.

Northland, Bay of Plenty and Southland recorded significant increases in new listings (compared with April 2015).

Northland, Coromandel and Southland recorded a healthy increase in average asking prices (more than a five per cent increase compared to the prior month of March 2016).

Nearly all the regional centres saw a downward trend in the Inventory of Listings for April 2016 compared to the Long Term Average.

 

About Realestate.co.nz

Realestate.co.nz offers buyers the shortest path to the perfect property. As the official website of the New Zealand real estate industry, Realestate.co.nz is dedicated to property and has the country’s most comprehensive selection of real estate listings online. The site presents more than 97% of all residential, commercial and rural properties currently marketed by real estate professionals. Focussed exclusively on people in need of property, Realestate.co.nz offers superior functionality, including accurate search, school zone data and a mobile app.

 

Glossary of terms

Realestate.co.nz provides valuable property market data not available from other sources.

  • Average asking price gives an indication of current market sentiment. Statistically, asking prices tend to correlate closely with the sales prices recorded in future months when those properties are sold. As it looks at different data, average asking prices may differ from recorded sales data released at the same time.
  • Inventory is a measure of how long it would take, theoretically, to sell the current stock at current average rates of sale if no new properties were to be listed for sale. It provides a measure of the rate of turnover in the market.
  • New listings is a record of all the new listings on Realestate.co.nz for the relevant calendar month. As we reflect 97% of all properties listed through registered estate agents in New Zealand, this gives a representative view of the market.
  • Seasonal adjustment is a method we use to better represent the core underlying trend of the property market in New Zealand. This is done using methodology from the New Zealand Institute of Economic Research.
  • Truncated mean is the method we use to provide statistically relevant asking prices. The top and bottom 10% of listings in each area are removed before the average is calculated, to prevent exceptional listings from providing false impressions. Read more here.

 

For media enquiries, please contact:

Kate Carter, PPR                                                         Brendon Skipper, Realestate.co.nz

T: +64 21 514 004                                                       T: +64 21 542 607

E: kate.carter@ppr.co.nz                                              E: brendon@realestate.co.nz

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Auckland reaches new record high average asking price of $866,080 in February – up $101,656 in 12 months

Posted on: March 3rd, 2016 | Filed in Featured, NZ Property Report

Otago, Hawke’s Bay & Coromandel also reach new record highs

papfeb2016Auckland reached a new record high in average asking price in February of $866,080, an increase of $101,656 or 13.3% in 12 months, according to data from Realestate.co.nz, New Zealand’s largest website dedicated to property. The average asking price in Auckland in February last year was $764,424, while the previous record of $851,531 was set five months ago in September 2015.

Brendon Skipper, Chief Executive of Realestate.co.nz, says “The national average returned to near record high levels in February, with three other regions in addition to Auckland also experiencing record highs: Otago, Hawke’s Bay and Coromandel.

“The national average asking price in February was $565,861, only marginally below the previous record of $568,215 set in August last year. While these average asking prices reflect continuing vendor confidence, they do need to be seen against a background of relatively low inventory.”

The national inventory of available housing stock sits at 16.4 weeks, easing only slightly from the record low set in January of 14.7 weeks.

ltafeb2016New listings for February across the country totalled 11,989, a return to expected levels for this time of year following a shortage of supply in December and January. Auckland had 4,202 new listings, up 1.4% from February 2015, and its highest number for February since 2013.

Wellington’s average asking price in February of $483,212 was down slightly from the record high set in January of $489,029, while new listings were also down 2.9% on February 2015.

The average asking price in Canterbury in February was $457,358, a 5.4% decrease on January’s record high of $483,233, while new listings were at similar levels to the same month in 2015.

Otago reached a new all-time high in average asking price of $323,367 in February, up slightly on the previous high of $321,188 set in October 2015, while new listings were up 5.2% on the same month last year. Hawke’s Bay experienced a new record of $389,654, up from the previous record of $387,504 set in August last year, with new listings down 8.3% on February 2015.

Coromandel’s new record high in average asking price was $579,676, up marginally from the previous high set last month of $574,271, though it saw a 7.7% decline in new listings compared with February 2015.

Inventory is a measure of the national supply of homes for sale, expressed as the nplfeb2016number of weeks it would take for all currently listed properties to sell at average rates, should no new properties get listed. The long-term national average is 34 weeks.

 

About Realestate.co.nz

Realestate.co.nz offers buyers the shortest path to the perfect property. As the official website of the New Zealand real estate industry, Realestate.co.nz is dedicated to property and has the country’s most comprehensive selection of real estate listings online. The site presents more than 97% of all residential, commercial and rural properties currently marketed by real estate professionals. Focussed exclusively on people in need of property, Realestate.co.nz offers superior functionality, including accurate search, school zone data and a mobile app.

 

Glossary of terms

Realestate.co.nz provides valuable property market data not available from other sources.

  • Average asking price gives an indication of current market sentiment. Statistically, asking prices tend to correlate closely with the sales prices recorded in future months when those properties are sold. As it looks at different data, average asking prices may differ from recorded sales data released at the same time.
  • Inventory is a measure of how long it would take, theoretically, to sell the current stock at current average rates of sale if no new properties were to be listed for sale. It provides a measure of the rate of turnover in the market.
  • New listings is a record of all the new listings on Realestate.co.nz for the relevant calendar month. As we reflect 97% of all properties listed through registered estate agents in New Zealand, this gives a representative view of the market.
  • Seasonal adjustment is a method we use to better represent the core underlying trend of the property market in New Zealand. This is done using methodology from the New Zealand Institute of Economic Research.
  • Truncated mean is the method we use to provide statistically relevant asking prices. The top and bottom 10% of listings in each area are removed before the average is calculated, to prevent exceptional listings from providing false impressions. Read more here.

 

—- ENDS —

For media enquiries, please contact:

Nicholas O’Flaherty, Camino public relations              Vanessa Taylor, Realestate.co.nz

T: +64 21 303 181                                                       T: +64 275 760 260

E: nicholaso@camino.co.nz                                       E: vanessa@realestate.co.nz

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Gisborne offers highest returns for rental property investment in New Zealand*

Posted on: February 10th, 2016 | Filed in Featured, Property Investing, Property Pulse - Regional Market Report

(* excludes Coromandel – skewed by short-term holiday rentals)

Table: ROI for rental properties by region – January 2016

rental_roi_jan16

Gisborne, followed by Otago and Manawatu/Wanganui were the best performing regions for residential rental property investment in January, according to an analysis of data by Realestate.co.nz, New Zealand’s largest website dedicated to property. The analysis looked at every region in the country to identify which offered the highest returns for would-be landlord investors.

Gisborne returned an impressive average of 5.78% on residential rental property investment in January, based on an average asking price of $258,515. Otago returned 5.54%, and Manawatu/Wanganui returned 5.12%. The national average for rental property returns for the month was 4.10%.

Brendon Skipper, CEO, Realestate.co.nz says “The results will surprise some people. There are clearly some very attractive rental property investment opportunities in some parts of New Zealand that don’t ordinarily attract intense national media interest when it comes to property – based on our calculation of average asking price vs weekly rental price, excluding all external costs.”

“While data shows the best performing region for rental property is Coromandel, we believe its unusually high average return of 9.88% is skewed by short-term holiday rental properties. Of greater interest for potential investors are the significant rental opportunities that exist in quite diverse parts of the country, in particular Gisborne, Otago, and Manawatu/Wanganui,” says Skipper.

The rental property ROI data was calculated by comparing the average asking price of properties for sale by region across New Zealand in January 2016 with the average annualised rent in each location. The data assumes 100% rental occupancy, and does not account for inflation, mortgage interest payments, property management or maintenance upkeep fees.

 

About Realestate.co.nz

Realestate.co.nz offers buyers the shortest path to the perfect property. As the official website of the New Zealand real estate industry, Realestate.co.nz is dedicated to property and has the country’s most comprehensive selection of real estate listings online. The site presents more than 97% of all residential, commercial and rural properties currently marketed by real estate professionals. Focussed exclusively on people in need of property, Realestate.co.nz offers superior functionality, including accurate search, school zone data and a mobile app.

 

 

For media enquiries, please contact:

Rob Fitzgerald, Camino public relations                                 Brendon Skipper, Realestate.co.nz

M: 027 501 7800                                                                     M: 021 542 607

E: robf@camino.co.nz                                                             E: brendon@realestate.co.nz

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Record high average asking prices in many regions, though new listings fall and inventory hits record low

Posted on: February 2nd, 2016 | Filed in NZ Property Report

Bay of Plenty breaks $500,000 ceiling in average asking price, with Waikato, Wellington, Canterbury and Central Otago also reaching new record highs

 

AUCKLAND, 3 February 2016 – A number of regions across the country experienced new record highs in average asking price in January, though this was off the back of a record low in inventory and a decline in new listings, according to data from Realestate.co.nz, New Zealand’s largest website dedicated to property.

New_Listings_MAP_JAN2016Brendon Skipper, Chief Executive of Realestate.co.nz, says “National inventory in January hit a new all time low of 14.7 weeks. The previous all-time low was 16.1 weeks set in October 2015. In addition, the total number of new listings across the country in January was 8,144, down 14.6% compared to the same month a year ago. The record highs in average asking price in a number of regions need to be seen in the context of fewer listings and tightening inventory.”

The national average asking price in January was $542,514, up 3.7% from December and ending a four month consecutive decline, though still short of the all time high of $568,215 set in August 2015. The average asking price in Auckland fell 2.3% to $828,629 in January from $848,195 in December, though Auckland also experienced a decline in listings of 18.4% from the same month last year.

Property_Asking_Price_Map_JAN2016Eight regions of New Zealand experienced new record highs in average asking price in January. In particular, Central Otago reached $861,723, the highest average asking price of any region, and an increase of 4.5% from the previous high of $824,394 set in December, though new listings were down 35% from January last year.

Bay of Plenty reached a new high of $501,961, up 3% from the previous high of $487,052 set in November, and only the fourth region in the country to break the $500,000 ceiling. New listings for the region in January were down 7.6% from a year ago.

Other parts of the country to experience new record highs in average asking price include Wellington, Canterbury, Waikato, Taranaki, Coromandel and Southland, most however also experienced a decline in new listings from the same time last year.

Wellington reached a new all time high in average asking price of $489,029 in January, up 2% from the previous high of $479,399 set in August last year, while new listings were down 16.9%. Canterbury experienced a new record of $483,233, up 1.3% from the previous high set in September, with new listings down 13.6% from the same month last year.

Waikato’s new record high in average asking price was $440,784, up 6.3% from the previous high set last month of $414,596. The new record in Taranaki was $373,668, up 1% from the previous high of $369,791 set in February 2015, while Southland ‘s new high was $276,924, up 3.9% from the previous high of $266,398 set in January last year. New listings in January for all three regions were down from the same month last year.

Coromandel reached a new high of $574, 271, an increase of 3.6% from the previous high of $554,303 set in November. It was one of the few regions to experience a small increase in the number of new listings of 1.1% from January last year.

LTA_MAP_JAN2016Inventory is a measure of the national supply of homes for sale, expressed as the number of weeks it would take for all currently listed properties to sell at average rates, should no new properties get listed. The long-term national average is 34 weeks.

About Realestate.co.nz

Realestate.co.nz offers buyers the shortest path to the perfect property. As the official website of the New Zealand real estate industry, Realestate.co.nz is dedicated to property and has the country’s most comprehensive selection of real estate listings online. The site presents more than 97% of all residential, commercial and rural properties currently marketed by real estate professionals. Focussed exclusively on people in need of property, Realestate.co.nz offers superior functionality, including accurate search, school zone data and a mobile app.

 

Glossary of terms

Realestate.co.nz provides valuable property market data not available from other sources.

  • Average asking price gives an indication of current market sentiment. Statistically, asking prices tend to correlate closely with the sales prices recorded in future months when those properties are sold. As it looks at different data, average asking prices may differ from recorded sales data released at the same time.
  • Inventory is a measure of how long it would take, theoretically, to sell the current stock at current average rates of sale if no new properties were to be listed for sale. It provides a measure of the rate of turnover in the market.
  • New listings is a record of all the new listings on Realestate.co.nz for the relevant calendar month. As we reflect 97% of all properties listed through registered estate agents in New Zealand, this gives a representative view of the market.
  • Seasonal adjustment is a method we use to better represent the core underlying trend of the property market in New Zealand. This is done using methodology from the New Zealand Institute of Economic Research.
  • Truncated mean is the method we use to provide statistically relevant asking prices. The top and bottom 10% of listings in each area are removed before the average is calculated, to prevent exceptional listings from providing false impressions. Read more here.

 

For media enquiries, please contact:

Nicholas O’Flaherty, Camino public relations              Brendon Skipper, Realestate.co.nz

T: +64 21 303 181                                                       T: +64 21 542 607

E: nicholaso@camino.co.nz                                       E: brendon@realestate.co.nz

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5 Pro Tips for Home Buyers

Posted on: January 11th, 2016 | Filed in Buying / Selling a home, Featured

Whether you are a first-time buyer or an old hand, Stephen Hart of Hometopia.co.nz has some tips that will stand you in good stead during your house hunt.

1 Finance first72531 Barbican Streetwise2 AW text HR 14a

  • Don’t even think you are in the market until you have a pre-approved home loan in place
  • This is a highly competitive market. When you see the right opportunity you need to be able to act fast.

2 Become a local expert

  • Don’t search too wide, pick three or four neighbouring suburbs and make it your mission to become expert in the local property market
  • Go to LOTS of open homes. Get to know the local agents and follow up on what various homes sold for
  • You will soon be able to walk into an open home and make a surprisingly accurate assessment of its likely value.

3 How easy will it be to sell?

  • Even as you are walking into an open home you should be thinking about selling it, because one day you will be
  • Is there anything special about it? A view, a cul-de-sac, close to a kindergarten, great local schools, access to beaches, etc?
  • If a home is just like all the others it becomes a commodity and the only way you will sell it quickly is by selling it cheaper than the others.

4. Think like an investor

  • Your priority may be on lifestyle issues and on finding the perfect place for your family, but your home is a critical investment
  • You should be doing everything possible to buy it at the best possible price and achieve the best possible capital appreciation
  • Negotiate hard and be ambitious about future capital gains.

6 Be philosophical

  • Try not to fall hopelessly in love with a home before it becomes yours, it just makes the disappointments harder to take
  • You may bid at multiple auctions, only to lose out to higher bidders paying well above the market price – don’t beat yourself up
  • Remember, there is always another home around the corner.

 

Stephen Hart runs Hometopia.co.nz – the free online resource centre for home buyers and sellers, and Auckland HomeFinders.

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Central Otago becomes second region to break $800,000 barrier in average asking price

Posted on: December 31st, 2015 | Filed in Featured, NZ Property Report

National average asking price falls in December, Auckland and Wellington level off

 

AUCKLAND, 1 January 2016 – Central Otago joins Auckland as one of only two regions in the country where average asking prices of homes for sale now exceed $800,000, according to data from Realestate.co.nz, New Zealand’s largest website dedicated only to property. pap_dec2015

Vanessa Taylor, Spokesperson for Realestate.co.nz, says “in Central Otago, the average asking price in December broke the $800,000 mark for the first time, setting a new record of $824,394. The previous record in Central Otago was $782,684, set in July 2014.”

The Waikato also experienced a new record high in average asking price in December of $414,596, up slightly on November’s high of $413,067.

“However Central Otago and Waikato were the only regions that bucked the national trend,” says Vanessa Taylor.

The national average asking price in December was $522,930, continuing a downward trend from the record high set four months ago in August 2015 of $568,215.

Average asking prices in Auckland and Wellington levelled off, but continued to remain near record-high levels. In Auckland, the average asking price was $848,195, marginally below the record set in September of $851,531. The average asking price in Wellington was $475,422, just below the August 2015 record of $479,399.

Meanwhile in Canterbury, the average asking price in December fell slightly to $450,740, a 5.5% drop on the record of $476,818 set in September 2015.

npl_dec2015The total number of new listings across the country in December was 8,011, down 3.3% compared to the same month a year ago. Auckland and Canterbury both had 6.6% fewer listings in December 2015 compared to December 2014, while Wellington experienced a more significant drop of 24.5%.

“National inventory continues to remain near record low levels. For December, National inventory was 16.4 weeks, close to the all-time low of 16.1 weeks set in October 2015,” says Vanessa Taylor.

iol_dec2015Inventory is a measure of the national supply of homes for sale, expressed as the number of weeks it would take for all currently listed properties to sell at average rates, should no new properties get listed. The long-term national average is 34 weeks.

About Realestate.co.nz

Realestate.co.nz offers buyers the shortest path to the perfect property. As the official website of the New Zealand real estate industry, Realestate.co.nz is dedicated to property and has the country’s most comprehensive selection of real estate listings online. The site presents more than 97% of all residential, commercial and rural properties currently marketed by real estate professionals. Focussed exclusively on people in need of property, Realestate.co.nz offers superior functionality, including accurate search, school zone data and a mobile app.

 

Glossary of terms

Realestate.co.nz provides valuable property market data not available from other sources.

  • Average asking price gives an indication of current market sentiment. Statistically, asking prices tend to correlate closely with the sales prices recorded in future months when those properties are sold. As it looks at different data, average asking prices may differ from recorded sales data released at the same time.
  • Inventory is a measure of how long it would take, theoretically, to sell the current stock at current average rates of sale if no new properties were to be listed for sale. It provides a measure of the rate of turnover in the market.
  • New listings is a record of all the new listings on Realestate.co.nz for the relevant calendar month. As we reflect 97% of all properties listed through registered estate agents in New Zealand, this gives a representative view of the market.
  • Seasonal adjustment is a method we use to better represent the core underlying trend of the property market in New Zealand. This is done using methodology from the New Zealand Institute of Economic Research.
  • Truncated mean is the method we use to provide statistically relevant asking prices. The top and bottom 10% of listings in each area are removed before the average is calculated, to prevent exceptional listings from providing false impressions. Read more here.

For media enquiries, please contact:

Nicholas O’Flaherty, Camino public relations              Vanessa Taylor, Realestate.co.nz

T: +64 21 303 181                                                       T: +64 27 576 0260

E: nicholaso@camino.co.nz                                       E: vanessa@realestate.co.nz

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Buying Old or Buying New – 5 Key Considerations

Posted on: December 17th, 2015 | Filed in Buying / Selling a home, Featured, Home features

Love the idea of an original weatherboard character home, or maybe you prefer something brand spanking new. Well, before you plump for that ultra-modern pad, or start hunting for antique chandeliers for your ornate villa, Stephen Hart from Hometopia.co.nz considers some facts.

  1. Layout 

New homes are built with today’s lifestyles in mind and are generally easier to live in. They are built with more bathrooms and kitchens are often integrated into living areas. Don’t expect an older house to be set up to effortlessly accommodate your media room. And yes, your 90-inch flat-screen television will look ridiculous hanging in the oak-panelled library. Flow was something else far from the minds of most Victorian architects, so celebrate the idea of corridors and cubby-holes, or rule out character homes.

  1. Location 

Historic or older houses will often be located in the more established city suburbs while most newer properties will be in recently developed areas further from the CBD. There are two plus points for the old home buyer. First, you know exactly what you are buying into when you move to an Epsom Fendalton or Eastbourne. Who knows what some of the new developer-created suburbs will eventually turn out like? Second, commuting to the city is easier from the old money suburbs. This is good for your sanity and will be good for your bank balance when you sell.

P1010064

  1. Charm and personality 

Older homes often have a character and individuality that simply cannot be found in new homes. If an older home looks good now it will look good in another 20 years. That stainless steel and black glass exterior may look spectacular now but what will it age like? Is the design merely fashionable, or will it stand the test of time?

  1. Gardens and landscaping 

Mature trees and established lawns add to the appeal of older homes. With new homes on a subdivision the buyer needs to have imagination to visualise how that scrappy vegetation between the bulldozers might one day develop into a lush tropical landscape. Or will it? Landscaping is expensive and some developers may be tempted to skimp on the orchid count.

  1. Maintenance 

It’s funny how the charm and personality of your original villa can quickly evaporate when you are presented with cost of replacing the rotten floorboards that have just given way under your Victorian claw-foot bathtub. Get used to the fact that old homes require maintenance – some of it suddenly and in a big way – and if you are no handyman, that means expense. Make sure you factor maintenance and renovation costs into your purchase price budget when buying an older property. At least with a new home you get a warranty to cover any major problems while the house settles into its foundations.

Stephen Hart runs Hometopia.co.nz – the free online resource centre for home buyers and sellers, and Auckland HomeFinders.

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Waikato, Bay of Plenty and Coromandel reach record average asking prices in November, bucking national trend

Posted on: December 1st, 2015 | Filed in Featured, NZ Property Report

Average asking price for Auckland apartments surges by 31.5%  in 12 months to new record high of $660,000

 

AUCKLAND, 1 December 2015 – The Waikato, Bay of Plenty and Coromandel regions reached record high average asking prices in November, according to data from Realestate.co.nz, New Zealand’s largest website dedicated only to property. The national average asking price of homes for sale continues to plateau, remaining just below record highs achieved three months ago.

In Waikato, the average asking price in November was $413,067 (up from $403,640 in August). In Bay of Plenty, the new record is $487,025 (up from $481,730 in October) and in the Coromandel the new high is $554,303 (up from $539,597 in September). PAP_Nov15

“It is significant that the areas where asking prices are at record highs are all within striking distance of Auckland,” says Brendon Skipper, CEO of Realestate.co.nz. “There have been strong indications over recent months that Aucklanders are house hunting further afield, which is helping to raise the expectations of sellers in these neighbouring regions.”

The national average asking price in November was $547,515, which is 1.4% up from October, but still slightly down from the national record of $568,215 in August. In Auckland, the average asking price of $849,882 was marginally lower than the record of $851,531 in September. In both Wellington and Canterbury, the average asking prices for November were within $10,000 of the record highs achieved in August and September respectively.

Auckland apartment asking prices surge

The average asking price for Auckland apartments in November reached a new record high of $660,001. This represents an increase of 31.5% compared to November 2014, when the average asking price for apartments in Auckland breached $500,000 for the first time. The increase in the asking price for apartments (31.5%) is almost twice as much as the increase in asking price for Auckland houses (16.8%) over the same period,

“We’ve seen the asking price of apartments in Auckland increase strongly and steadily over the last 24 months,” says Brendon Skipper. “This has driven the national average, which has now breached the $600,000 mark for the first time, only eight months after the national average asking price for apartments first broke the $500,000 barrier in March.”

Auckland dominates the market for apartments nationally, accounting for 71.9% of all national apartment listings.

New listings down on November last year

New listings nationally show a 5.6% reduction from the same month last year. Auckland had 7.0% fewer listings this November compared to November 2014, Wellington had 16.7% fewer and Canterbury had 5.1% fewer. NPL_Nov15

Again, the Waikato, Bay of Plenty and Coromandel are among the regions bucking this trend. All three of these regions had the most new listings for any November for at least five years.

“Nationally, we’ve seen fewer listings this year than we have since November 2009,” says Brendon Skipper. “This may further exacerbate the shortage of inventory, which still hovers near the all-time low of 16.1 weeks we reached last month.”

Inventory is a measure of the national supply of homes for sale, expressed as a number of weeks it would take for all currently listed properties to sell at average rates, should no new properties get listed. The inventory for November was 16.8 weeks, compared to a long-term average of 35 weeks.

IOL_Nov15

 About Realestate.co.nz

Realestate.co.nz offers buyers the shortest path to the perfect property. As the official website of the New Zealand real estate industry, Realestate.co.nz is dedicated to property and has the country’s most comprehensive selection of real estate listings online. The site presents more than 97% of all residential, commercial and rural properties currently marketed by real estate professionals. Focussed exclusively on people in need of property, Realestate.co.nz offers superior functionality, including accurate search, school zone data and a mobile app.

 

Glossary of terms

Realestate.co.nz provides valuable property market data not available from other sources.

  • Average asking price gives an indication of current market sentiment. Statistically, asking prices tend to correlate closely with the sales prices recorded in future months when those properties are sold. As it looks at different data, average asking prices may differ from recorded sales data released at the same time.
  • Inventory is a measure of how long it would take, theoretically, to sell the current stock at current average rates of sale if no new properties were to be listed for sale. It provides a measure of the rate of turnover in the market.
  • New listings is a record of all the new listings on Realestate.co.nz for the relevant calendar month. As we reflect 97% of all properties listed through registered estate agents in New Zealand, this gives a representative view of the market.
  • Seasonal adjustment is a method we use to better represent the core underlying trend of the property market in New Zealand. This is done using methodology from the New Zealand Institute of Economic Research.
  • Truncated mean is the method we use to provide statistically relevant asking prices. The top and bottom 10% of listings in each area are removed before the average is calculated, to prevent exceptional listings from providing false impressions. Read more here.

 

For media enquiries, please contact:

Nicholas O’Flaherty, Camino public relations                 Brendon Skipper, Realestate.co.nz

T: +64 21 303 181                                                       T: +64 21 542 607

E: nicholaso@camino.co.nz                                         E: brendon@realestate.co.nz

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Surge in spring listings, as average asking prices plateau

Posted on: November 3rd, 2015 | Filed in Featured, NZ Property Report

Property supply still indicates that New Zealand is a sellers’ market

 

AUCKLAND, 3 November 2015 – The traditional surge in new properties coming onto the market in spring is well evident this year. Coupled with this, average asking prices nationally have eased from record highs in recent months, according to data from Realestate.co.nz, New Zealand’s largest website dedicated only to property.

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“The number of new listings coming onto the market in October is up significantly on last month, as we have come to expect in spring,” says Brendon Skipper, CEO of Realestate.co.nz.

A total of 13,405 new properties were listed in October, 12% more than there were in September.

“It may well be that the supply of properties plays its part in the slight easing in asking prices we’re seeing,” says Skipper.

 

Prices plateau after record highs

After many months in which new record high average asking prices were recorded both in national terms and across many regions, these prices have levelled off in October. Nationally, the average asking price of $539,823 in pap_oct15October continues the downward trend from the record high of $568,215 in August. The average asking price went down in eight regions, including all the main urban centres. Price increases were recorded in seven other regions, while it remained static in four.

In all main urban centres, average asking prices dropped slightly from recent record highs. In Auckland, the average asking price dropped back to $832,713, after the record high of $851,531 in September. In Canterbury, the average price dropped to $467,403 after their record high of $476,818, also recorded in September. In Wellington, the average asking price dropped to $457,028 from $479,399 in August, while in Waikato the average asking price in October was $397,991, down from $403,640 in August.

Only two regions bucked the trend, reaching new record high levels in October. In Otago, a new record high average asking price of $321,188 was recorded , up from the previous high of $308,915 achieved in June 2015. In Northland, the new record high average asking price is $474,756, which is only marginally higher than the previous high of $474,738 achieved in June 2014.

 

Sellers’ market

“Our data shows that we still have a strong sellers’ market throughout the country,” says Skipper. “The inventory of properties for sale is lower than ever and it is a nationwide phenomenon, with the West Coast the only exception.”

lta-oct15Inventory is a measure of supply and demand that indicates how long it would take, in theory, for all the current properties on the market to be sold at the average rate of sales. The national average inventory in October was only 16.1 weeks, even lower than the record low of 16.3 weeks reached in September.

In three regions neighbouring Auckland, inventory is well down, in each case less than a third of that region’s long-term average: Waikato (12 weeks vs. 41 average), Bay of Plenty (12 weeks vs. 49 average) and the Coromandel (43 weeks vs. 171 average).

Another region with a wide discrepancy is Central Otago, which in October had 25 weeks of inventory compared to the long-term average of 83 weeks.

“The market pressure in Waikato, the Bay of Plenty and the Coromandel can probably be attributed to Aucklanders looking further afield for property,” says Skipper. “We have seen this generating a ripple effect in those regions, where residents of popular larger centres are looking to outlying areas.”

 

About Realestate.co.nz

Realestate.co.nz offers buyers the shortest path to the perfect property. As the official website of the New Zealand real estate industry, Realestate.co.nz is dedicated to property and has the country’s most comprehensive selection of real estate listings online. The site presents more than 97% of all residential, commercial and farm properties currently marketed by real estate professionals. Being focussed exclusively on people in need of property, Realestate.co.nz offers superior functionality, including accurate search, school zone data and a mobile app.

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TOP 10 COASTAL HOMES – October 2015

Posted on: October 29th, 2015 | Filed in Featured

It’s official: Summer starts next month and these incredible coastal homes could be just the place to spend it…

 

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http://www.realestate.co.nz/2621519

Magical Mangawhai

You’ll be lovin’ summer at this stylish, elevated coastal gem. Take in the stunning sea and estuary views, or take a dip in the heated swimming pool. Relax in the outdoor bath, or create a masterpiece in the large artist’s studio. Then, if you can draw yourself away, magnificent white sand beaches, a private boat ramp and spectacular walking tracks over the sand dunes are right on your doorstep. All this and more less than 75 minutes drive from central Auckland.

 

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http://www.realestate.co.nz/2571380

Buy the seaside

Where in the world would you rather be? Be mesmerized by Pacific Ocean views swimming with sea life, including whales, dolphins and orca. Live the dream on 2.9 acres, in an architectural vision that showcases endless ocean views. Private and spacious, this unique four bedroom home makes the most of it’s prime Bay of Islands location, in wonderful Whananaki.

 

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http://www.realestate.co.nz/2427789

Escape to paradise

Spend summer in this exquisite 1800sqm mansion on Waiheke Island, set on 34 acres with breathtaking views. This six bedroom, seven bathroom home has it all. The indoor pool has a drop down movie screen and surround sound. The six acre vineyard supplies a boutique winery. And the elegnat design and impeccable finish won this residence the Auckland Master Builder’s Home of the Year in 2012.

 

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http://www.realestate.co.nz/2631700

Choice kiwi lifestyle

Relax and enjoy kiwi living at it’s best in Parua Bay. Soak up the commanding 180 degree water views and incredible sunsets. Be serenaded by the resident Kereru and Tui who call the abudent native bush home. Invite friends to the separate self contained accommodation, and share the harvest from your green house, orchard, and mature gardens. Half an hour away from Whangarei, positioned on 4.1278 hectares with private beach access.
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http://www.realestate.co.nz/2624446

Quintessential Queenstown

Summer or winter, it’s hard to beat Queenstown. And this exceptional four bedroom home is undoubtedly one of the finest properties in town. Built to the highest standards, this place features innovative and efficient building methods. Spacious and full of light inside, two large decks are ideal for entertaining during the long summer months. And the panoramic views are literally remarkable.

 

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http://www.realestate.co.nz/2635873

Raumati Beach babe

Walk acoss your front lawn to the wide sandy beach, from this comfortable warmly inviting home. Glowing native timbers reconcile beautifully with contemporary features, style and an attention to detail.  Nautically inspired front doors swing open wide, inviting you and your guests into the double-height entrance atrium. And at the end of the day, you can watch the sunset over Kapiti Island from the in-built spa pool.

 

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http://www.realestate.co.nz/2634429

A top spot for summer

Set on the clifftop and facing north this stunning residence is just a short stroll from beautiful Waiake and Browns Bay beaches. A triumph of modern minimalist design, exceptional quality craftsmanship and sophisticated luxury. The living and dining areas flow seamlessly to wide multi tiered decks, an attractive swimming pool and native landscaping. Together with panoramic views over the Hauraki Gulf and beautiful Waiake and the Tor, the result is simply inspirational.

 

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http://www.realestate.co.nz/2629298

Omaha OMG!

Take 23 acres of productive vineyard, add a covenanted native plantation and views from every room for a home without equal. Spanning a total floor area of 1013 square metres, features include: indoor in-ground heated infinity salt water pool, spa pool, sauna, gymnasium, floodlit tennis court, and theatre with a wet bar. All four bedrooms are luxuriously sized with their own en-suite, it’s like living in an international five star hotel.

 

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http://www.realestate.co.nz/2605111

Golden Bay gold

Survey 180 degree views over Pohara Beach and Golden Bay from this architecturally designed, superbly appointed 425 square metre home. The basement houses a large double garage and vast workshop area. Generously proportioned living and dining areas, a high tech kitchen, two bedrooms with shared ensuite, a rumpus room and a hobby room are spread across the ground floor. While the upper level contains your master suite, an office plus another bedroom. And if that’s not enough for you, the section next door is available too.

 

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http://www.realestate.co.nz/2661261

Tan-tastic Taipa

Take a premium waterfront position in the heart of Doubtless Bay. Enjoy relaxed beachside living in this highly sought after location. Designed to soak up the sun and sea views, the well-maintained house opens out to a wrap around deck and a large easy-care section that blends into the beachside reserve.

Enjoy long summer evenings on the outdoor living areas include a covered alfesco dining area.

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