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Average national asking price in April climbs to new national record of $521,729, while new listings and total inventory plummet

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

Auckland average asking price inches up to new high of $789,581

AUCKLAND, 1 May 2015 – The New Zealand property market in April continued the trend of the last four consecutive months with yet another increase in average asking price, creating a new record of $521,729, an increase of 1.4% on the previous month. Property_asking_price_map_april_2015

 

The latest monthly property data from Realestate.co.nz showed that Auckland, where the average asking price rose by 3% to a new high of $789,581, continued to be the main driver in the overall national increase – no other region experienced a new record in average asking price in April.

 

In fact, most parts of New Zealand experienced either little change or decreases in average asking price during the month. In Wellington the average asking price dropped slightly by 1.4% to $455,611, while Canterbury also experienced a small decrease of 0.8% to $463,175. The biggest drops occurred in Central Otago where the average asking price in April fell by 17.3% to $604,729, while the average in Southland fell by 11% to $232,549.

 

Significantly, the number of new listings was the lowest recorded for April by Realestate.co.nz, with only 9,673 coming on to the market, a fall of 5.6% on the same time last year, and a decrease of 18% from March. In addition, the national average in overall inventory* of available housing stock for sale fell to an all time low of only 21.3 weeks in April. The previous record low of 21.4 weeks was set in January, while the long-term national average is 36 weeks.

 

CEO of Realestate.co.nz, Brendon Skipper says, “The drop in listings coupled with the record low total inventory shows that sellers in many parts of New Zealand are experiencing very favourable conditions. As a result, robust average asking prices continue to be maintained at record levels, and the market appears to be meeting them.”

 

A full copy of this release is available here.

 

Notes:

Truncated mean The monthly asking price for new listings presented in this report utilises the measure of ‘truncated mean’. This measure is judged to be a more accurate measure of the market price than average price as it statistically removes the extremes that exist within any property market that can so easily introduce a skew to traditional average price figures. The truncated mean used in this report removes the upper 10% and the lower 10% of listings in each data set. An average or mean of the balance of listings is then calculated.

Methodology With the largest database of properties for sale in NZ from licensed real estate agents, realestate.co.nz is uniquely placed to immediately identify any changes in the marketplace. The realestate.co.nz NZ Property Report is compiled from new listings coming onto the market from the more than 1,000 licensed real estate offices across NZ, representing more than 97% of all offices. With an average monthly level of over 10,000 new listings, the realestate.co.nz NZ Property Report provides the largest monthly sample report on the residential property market, as well as a more timely view of the property market than any other property report. The data is collated and analysed at the close of each month, and the Report is compiled for the 1st day of the following month. This provides a feedback mechanism as to the immediate state of the market, well in advance of sales statistics, which by the very nature of the selling process can reflect activity with a lag of between 2 and 4 months.

Seasonally adjustment The core data for the NZ Property Report is seasonally adjusted to better represent the core underlying trend of the property market in NZ. In preparing this seasonally adjusted data Realestate.co.nz is grateful for the assistance of the New Zealand Institute of Economic Research (NZIER) who use an X12 ARIMA methodology to calculate seasonally adjusted data.

About Realestate.co.nz

Realestate.co.nz is the official website of the New Zealand real estate industry, and provides the most comprehensive selection of licensed real estate listings. Realestate.co.nz lists more than 120,000 properties each year, representing more than 97 per cent of all listings currently marketed by real estate professionals.

 

* Inventory is expressed as a theoretical measure of the number of weeks it would take to sell all unsold housing stock on the market at a given point in time, which includes all active listings of homes for sale no matter when they were first listed.

 NZ_inventory_of_listings_chart_April_2015

For media enquiries, please contact:

 

Brendon Skipper, CEO

Realestate.co.nz

T: +64 21 542 607

E: brendon@realestate.co.nz

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Surging asking prices in March break new national record for third consecutive month, while new listings fall

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

Canterbury and Auckland lead regions in record asking price

AUCKLAND, 1 April 2015 – The average asking price of homes for sale in New Zealand in March reached a new high of $514,712, the third consecutive month of record asking prices. The latest monthly property data from Realestate.co.nz also showed that the number of new listings in March was 11,870, a decline of 4.9% from the same time last year, and the lowest for March since 2009.

•	Property Asking Price  - March 2015

The new national high in average asking price of $514,712 was a small increase of 0.6% on the previous record of $511,412 set last month. The growth in asking prices in March was also reflected in different parts of the country with three regions experiencing new records, including Canterbury and Auckland.

 

The new high of $467,126 in Canterbury was a 1.3% increase from the previous record of $461,032 set in July last year, while Auckland’s new high of $766,912 was a 0.3% increase from the previous record of $764,424 reached last month. In addition, the Wairarapa also experienced a new high in average asking price of $357,949. The average asking price in Wellington during March 2015 was $461,905, which is 1.6% below the all time high of $469,487 set a year ago in March 2014.

 

CEO of Realestate.co.nz, Brendon Skipper says, “there is no let up in the increase in asking price, especially with regions such as Canterbury and Auckland experiencing new highs. With the slight fall in the number of new listings in March, sellers are in a good position to maximise the value of their homes.”

•	New Property Listings – March 2015The number of new listings of homes for sale across New Zealand in March was 11,870, a decrease of 4.9% from the same month last year, and a fall of 1.1% on the 12,008 new listings in February. This is the lowest number of new listings for the month of March since the 11,456 recorded six years ago in March 2009. While Canterbury saw an increase of 3.8% on the number of new listings from March last year, both Auckland and Wellington experienced falls of 5.2% and 9.2% respectively.

 

The national average in overall inventory* of available housing stock for sale fell slightly to 23 weeks in March, close to the record low level set in January of 21.4 weeks. “The long-term national average is 36 weeks of stock. Many regions are experiencing low inventory levels, including the three major cities,” says Brendon Skipper.

•	NZ Inventory – March 2015

 

 

 

 

 

 

 

About Realestate.co.nz

Realestate.co.nz is the official website of the New Zealand real estate industry, and provides the most comprehensive selection of licensed real estate listings. Realestate.co.nz lists more than 120,000 properties each year, representing more than 97 per cent of all listings currently marketed by real estate professionals.

 

* Inventory is expressed as a theoretical measure of the number of weeks it would take to sell all unsold housing stock on the market at a given point in time, which includes all active listings of homes for sale no matter when they were first listed.

 

For media enquiries, please contact:

Brendon Skipper, CEO
Realestate.co.nz
T: +64 21 542 607
E: brendon@realestate.co.nz

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Inventory of homes for sale falls while asking prices remain high

Posted on: January 7th, 2015 | Filed in Featured, NZ Property Report

House sellers benefit further as inventory of homes for sale falls while asking prices remain high

Map1_Regional_map_of_asking_price_NZ_Property_Report_Dec14The average asking price of houses for sale in December remained at high levels across the country, while inventory of available homes for sale declined reaching record low levels in Auckland. Overall, the latest monthly data from Realestate.co.nz indicates that the NZ property market continues to favour sellers, and increasingly so.

While the national average asking price in December of $480,815 was slightly down on November, a fall of 3.4%, it was still 7% up on the same time a year ago. Meanwhile in Auckland, the average asking price of $731,083 was only marginally below the all time record of $731,588 set in November. The December average asking prices in Wellington and Canterbury were $462,511 and $450,919 respectively.

The more dramatic indice in December was the shrinking inventory of homes for sale across the country, which fell to its lowest level since November 2013.

Inventory is expressed as a theoretical measure of the number of weeks it would take to sell all unsold housing stock on the market at a given point in time. The long-term national average is 36 weeks, however in December inventory fell to just 24.5 weeks of stock, with 15 of 19 regions experiencing falls in available property levels.

Auckland drove the fall in inventory, registering an all time low of 10.8 weeks of stock in December, a 21% fall on November, and a 13% drop on the same month in 2013. Bay of Plenty also saw a new record low of 31 weeks.

Map2_Regional_map_of_new_listings_NZ_Property_Report_Dec14The CEO of Realestate.co.nz Brendon Skipper says “the shortage in the number of homes for sale, especially in the three main centres, underlines the favorable environment house sellers enjoy as they seek to maximise the value of their homes on the property market. In total we now have just 37,537 homes for sale in New Zealand, which is the lowest since September 2013.”

As per the seasonal trend, December was a quiet month for new listings with just 8,283 new homes coming on the market across the country, 39% down on November though slightly up, by 3.4%, on the same month in 2013.

The total of number of homes that were listed for sale in 2014 was 128,049, which was 2.8% down on 2013.

“The number of new listings tends to remain low through January, however we do expect to see a significant lift of homes coming on to the market in February and March this year, which will help to ease the current low levels of inventory that we are experiencing,” says Mr Skipper.

 

Other Graphs:
SA_AskingPriceTotalNewListings

InventorySA_MMAMap3_Regional_map_of_inventory_NZ_Property_Report

 

For Media Enquiries, please contact:

Brendon Skipper, CEO, Realestate.co.nz | +64 21 542 607

A full copy to the Press Release is available here – download now.

Notes:

Truncated mean The monthly asking price for new listings presented in this report utilises the measure of ‘truncated mean’. This measure is judged to be a more accurate measure of the market price than average price as it statistically removes the extremes that exist within any property market that can so easily introduce a skew to traditional average price figures. The truncated mean used in this report removes the upper 10% and the lower 10% of listings in each data set.

Methodology The realestate.co.nz data is compiled from new listings coming onto the market from the more than 1,000 licensed real estate offices across NZ, representing more than 97% of all offices. With an average monthly level of over 11,000 new listings, the realestate.co.nz data provides the largest monthly sample on the residential property market.

Seasonally adjustment The core data is seasonally adjusted to better represent the core underlying trend of the property market in NZ. In preparing this seasonally adjusted data Realestate.co.nz is grateful for the assistance of the New Zealand Institute of Economic Research (NZIER) who use an X12 ARIMA methodology to calculate seasonally adjusted data.

Background to Realestate.co.nz Realestate.co.nz Ltd is the official online property listing company of the New Zealand real estate industry, currently hosting over 100,000 listings, covering this portfolio of residential property for sale and rent, commercial property for sale and lease, rural properties and farms, as well as businesses for sale.  The raw property report data is accessible here as an Excel spreadsheet enabling anyone to analyse the raw data and establish any trends or observations. Usage rights are governed under attribution to the source of the data being Realestate.co.nz.

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National average asking price reaches record high of $497,840

Posted on: December 4th, 2014 | Filed in Featured, NZ Property Report, Property Investing

November saw a 1.9% increase over the previous month in the national average asking price of homes for sale, reaching an all-time high of $497,840. In addition, the number of new property listings remains high with 13,512 new listings in November, a 2% lift on the same month last year. The November property data was released today by Realestate.co.nz, the website with New Zealand’s largest number of homes for sale.

“The New Zealand property market continues to be robust, with a very healthy number of new listings heading into summer. The new all-time high in the average asking price reflects the confidence of vendors across the country, rather than one particular region,” says Marketing Manager for Realestate.co.nz, Paul McKenzie.

The asking price of homes for sale rose in nine out of 19 regions across the country, with no one single region reaching an all-time high in its own right. However, some parts of New Zealand experienced significant jumps which contributed to the new all-time national high. In particular, the Central Otago/Lakes district saw a 12% surge in asking price from the previous month, reaching $747,781. The Waikato experienced an 8.2% increase, rising from $361,512 to $391,137. Other regions which saw big jumps in asking price in November included the Wairarapa (5.9%), Northland (5.4%) and Taranaki (5.1%).

The average asking price in Auckland also climbed in November by 4.9% back to near record levels, reaching $731,588, while Wellington and Canterbury stayed at the same high levels achieved in the preceding months, experiencing average asking prices of $463,925 and $454,305 respectively.

The number of new listings in November is higher than the same time last year. In particular, Canterbury saw a significant jump of 16.8% from November last year, with 1,829 new listings of homes for sale. New listings in Wellington also climbed significantly by 10.1% to 1,222. Other regions which experienced big jumps in new listings included Manawatu/Wanganui (20%), Southland (19.7%), Central Otago/Lakes (13.6%) and the Waikato (4.9%).

Other Graphs:
SA_AskingPriceTotalNewListings

InventorySA_MMAMap3_Regional_map_of_inventory_NZ_Property_Report

 

For Media Enquiries, please contact:

Paul McKenzie, National Marketing Manager, Realestate.co.nz | +64 21 618 537

A full copy to the Press Release is available here – download now.

Notes:

Truncated mean The monthly asking price for new listings presented in this report utilises the measure of ‘truncated mean’. This measure is judged to be a more accurate measure of the market price than average price as it statistically removes the extremes that exist within any property market that can so easily introduce a skew to traditional average price figures. The truncated mean used in this report removes the upper 10% and the lower 10% of listings in each data set.

Methodology The realestate.co.nz data is compiled from new listings coming onto the market from the more than 1,000 licensed real estate offices across NZ, representing more than 97% of all offices. With an average monthly level of over 11,000 new listings, the realestate.co.nz data provides the largest monthly sample on the residential property market.

Seasonally adjustment The core data is seasonally adjusted to better represent the core underlying trend of the property market in NZ. In preparing this seasonally adjusted data Realestate.co.nz is grateful for the assistance of the New Zealand Institute of Economic Research (NZIER) who use an X12 ARIMA methodology to calculate seasonally adjusted data.

Background to Realestate.co.nz Realestate.co.nz Ltd is the official online property listing company of the New Zealand real estate industry, currently hosting over 100,000 listings, covering this portfolio of residential property for sale and rent, commercial property for sale and lease, rural properties and farms, as well as businesses for sale.  The raw property report data is accessible here as an Excel spreadsheet enabling anyone to analyse the raw data and establish any trends or observations. Usage rights are governed under attribution to the source of the data being Realestate.co.nz.

By Paul McKenzie, Marketing Manager, Realestate.co.nz

If you have any comments or enquiries about the NZ Property Market or about marketing your property online, please contact me via Google, or Linkedin

 

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Surge of new listings on the home market

Posted on: November 3rd, 2014 | Filed in Featured, NZ Property Report

The number of new listings on the residential property market surged by 32% in October after a slowish September. Figures released by Realestate.co.nz, New Zealand’s largest online database of homes for sale, show that 13,765 new homes came onto the market in October.

With the election, we didn’t see the usual spring rise in homes for sale, but the strong rise in October brings us back close to long-term figures.

After this market correction, both the total number of new homes listed and the average asking price is now close to what it had been a year ago. The New Zealand home market has 1.5% fewer new listings on the market than at the corresponding time last year, with an average asking price of $488,393 – only 1.3% higher than in October 2013. The record national average asking price of $490,550 was recorded in June this year. The average asking price in Auckland remains high though, at just under $700,000.

The total number of homes for sale nationally is 39,917, compared to 38,557 a year ago. While the number of homes on the Auckland market is slightly lower than in October 2013, the figures for other major regions have risen significantly. In Wellington 2647 homes are now for sale, versus 2357 the previous year, an increase of more than 11%. The number of homes for sale in Canterbury rose from 3132 to 3679, up 15%. Waikato has 18% more homes for sale than the year before – 3549 compared to 2916. In Manawatu/Wanganui, the number of homes for sale rose from 2089 to 2706, an increase of 23%.

Not only are there more homes for sale, there seems to be more people wanting homes.

Based on the number of visitors to our site, buyer interest is strong at the moment. This October, we’ve had 78% more daily unique browsers * than a year ago. As home buyers increasingly recognise that Realestate.co.nz is the premier website for the real estate market, the number of visitors to the site keeps increasing strongly.

Not only have we seen a significant lift in site visits, but we have also seen a 40% lift in listing email enquiries over the last year, a further indication that buyer interest is strong.

* Based on Nielsen Market Intelligence – October 2013 vs. Oct 2014.

Other Graphs:
SA_AskingPriceTotalNewListings

InventorySA_MMAMap3_Regional_map_of_inventory_NZ_Property_Report

 

For Media Enquiries, please contact:

Paul McKenzie, National Marketing Manager, Realestate.co.nz | +64 21 618 537

A full copy to the Press Release is available here – download now.

Notes:

Truncated mean The monthly asking price for new listings presented in this report utilises the measure of ‘truncated mean’. This measure is judged to be a more accurate measure of the market price than average price as it statistically removes the extremes that exist within any property market that can so easily introduce a skew to traditional average price figures. The truncated mean used in this report removes the upper 10% and the lower 10% of listings in each data set.

Methodology The realestate.co.nz data is compiled from new listings coming onto the market from the more than 1,000 licensed real estate offices across NZ, representing more than 97% of all offices. With an average monthly level of over 11,000 new listings, the realestate.co.nz data provides the largest monthly sample on the residential property market.

Seasonally adjustment The core data is seasonally adjusted to better represent the core underlying trend of the property market in NZ. In preparing this seasonally adjusted data Realestate.co.nz is grateful for the assistance of the New Zealand Institute of Economic Research (NZIER) who use an X12 ARIMA methodology to calculate seasonally adjusted data.

Background to Realestate.co.nz Realestate.co.nz Ltd is the official online property listing company of the New Zealand real estate industry, currently hosting over 100,000 listings, covering this portfolio of residential property for sale and rent, commercial property for sale and lease, rural properties and farms, as well as businesses for sale.  The raw property report data is accessible here as an Excel spreadsheet enabling anyone to analyse the raw data and establish any trends or observations. Usage rights are governed under attribution to the source of the data being Realestate.co.nz.

By Paul McKenzie, Marketing Manager, Realestate.co.nz

If you have any comments or enquiries about the NZ Property Market or about marketing your property online, please contact me via Google, or Twitter

 

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Property prices rising slower this year

Posted on: October 6th, 2014 | Filed in Featured, NZ Property Report

Map1_Regional_map_of_asking_price_NZ_Property_Report_Sept2014The strong rise in property asking prices has slowed down markedly in recent months. Over the last year, the national asking price for properties increased by only 3.9%, compared to an 8.7% increase in the preceding year.

At the same time, the available inventory of homes for sale remains well below the long-term average. The number of homes for sale in New Zealand has been below the long-term average since January 2012. This is especially apparent in Auckland, where the inventory sits at 15 weeks of available stock, well below the long-term average inventory of 27 weeks. This means that if no new listings appear and sales continue at the current rates, it would take only 15 weeks for all available Auckland homes on the market to be sold.

Map2_Regional_map_of_new_listings_NZ_Property_Report_Sept2014Usually at this time of year, the number of new listings increases strongly every month. While the usual spring trend is evident again, the increases are not as dramatic as in previous years. “The number of new listings in August was lower than the norm, and it’s the same again in September, with 10,408 homes coming onto the market. However, new listings often peak in October and November, and we still expect a marked increase in the supply of homes for sale over the coming months,” says McKenzie.

Even though asking prices for properties are no longer rising at the same high rate as before, the prices are still growing and remain at a high level. Nationally, the average asking price of $484,791 is still close to the record of $490,550 set in June this year.

The average asking price in Waikato is virtually identical to the record of nearly $395,000 set in July, while the price in Auckland is once again above $700,000, exceeding that monthly mark for only the third time. Unlike the rest of the country, the average asking price is still rising strongly in Auckland, where home-owners now expect to sell their properties for 10% more than a year ago.

Despite the high prices and relatively low number of homes on the market, buyer interest remains strong. Last month, Realestate.co.nz had 75% more* unique daily visitors in September compared to a year ago

Realestate.co.nz is in the best position to track the available inventory and asking price variations, as Realestate.co.nz has over 20% more homes for sale on our database than their closest New Zealand competitors. This includes 96% of all homes listed through real estate agents in the country

* Based on Nielsen Average Daily UB comparison Sept 2013 – Sept 2014

Other Graphs:
SA_AskingPriceTotalNewListings

InventorySA_MMAMap3_Regional_map_of_inventory_NZ_Property_Report

 

For Media Enquiries, please contact:

Paul McKenzie, National Marketing Manager, Realestate.co.nz | +64 21 618 537

A full copy to the Press Release is available here – download now.

Notes:

Truncated mean The monthly asking price for new listings presented in this report utilises the measure of ‘truncated mean’. This measure is judged to be a more accurate measure of the market price than average price as it statistically removes the extremes that exist within any property market that can so easily introduce a skew to traditional average price figures. The truncated mean used in this report removes the upper 10% and the lower 10% of listings in each data set.

Methodology The realestate.co.nz data is compiled from new listings coming onto the market from the more than 1,000 licensed real estate offices across NZ, representing more than 96% of all offices. With an average monthly level of over 11,000 new listings, the realestate.co.nz data provides the largest monthly sample on the residential property market.

Seasonally adjustment The core data is seasonally adjusted to better represent the core underlying trend of the property market in NZ. In preparing this seasonally adjusted data Realestate.co.nz is grateful for the assistance of the New Zealand Institute of Economic Research (NZIER) who use an X12 ARIMA methodology to calculate seasonally adjusted data.

Background to Realestate.co.nz Realestate.co.nz Ltd is the official online property listing company of the New Zealand real estate industry, currently hosting over 100,000 listings, covering this portfolio of residential property for sale and rent, commercial property for sale and lease, rural properties and farms, as well as businesses for sale.  The raw property report data is accessible here as an Excel spreadsheet enabling anyone to analyse the raw data and establish any trends or observations. Usage rights are governed under attribution to the source of the data being Realestate.co.nz.

By Paul McKenzie, Marketing Manager, Realestate.co.nz

If you have any comments or enquiries about the NZ Property Market or about marketing your property online, please contact me via Google, or Twitter

0

New home listings unseasonably low

Posted on: September 5th, 2014 | Filed in Featured, NZ Property Report

Map2_Regional_map_of_new_listings_NZ_Property_Report_Aug2014The usual surge in new home listings on the market in August is noticeably weaker this year compared to the past, with just 9,482 new listings. New residential property listings are 11.5% down on the same time last year. This fall affected most regions around the country, with only Northland, the Coromandel and Central North Island bucking the trend.

Every August, we start to see strong lifts in new home listings after the quieter winter months. The expected lift did come this year, but it’s not nearly as dramatic as in the past. For instance, we have seen an increase of 3.5% from July to August this year, compared to the same time last year, where we saw a significant lift of 8.7%. However, we still expect an upsurge before the end of the year, as new listings usually peak in October and November.

Map1_Regional_map_of_asking_price_NZ_Property_Report_Aug2014Asking prices have also eased compared to July, but remain at near record levels. Nationally, the average asking price is up 4.5% on the same time last year, with 12 of the 19 regions in New Zealand recording higher average asking prices than a year ago. In Auckland, for instance, the average asking price rose from $650,114 a year ago to $698,494 this August, after breaching the $700,000 mark in June and July. In Wellington, the average asking price in August 2014 was $457,145 (up from $445,531 the year before) and in Canterbury $449,995 (up from $422,043 the year before).

The prices properties fetch may be affected by a shortage of supply. The total inventory of homes available for sale at the end of August – only 36,694 – sits close to the record low levels seen in August last year.

Other Graphs:
SA_AskingPriceTotalNewListings

InventorySA_MMAMap3_Regional_map_of_inventory_NZ_Property_Report

 

For Media Enquiries, please contact:

Paul McKenzie, National Marketing Manager, Realestate.co.nz | +64 21 618 537

Notes:

Truncated mean The monthly asking price for new listings presented in this report utilises the measure of ‘truncated mean’. This measure is judged to be a more accurate measure of the market price than average price as it statistically removes the extremes that exist within any property market that can so easily introduce a skew to traditional average price figures. The truncated mean used in this report removes the upper 10% and the lower 10% of listings in each data set.

Methodology The realestate.co.nz data is compiled from new listings coming onto the market from the more than 1,000 licensed real estate offices across NZ, representing more than 96% of all offices. With an average monthly level of over 11,000 new listings, the realestate.co.nz data provides the largest monthly sample on the residential property market.

Seasonally adjustment The core data is seasonally adjusted to better represent the core underlying trend of the property market in NZ. In preparing this seasonally adjusted data Realestate.co.nz is grateful for the assistance of the New Zealand Institute of Economic Research (NZIER) who use an X12 ARIMA methodology to calculate seasonally adjusted data.

Background to Realestate.co.nz Realestate.co.nz Ltd is the official online property listing company of the New Zealand real estate industry, currently hosting over 100,000 listings, covering this portfolio of residential property for sale and rent, commercial property for sale and lease, rural properties and farms, as well as businesses for sale.  The raw property report data is accessible here as an Excel spreadsheet enabling anyone to analyse the raw data and establish any trends or observations. Usage rights are governed under attribution to the source of the data being Realestate.co.nz.

By Paul McKenzie, Marketing Manager, Realestate.co.nz

If you have any comments or enquiries about the NZ Property Market or about marketing your property online, please contact me via Google, or Twitter

0

Average asking of homes remains high

Posted on: August 15th, 2014 | Filed in Buying / Selling a home, Featured, NZ Property Report

Home sellers are still expecting near record prices for their homes. The national average asking price is $488,711, only 0.4% lower than the all-time record achieved in June. Three individual regions achieved new record high asking prices in July. On average, sellers in Waikato want $394,806 for their homes, marginally higher than the previous high achieved in March this year. In Canterbury the new average asking price of $461,032 is about 2.6% above the record from January. However, these figures pale against the high of $782,682 in Central Otago – a price that outstrips the record set in May 2013 by nearly 10%.

Map2_Regional_map_of_new_listings_NZ_Property_Report_Jul2014Not only the asking price, but the number of listings in Central Otago has grown significantly, with nearly 13% more properties on the market than July last year. While the total number of newly listed properties for sale around the country exceeds the total for June, it is still not as high as at the same time last year.

The number of listings should be seen as indicative of the usual seasonal cycle. Every year, we see a surge in the number of properties in the market when spring comes around, and there is every reason to expect that the same will happen in August and September this year.

The total number of homes for sale on www.realestate.co.nz this July was 39,906. This is about 3,500 more than in July 2013.

 

Other Graphs:
SA_AskingPriceTotalNewListings

InventorySA_MMAMap3_Regional_map_of_inventory_NZ_Property_Report

 

For Media Enquiries, please contact:

Paul McKenzie, National Marketing Manager, Realestate.co.nz | +64 21 618 537

A full copy to the Press Release is available here – download now.

Notes:

Truncated mean The monthly asking price for new listings presented in this report utilises the measure of ‘truncated mean’. This measure is judged to be a more accurate measure of the market price than average price as it statistically removes the extremes that exist within any property market that can so easily introduce a skew to traditional average price figures. The truncated mean used in this report removes the upper 10% and the lower 10% of listings in each data set.

Methodology The realestate.co.nz data is compiled from new listings coming onto the market from the more than 1,000 licensed real estate offices across NZ, representing more than 96% of all offices. With an average monthly level of over 11,000 new listings, the realestate.co.nz data provides the largest monthly sample on the residential property market.

Seasonally adjustment The core data is seasonally adjusted to better represent the core underlying trend of the property market in NZ. In preparing this seasonally adjusted data Realestate.co.nz is grateful for the assistance of the New Zealand Institute of Economic Research (NZIER) who use an X12 ARIMA methodology to calculate seasonally adjusted data.

Background to Realestate.co.nz Realestate.co.nz Ltd is the official online property listing company of the New Zealand real estate industry, currently hosting over 100,000 listings, covering this portfolio of residential property for sale and rent, commercial property for sale and lease, rural properties and farms, as well as businesses for sale.  The raw property report data is accessible here as an Excel spreadsheet enabling anyone to analyse the raw data and establish any trends or observations. Usage rights are governed under attribution to the source of the data being Realestate.co.nz.

By Paul McKenzie, Marketing Manager, Realestate.co.nz

If you have any comments or enquiries about the NZ Property Market or about marketing your property online, please contact me via Google, or Twitter

1

Average asking price reaches record $732,240 in Auckland

Posted on: July 14th, 2014 | Filed in Featured, NZ Property Report

Map1_Regional_map_of_asking_price_NZ_Property_Report_Jun2014Auckland home sellers want more for their homes than ever before, In June, the average asking price for homes in Auckland reached an all-time record of $732,240 (Seasonally Adjusted). This represents a significant increase from the previous record of $685,426 set in April.

The record asking price in Auckland drove the national average asking price up to an all time record of $490,550. All but four of the country’s 19 regions recorded higher average asking prices compared to the same month last year. Wellington recorded an average asking price of $454,358, up from the month before, but not as high as the record set in March. The average asking price in Canterbury was $443,730, compared to the record of $449,000 set in January.

Map2_Regional_map_of_new_listings_NZ_Property_Report_Jun2014The high asking prices in Auckland in particular suggest that home sellers are confident they will get their price, A factor in this may be the low overall supply of homes on the market.

The number of homes newly listed for sale was the lowest on record for June of any year. The total of 8,524 new listings is 20% less than the month before, and 6.1% less than June 2013. Only Canterbury, Wellington, Northland, and Coromandel experienced an increase in listings from the same time last year, while four regions recorded their lowest number of monthly new listings on record: Bay of Plenty, Central North Island, Gisborne, and Central Lakes.

The low number of new listings brought the overall number of homes on the New Zealand market down to just 38,693, one of the six lowest monthly totals we’ve seen. However, buyer interest is still very much in evidence. We get more than 45,000 potential home buyers visiting the realestate.co.nz website every day. These are all people specifically looking at properties for sale or rent.

Other Graphs:
SA_AskingPriceTotalNewListings

InventorySA_MMAMap3_Regional_map_of_inventory_NZ_Property_Report

 

For Media Enquiries, please contact:

Paul McKenzie, National Marketing Manager, Realestate.co.nz | +64 21 618 537

A full copy to the Press Release is available here – download now.

*Site traffic based on Nielsen Market Intelligence, Mobile traffic increases based on Google Analytics June 2014

Notes:

Truncated mean The monthly asking price for new listings presented in this report utilises the measure of ‘truncated mean’. This measure is judged to be a more accurate measure of the market price than average price as it statistically removes the extremes that exist within any property market that can so easily introduce a skew to traditional average price figures. The truncated mean used in this report removes the upper 10% and the lower 10% of listings in each data set.

Methodology The realestate.co.nz data is compiled from new listings coming onto the market from the more than 1,000 licensed real estate offices across NZ, representing more than 96% of all offices. With an average monthly level of over 11,000 new listings, the realestate.co.nz data provides the largest monthly sample on the residential property market.

Seasonally adjustment The core data is seasonally adjusted to better represent the core underlying trend of the property market in NZ. In preparing this seasonally adjusted data Realestate.co.nz is grateful for the assistance of the New Zealand Institute of Economic Research (NZIER) who use an X12 ARIMA methodology to calculate seasonally adjusted data.

Background to Realestate.co.nz Realestate.co.nz Ltd is the official online property listing company of the New Zealand real estate industry, currently hosting over 100,000 listings, covering this portfolio of residential property for sale and rent, commercial property for sale and lease, rural properties and farms, as well as businesses for sale.  The raw property report data is accessible here as an Excel spreadsheet enabling anyone to analyse the raw data and establish any trends or observations. Usage rights are governed under attribution to the source of the data being Realestate.co.nz.

By Paul McKenzie, Marketing Manager, Realestate.co.nz

If you have any comments or enquiries about the NZ Property Market or about marketing your property online, please contact me via Google, or Twitter

0

Asking price of homes remained at record levels during May

Posted on: June 13th, 2014 | Filed in Featured, NZ Property Report

Map1_Regional_map_of_asking_price_NZ_Property_Report_May2014The average asking price of homes remains at record levels, not only in Auckland but across the country.

The national average asking price of house sellers in May was $483,524, only marginally below the all time record set in March of $484,263. In Auckland, the average asking price was $685,246, practically the same as the new record set in April of $685,426.  In Wellington the average asking price in May was $453,850, while Canterbury came to $442,784.

Despite the strong prices sought by sellers, there are still plenty of Kiwis looking for homes to buy throughout the country.  Traffic to Realestate.co.nz has risen 50% over the last 12 months, showing that buyer interest hasn’t dissipated. And traffic from mobile devices specifically, including smartphones and tablets, has grown by 90% in the last year*.

Today, more than 40% of visitor traffic to Realestate.co.nz comes from a mobile device. On weekends, the mobile traffic component is even higher as savvy buyers stay informed by connecting to the property portal while out house hunting, at open homes and at auctions.

Map2_Regional_map_of_new_listings_NZ_Property_Report_May14The good news for buyers is that the available stock of houses for sale is steadily recovering from the historic low levels of August last year. There are currently more than 40,000 homes for sale across the country as at 31 May.

There were 10,745 new listings of houses for sale in May, which was a five per cent increase from April. New property listings remain at similar levels to the same time last year, though some regions experienced a drop. The Waikato, for instance, had 19% fewer new listings in May 2014 than the same month in 2013.

For Media Enquiries, please contact:

Paul McKenzie, National Marketing Manager, Realestate.co.nz | +64 21 618 537

A full copy to the Press Release is available here – download now.

*Site traffic increases based on Nielsen Market Intelligence, Mobile traffic increases based on Google Analytics May 2014

Notes:

Truncated mean The monthly asking price for new listings presented in this report utilises the measure of ‘truncated mean’. This measure is judged to be a more accurate measure of the market price than average price as it statistically removes the extremes that exist within any property market that can so easily introduce a skew to traditional average price figures. The truncated mean used in this report removes the upper 10% and the lower 10% of listings in each data set.

Methodology The realestate.co.nz data is compiled from new listings coming onto the market from the more than 1,000 licensed real estate offices across NZ, representing more than 96% of all offices. With an average monthly level of over 11,000 new listings, the realestate.co.nz data provides the largest monthly sample on the residential property market.

Seasonally adjustment The core data is seasonally adjusted to better represent the core underlying trend of the property market in NZ. In preparing this seasonally adjusted data Realestate.co.nz is grateful for the assistance of the New Zealand Institute of Economic Research (NZIER) who use an X12 ARIMA methodology to calculate seasonally adjusted data.

Background to Realestate.co.nz Realestate.co.nz Ltd is the official online property listing company of the New Zealand real estate industry, currently hosting over 100,000 listings, covering this portfolio of residential property for sale and rent, commercial property for sale and lease, rural properties and farms, as well as businesses for sale.  The raw property report data is accessible here as an Excel spreadsheet enabling anyone to analyse the raw data and establish any trends or observations. Usage rights are governed under attribution to the source of the data being Realestate.co.nz.

By Paul McKenzie, Marketing Manager, Realestate.co.nz

If you have any comments or enquiries about the NZ Property Market or about marketing your property online, please contact me via EmailGoogle, or Twitter

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