The Unconditional Blog

The impartial voice of the industry

 

Archive for the ‘Featured’ Category

1

Property Report – October 2013

Posted on: November 1st, 2013 | Filed in Featured, NZ Property Report, Regional News

blue pen and small houseThe October 2013 NZ Property Report published by Realestate.co.nz provides an insight into the state of the New Zealand property market as measured by the supply side of the property market over the month of October. The key measures of the market analysed in the report are the number of new listings, the asking price expectation for those new listings and the level of inventory of unsold houses on the market at this time. The report is compiled from data captured by the website and represents close to 97% of all property movements in the NZ market as managed by licensed real estate agents.

A full print version of the NZ Property Report – October 2013 is published below and is available for download (2.1mb) and distribution.

Summary of the market – October 2013

National average asking price hits new record high of $482,063

CoverPage_Report_Oct13The property market continues to show signs of confidence and heightened activity as compared to the last few years. Off the back of the record high asking prices seen last month, seller confidence has again pushed up the (seasonally adjusted) truncated mean asking price to a new record high of $482,063 in October.

Record high asking prices were seen in the main centers of Auckland, Wellington, and Christchurch regions; and were also seen in Hawkes Bay, and Coromandel. The new high of $666,126 in Auckland represents a 3% increase on September. Canterbury’s record high was 6% up to $441,908, and Wellington’s high of $465,050 was 3% higher than the previous high seen in February this year.

October saw a significant rise in the number of new listings, with 13,978 new listings (27% more listings than September); and this rise has lead to some balancing of the property market in Auckland, and Canterbury.

Asking Price

SA_AskingPrice_Oct13The seasonally adjusted truncated mean asking price for new listings hit a new record high of $482,063 last month, a rise of 8% from October 2012, and up 3% from September.

The trend as seen in the chart opposite, continues to show strength in seller price expectation, on the back of low listings, and strong demand in the main centres

New Listings

TotalNewListings_Oct13The level of new listings coming onto the market in October rose significantly to 13,978 from 11,000 in September. This represents a rise of 27%, and is up 10% when compared to October last year

On a 12 month moving average basis a total of 132,479 new listings have come onto the market since November 2012 as compared to 132,291 in the prior 12 month period, a rise of just 0.1%.

Inventory

InventorySA_MMA_Oct13The level of unsold homes on the market at the end of October (38,577) remained well down as compared to October last year (43,410), a drop of 11%.

The inventory as measured in terms of equivalent weeks of sales remained the same as the last month, 24.2 weeks of stock available.

The market remains firmly a seller’s market; with 16 of the 19 regions showing inventory levels that are well below long term averages.

Regional Summary – Asking price expectations

Regional map of asking price NZ Property Report Oct_2013The national (seasonally adjusted) truncated mean asking price expectation among sellers rose by 3.3% in October to a new record high asking price of $482,063

Record high asking prices were also seen 5 regions throughout New Zealand; Auckland, where the average asking price reached $666,126 (up 9% on October 2012); Wellington, where the asking price reached $465,050 (up 3% on October 2012), Canterbury, where the asking price reached $465,050 (up 3% on October 2012); Hawkes Bay, where the asking price reached $375,209 (up 8% on October 2012); and Coromandel, where the asking price reached $506,766 (up 14% on October 2012);

In total 10 regions saw asking price increases, with Hawkes Bay the largest increase, up 7.3% from September to $375,209. Of the 9 regions witnessing asking price falls there were 5 that reported a falls greater than 5%, West Coast fell by 13% to $264,836, Marlborough fell 9% to $394,631, Central North Island fell 9% to $348,473, Gisborne fell 6.6% to $276,238, and Southland fell 5% to $226,501.

Regional Summary – Listings

Regional map of new listings NZ Property Report Oct_2013Spring listings continued flowing onto the market last month, with 13,978 new homes coming on the market.

There were 14 regions reporting year on year increases with Central North Island reporting the biggest increase of listings (up 39%), followed by Nelson, where a 34% increase was recorded.

Of the 5 regions that reported lower new listings than October last year West Coast was the region to report the highest fall -18%, followed by Central Lakes, which saw a fall of 16%.

In the main centers, Auckland, and Canterbury saw a significant lift in new listings. Auckland reported 4,783 new listings, up 19% from October 2012, and Canterbury reported 1,549 new listings, up 11% from last year. Wellington, saw a 5% fall in listings, with just 1,049 new listings coming on the market.

Regional Summary – Inventory

Regional map of inventory NZ Property Report Oct_2013The inventory of unsold homes on the market remained low in October at 24 weeks of equivalent sales.

Market sentiment continues remains firmly in favour of sellers in 16 regions, with the greatest strain being felt in the 12 regions that are marked in darker blue. This includes the main metro areas of Auckland, Wellington, and Canterbury, which remain under pressure from low listings as measured against sales activity.

Two regions (Central North Island, and West Coast) showed an increase in inventory of homes on the market, taking them above their respective long-term average. In addition 1 other region (Southland) sits close to its long-term average

For Media Enquiries, please contact:

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

Or Phillip Dunn, Acting CEO, Realestate.co.nz | +64 21 807 640

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.

Background to Realestate.co.nz Realestate.co.nz is the official website company of the real estate industry of New Zealand, it is an industry owned web business providing online marketing services to the real estate industry. The shareholders in the business comprise the REINZ (50%) and five of the largest real estate companies (50%). The business operates a portfolio of websites all focused to specialist sectors of the real estate market:

Realestate.co.nz is the heart of the business and is focused to the residential property market. It features the most comprehensive selection of property for sale and rent across NZ. The website attracts a significant monthly audience of over 580,000 unique browsers, with over 130,000 of those visiting from countries outside of NZ. In addition Realestate.co.nz receives over 30% of all traffic to property listings from mobile devices, including their iPhone and Android applications. To date these applications have been downloaded by over 175,000 users making the app the most popular property app in NZ.

nzFarms is a specialist website presenting the most comprehensive selection of farms and agricultural businesses on the market across NZ. At this time it features around 3,000 listings for all types of farms and agricultural land as well as over 10,000 lifestyle properties.

Prime Commercial is a specialist website presenting the most comprehensive selection of commercial property for purchase or lease on the market across NZ. At this time it features over 25,000 listings for all types of properties – retail, commercial, industrial and investment properties.

Prime Business is a specialist website presenting the most comprehensive selection of businesses for sale on the market across NZ. At this time it features over 3,500 listings for all types of businesses – retail, tourism, wholesale as well as franchise opportunities.

The web business of Realestate.co.nz site is the most comprehensive real estate web operation in NZ, currently hosting over 110,000 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. With a subscriber base of over 1,000 offices, the company represents over 97% of all listings from licensed real estate agents in NZ. The full NZ Property Report for September 2013 can be downloaded here (2.1mb pdf document). Additionally the raw 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. The next NZ Property Report for November 2013 will be published on this website on 1st December 2013 at 11am.

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

 

2

NZ Property Report – September 2013

Posted on: October 1st, 2013 | Filed in Featured, NZ Property Report, Real Estate Industry, Regional News

blue pen and small houseThe September 2013 NZ Property Report published by Realestate.co.nz provides an insight into the state of the New Zealand property market as measured by the supply side of the property market over the month of September. The key measures of the market analysed in the report are the number of new listings, the asking price expectation for those new listings and the level of inventory of unsold houses on the market at this time. The report is compiled from data captured by the website and represents close to 97% of all property movements in the NZ market as managed by licensed real estate agents.

A full print version of the NZ Property Report – September 2013 is published below and is available for download (950kb) and distribution.

Summary of the market – September 2013

National average asking price hits new record high of $466,526

CoverPage_Report_Sep13

Seller confidence has pushed up the (seasonally adjusted) truncated mean asking price to a new high of $466,526. The rise in asking price was noticeable across more than half of New Zealand, with 14 regions reporting a rise in asking price.

Record high asking prices were also seen in Waikato and Coromandel regions; the new high of $384,595 in Waikato represents a 3.9% increase on August. While Coromandel’s new high was 1.4% up to $505,867 from the prior high of $498,660 set last month.

The first month of spring saw a steady number of new listings come on the market, with 11,000 new listings in September, this was up 2.7% from August, however was slightly down on September 2012.

Asking Price

SA_AskingPrice_Sep13

The seasonally adjusted truncated mean asking price for new listings hit a new record high of $466,526 last month, a rise of 8.7% from September 2012, and up 0.7% from August.

The trend as seen in the chart opposite, continues to show strength in seller price expectation, on the back of low listings, and strong demand in the main centres

New Listings

TotalNewListings_Sep13The level of new listings coming onto the market in September rose to 11,000 from 10,715 in August. This represents a rise of 2.7%, and is down, 1.4% when compared to September last year

On a 12 month moving average basis a total of 131,189 new listings have come onto the market since October 2012 as compared to 130,915 in the prior 12 month period, a rise of just 0.2%.

 

Inventory

InventorySA_MMA_Sep13The level of unsold homes on the market at the end of September (36,178) remained well down as compared to September last year (41,726), a drop of 13%.

The inventory as measured in terms of equivalent weeks of sales remained close to the record low seen last month, 24.2 weeks of stock available.

The market remains firmly a seller’s market; with 16 of the 19 regions showing inventory levels that are well below long term averages.

Regional Summary – Asking price expectations

Regional map of asking price NZ Property Report Sep_2013The national (seasonally adjusted) truncated mean asking price expectation among sellers rose by 0.7% in September to a new record high asking price of $466,526.

Record high asking prices were also seen in Waikato, where the average asking price reached $384,595 (up 8.5% on September 2012), and the Coromandel, where the asking price reached $505,867 (up 15.9% on September 2012).

In the main centres, Auckland fell in September to $644,968, from the record high reported last month. The asking price in both Wellington and Canterbury rose in September to $446,503, and $418,032 respectively.

In total 14 regions reported asking price increases, with Marlbourgh the largest increase, up 18.6% to $435,773. Of the 5 regions witnessing asking price falls on a seasonally adjusted basis there was just one that reported a fall greater than 5%, Wairarapa fell by 5.5% to $255,747.

 

Regional Summary – Listings

Regional map of new listings NZ Property Report Sep_2013Spring listings began flowing onto the market last month, with 11,000 new homes coming on the market.

There were 9 regions reporting year on year increases with Northland reporting the biggest increase of listings (up 41.2%), followed by West Coast, where a 38.6% increase was recorded.

Of the 10 regions that reported lower new listings than September last year Gisborne was the region to report the highest fall -25% when compared to September 2012, followed by Marlbourgh, which saw a fall of 22%.

In the main centers, Auckland had a similar number of new listing as September 2012. Both Wellington, and Christchurch saw a fall in listings; with Canterbury reporting a 2.5% year on year fall, and Wellington reporting a 11.8% fall on September 2012.

Regional Summary – Inventory

Regional map of inventory NZ Property Report Sep_2013The inventory of unsold homes on the market remained low in September at 24 weeks of equivalent sales.

Market sentiment remains firmly in favour of sellers in 16 regions, with the greatest strain being felt in the 12 regions that are marked in darker blue. This includes the main metro areas of Auckland, Wellington, and Canterbury, which remain under pressure from low listings as measured against sales activity.

Two regions (Southland, and West Coast) showed an increase in inventory of homes on the market, taking them above their respective long-term average. In addition 1 other region (Gisborne) sits close to its long-term average.

 

Lifestyle

LifestyleListings_Sep13New lifestyle property listings had a boost across the country in September. A total of 847 listings came onto the market, showing a jump of 13% when compared to August, but a fall of 11% when compared to September last year. The national truncated mean asking price for these listings was up 5.7% to a record high of $706,799 (and up 8.8% when compared to September 2012). Record high asking prices were reported in Auckland, Waikato, and Canterbury.

Apartments

ApartmentListing_Sep13New listings for apartments in September were up 2.1% on a year on year basis, and down 10.6% from August, with 487 being brought to the market. The truncated mean asking price of new apartment listings rose 1% to $407,989 in September from $404,392 in August, and was up 2% on a year on year basis.

The Auckland apartment market had 384 new listings, down 0.3% when compared to August last year. The truncated mean asking price of new listings in Auckland rose 1.6% to $390,850, from $384,816 in August. When compared to the recent 3-month average, this represents an increase of 2.1%.

For Media Enquiries, please contact:

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

Or Phillip Dunn, Acting CEO, Realestate.co.nz | +64 21 807 640

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.

Background to Realestate.co.nz Realestate.co.nz is the official website company of the real estate industry of New Zealand, it is an industry owned web business providing online marketing services to the real estate industry. The shareholders in the business comprise the REINZ (50%) and five of the largest real estate companies (50%). The business operates a portfolio of websites all focused to specialist sectors of the real estate market:

Realestate.co.nz is the heart of the business and is focused to the residential property market. It features the most comprehensive selection of property for sale and rent across NZ. The website attracts a significant monthly audience of over 550,000 unique browsers, with over 120,000 of those visiting from countries outside of NZ. In addition Realestate.co.nz receives over 30% of all traffic to property listings from mobile devices, including their iPhone and Android applications. To date these applications have been downloaded by over 170,000 users making the app the most popular property app in NZ.

nzFarms is a specialist website presenting the most comprehensive selection of farms and agricultural businesses on the market across NZ. At this time it features around 3,000 listings for all types of farms and agricultural land as well as over 10,000 lifestyle properties.

Prime Commercial is a specialist website presenting the most comprehensive selection of commercial property for purchase or lease on the market across NZ. At this time it features over 25,000 listings for all types of properties – retail, commercial, industrial and investment properties.

Prime Business is a specialist website presenting the most comprehensive selection of businesses for sale on the market across NZ. At this time it features over 3,500 listings for all types of businesses – retail, tourism, wholesale as well as franchise opportunities.

The web business of Realestate.co.nz site is the most comprehensive real estate web operation in NZ, currently hosting over 110,000 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. With a subscriber base of over 1,000 offices, the company represents over 97% of all listings from licensed real estate agents in NZ. The full NZ Property Report for September 2013 can be downloaded here (950kb pdf document). Additionally the raw 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. The next NZ Property Report for October 2013 will be published on this website on 1st November 2013 at 10am.

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

 

0

NZ Property Report – August 2013

Posted on: September 2nd, 2013 | Filed in Featured, NZ Property Report

The August 2013 NZ Property Report published by Realestate.co.nz provides an insight into the state of the New Zealand property market as measured by the supply side of the property market over the month of August. The key measures of the market analysed in the report are the number of new listings, the asking price expectation for those new listings and the level of inventory of unsold houses on the market at this time. The report is compiled from data captured by the website and represents close to 97% of all property movements in the NZ market as managed by licensed real estate agents.

A full print version of the NZ Property Report – August 2013 is published below and is available for download (650kb) and distribution.

Summary of the market – August 2013

Inventory reaches new record low, as national asking price remains high

CoverPage_Report_Aug13Overall stocks of unsold homes fell significantly to a new record low of 23.4 weeks of inventory (Long Term Average = 38 weeks) and when measured by inventory, the market remains firmly in the hand of sellers across 16 of New Zealand’s 19 regions. Auckland is the most affected by the low inventory, with unsold homes falling to a new record low of just 11 weeks.

In spite of low inventory the property market finished winter strongly, with 10,715 new homes coming on the market. Although this is up 3% on last year, the level of new listings is not keeping up with buyer demand, as sales are up almost 15% year on year (As reported by the REINZ July sales statistics).

Asking prices stabilised in August to $463,142 nationally, however record high asking prices were seen in Auckland, and Coromandel regions; The new high of $650,114 in Auckland represents a 1.6% increase on it’s previous high, set in July. While in Coromandel the new asking price high was set at $498,660 up 3.4% on the previous record, set in January 2008

Asking Price

SA_AskingPrice_Aug13The seasonally adjusted truncated mean asking price for listings remained high, rising 9% to $463,142 (from August 2012), and down just 0.4% from the record high set in July.

The trend as seen in the chart opposite, continues to show strength in seller price expectation, on the back of low listings, and strong demand in the main centres

New Listings

TotalNewListings_Aug13The level of new listings coming onto the market in August rose to 10,715 from 9,857 in July. This represents a rise of 9%, and is up 3.4% when compared to August last year

On a 12 month moving average basis a total of 131,343 new listings have come onto the market since September 2012 as compared to 130,878 in the prior 12 month period, a rise of just 0.4%.

Inventory

InventorySA_MMA_Aug13The level of unsold homes on the market at the end of August (35,592) was well down as compared to August last year (41,056), a drop of 14%.

The inventory as measured in terms of equivalent weeks of sales shows a significant drop from 26.7 last month to an all time low of 23.4 weeks this month.

The market remains firmly a seller’s market; with 16 of the 19 regions showing inventory levels that are well below long term averages.

Regional Summary – Asking price expectations

Regional map of asking price NZ Property Report Aug_2013The national (seasonally adjusted) truncated mean asking price expectation among sellers fell slightly in August to $463,142, down just 0.4% from the record high seen in July.

In the main centres, Auckland posted a new record high of $650,114, up by over $10,000 from the prior high  of $639,685 reported last month. The asking price in both Wellington and Canterbury fell in August to $442,438, and $404,993 respectively.

In total 10 regions reported asking price increases, with Coromandel the largest increase, up 22.7% to a new record of $ 498,660. Of the 9 regions witnessing asking price falls on a seasonally adjusted basis there were 4 that reported a fall greater than 5%. The biggest fall was seen in Central North Island (down 14% to $328,689) and the West Coast (down 7.1% to $296,251).

Regional Summary – Listings

Regional map of new listings NZ Property Report Aug_2013Spring listings flowed onto the market early last month, with 10,715 new homes coming on the market, the highest August result since 2008.

There were 12 regions reporting year on year increases with Marlbourgh reporting the biggest increase of listings (up 17.7%), followed by Nelson, where a 17% increase was recorded.

Of the 7 regions that reported lower new listings than July last year Central North Island was the region to report the highest fall -22% when compared to August 2012, followed by Northland, which saw a fall of 9.2%.

In the main centers, Auckland had a similar number of new listing as August 2012. Both Wellington, and Christchurch saw a healthy increase of listings; with Canterbury reporting a 11.8% year on year increase, and Wellington reporting a 4.5% increase on August 2012.

Regional Summary – Inventory

Regional map of inventory NZ Property Report Aug_2013The inventory of unsold homes on the market tightened significantly in August to a record low of 23 weeks of equivalent sales.

Auckland, hit record low inventory level in August; falling to 11 weeks, 61% below its long term average. Both Waikato, and Bay of Plenty also hit a record low, falling to 27 weeks, and 35 weeks respectively.

Market sentiment remains firmly in favour of sellers in 16 regions, with the greatest strain being felt in the 9 regions that are marked in darker blue. This includes the main metro areas of Auckland, and Canterbury, which remain under pressure from low listings as measured against sales activity.

Two regions (Southland, and Taranaki) showed an increase in inventory of homes on the market, taking them above their respective long-term average. In addition 1 other region (West Coast) sits close to its long-term average.

Lifestyle

LifestyleListings_Aug13New lifestyle property listings had a boost across the country in August. A total of just 749 listings came onto the market, showing a jump of 21% when compared to July, and a rise of 1.6% when compared to August last year. Canterbury again saw record low numbers of new lifestyle listings for a 3rd month, with just 56 coming to the market. The national truncated mean asking price for these listings was down 0.3% to $668,711 (and up 5% when compared to August 2012). Record high asking prices were reported in Wellington, and Canterbury.

Apartments

ApartmentListing_Aug13New listings for apartments in August were up 3% on a year on year basis, and up 2.6% from July, with 545 being brought to the market. The truncated mean asking price of new apartment listings rose 5% to $404,392 in August from $386,393 in July, and was up 16% on a year on year basis.

The Auckland apartment market had 384 new listings, down 0.3% when compared to August last year. The truncated mean asking price of new listings in Auckland fell 1% to $384,816, from $388,891 in July. When compared to the recent 3-month average, this represents an increase of 4.1%.

For Media Enquiries, please contact: Paul McKenzie, 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. 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.

Background to Realestate.co.nz Realestate.co.nz is the official website company of the real estate industry of New Zealand, it is an industry owned web business providing online marketing services to the real estate industry. The shareholders in the business comprise the REINZ (50%) and five of the largest real estate companies (50%). The business operates a portfolio of websites all focused to specialist sectors of the real estate market:

Realestate.co.nz is the heart of the business and is focused to the residential property market. It features the most comprehensive selection of property for sale and rent across NZ. The website attracts a significant monthly audience of over 550,000 unique browsers, with over 120,000 of those visiting from countries outside of NZ. In addition Realestate.co.nz receives over 30% of all traffic to property listings from mobile devices, including their iPhone and Android applications. To date these applications have been downloaded by over 170,000 users making the app the most popular property app in NZ.

nzFarms is a specialist website presenting the most comprehensive selection of farms and agricultural businesses on the market across NZ. At this time it features around 3,000 listings for all types of farms and agricultural land as well as over 10,000 lifestyle properties.

Prime Commercial is a specialist website presenting the most comprehensive selection of commercial property for purchase or lease on the market across NZ. At this time it features over 25,000 listings for all types of properties – retail, commercial, industrial and investment properties.

Prime Business is a specialist website presenting the most comprehensive selection of businesses for sale on the market across NZ. At this time it features over 3,500 listings for all types of businesses – retail, tourism, wholesale as well as franchise opportunities.

The web business of Realestate.co.nz site is the most comprehensive real estate web operation in NZ, currently hosting over 110,000 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. With a subscriber base of over 1,000 offices, the company represents over 97% of all listings from licensed real estate agents in NZ. The full NZ Property Report for August 2013 can be downloaded here (650kb pdf document). Additionally the raw 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. The next NZ Property Report for September 2013 will be published on this website on 1st October 2013 at 10am.

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

 

2

NZ Property Report – July 2013

Posted on: August 1st, 2013 | Filed in Featured, Market News, NZ Property Report, Regional News

The July 2013 NZ Property Report published by Realestate.co.nz provides an insight into the state of the New Zealand property market as measured by the supply side of the property market over the month of July. The key measures of the market analysed in the report are the number of new listings, the asking price expectation for those new listings and the level of inventory of unsold houses on the market at this time. The report is compiled from data captured by the website and represents close to 97% of all property movements in the NZ market as managed by licensed real estate agents.

A full print version of the NZ Property Report – July 2013 is published below and is available for download (1.2MB) and distribution.

Summary of the market – July 2013

National asking price reaches a new record high

Property Report Cover Page_JulyThe winter months have not reduced demand for homes in New Zealand, and because of this seller confidence has pushed up the (seasonally adjusted) truncated mean asking price to a new high of $465,191. The rise in asking price was noticeable across more than half of New Zealand, with 13 regions reporting a rise in asking price.

Record high asking prices were also seen in Auckland, Canterbury, and West Coast regions; The new high of $639,685 in Auckland represents a 1.3% increase on it’s previous high, also in May. While in Canterbury and West Coast’s new highs were set at $422,043 and $318,816 respectively.

Across the country the level of inventory of property on the market eased in July to 26.7 weeks, but remains low when measured against the historical average. The next 3 months heading out of winter and into spring will see a seasonal lift in activity of both listings and sales. The key issue will be to what extent the rise in new listings can ease the pressure that the major centers are seeing.

Asking Price

SA_AskingPrice_Jul13The seasonally adjusted truncated mean asking price for listings rose 8.4% (from July 2012) and reached a new record high of $465,191. This new record asking price was up from the prior peak of $454,795 reached in May 2013.

The trend as seen in the chart opposite, continues to show strength in seller price expectation, on the back of low listings, and strong demand in the main centres

New Listings

TotalNewListings_Jul13

New listings in July recovered from the lows reported in June, with 9,857 new listings coming to the market. Up 9% when compared to June, and up 5% on last year.

On a 12 month moving average basis a total of 131,343 new listings have come onto the market since August 2012 as compared to 130,878 in the prior 12 month period, a rise of just 0.4%.

Inventory

InventorySA_MMA_Jul13The number of new listings helped to ease inventory pressure (as measured in weeks of equivalent sales), which sits at 26.7 weeks, up 7% on last month’s record low. However, this still represents a 14% dip year on year and is well below the long term average of 38 weeks.

The level of unsold houses on the market at the end of July (36,231) was down 4%, when compared to June (37,615).

The market remains firmly a seller’s market; with 14 of the 19 regions showing inventory levels that are well below long term averages.

Regional Summary – Asking price expectations

Regional map of asking price NZ Property Report Jul 2013The national asking price expectation among sellers rose by 3.3% in July, to a new national record high asking price of $465,191. (seasonally adjusted truncated mean). This was more than $10,000 higher than the previous record of $454,795 set in May this year.

In the main centres, both Auckland and Canterbury posted record highs of $639,685, and $422,043 respectively in July. In total 13 regions reported asking price increases, with 5 regions reporting a rise of greater than 5% from June. The most significant rise was seen in the Marlborough, up 8.2% to $267,350. Of the 6 regions witnessing asking price falls on a seasonally adjusted basis there was just 1 that reported a fall greater than 5%, Coromandel showed the largest fall, down 6.4% to $406,446.

Regional Summary – Listings

LRegional map of new listings NZ Property Report Jul 2013istings started to flow back into the market last month.

There were 14 of the 19 regions that reported  a increase of new listings on the prior year, with 1 region reporting a rise of over 20%.

The most significant rise in listings was seen in Central North Island, which rose by 77.4%, a level not seen in Central North Island since November 2011.

Of the 5 regions that reported lower new listings than July last year Gisborne was the region to report the highest fall -28% when compared to July 2012, followed by Manawatu / Wanganui which saw an fall of 18.7%.

In the main centers (Auckland, Wellington, and Christchurch) the pressure eased slightly, with all three regions reporting close of 5% increases on July 2012

Regional Summary – Inventory

Regional map of inventory NZ Property Report Jul 2013The inventory of unsold homes on the market eased slightly in July to 27 weeks of equivalent sales.

Central Otago / Lakes hit record low inventory levels in July; falling to 55 weeks, 41% below its long term average

Market sentiment remains in favour of sellers in 15 regions, with the greatest strain being felt in the 8 regions that are marked in darker blue. This continues to include the main metro areas of Auckland, and Canterbury, although there was some easing, they continue to remain under pressure from low listings.

Four regions (Southland, West Coast, Wairarapa, and Manawatu / Wanganui) showed an increase in inventory of homes on the market, taking them above their respective long-term average. In addition 1 other region (Taranaki) sits close to its long term average.

Lifestyle

LifestyleListings_Jul13New lifestyle property listings fell across the country in July. A total of just 620 listings came onto the market, showing a fall of 9% when compared to June, and a fall of 12% when compared to July last year. Canterbury saw record low numbers of new lifestyle listings for a 2nd month, with just 58 coming to the market. The national truncated mean asking price of $698,868 set a new record high asking price, up by 3.6% as compared to the recent 3-month average (and up 9% when compared to July 2012). Record high asking prices were also reported in Auckland, Nelson, Otago, and Central Otago / Lakes regions.

Apartments

ApartmentListing_Jul13New listings for apartments in July were up 16.7% on a year on year basis, and up 18% from June, with 531 being brought to the market. The truncated mean asking price of new apartment listings rose 3.2% to $386,393 in July from $374,374 in June, and was up 8.3% on a year on year basis.

The Auckland apartment market had 373 new listings, up 16% when compared to July last year. The truncated mean asking price of new listings in Auckland rose to $388,891, up from $354,882 in June. When compared to the recent 3-month average, this represents an increase of 6.8%.

For Media Enquiries, please contact: Paul McKenzie, 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. 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.

Background to Realestate.co.nz Realestate.co.nz is the official website company of the real estate industry of New Zealand, it is an industry owned web business providing online marketing services to the real estate industry. The shareholders in the business comprise the REINZ (50%) and five of the largest real estate companies (50%). The business operates a portfolio of websites all focused to specialist sectors of the real estate market:

Realestate.co.nz is the heart of the business and is focused to the residential property market. It features the most comprehensive selection of property for sale and rent across NZ. The website attracts a significant monthly audience of over 500,000 unique browsers, with over 120,000 of those visiting from countries outside of NZ. In addition Realestate.co.nz receives over 30% of all traffic to property listings from mobile devices, including their iPhone and Android applications. To date these applications have been downloaded by over 165,000 users making the app the most popular property app in NZ.

nzFarms is a specialist website presenting the most comprehensive selection of farms and agricultural businesses on the market across NZ. At this time it features around 3,000 listings for all types of farms and agricultural land as well as over 10,000 lifestyle properties.

Prime Commercial is a specialist website presenting the most comprehensive selection of commercial property for purchase or lease on the market across NZ. At this time it features over 25,000 listings for all types of properties – retail, commercial, industrial and investment properties.

Prime Business is a specialist website presenting the most comprehensive selection of businesses for sale on the market across NZ. At this time it features over 3,500 listings for all types of businesses – retail, tourism, wholesale as well as franchise opportunities.

The web business of Realestate.co.nz site is the most comprehensive real estate web operation in NZ, currently hosting over 110,000 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. With a subscriber base of over 1,000 offices, the company represents over 97% of all listings from licensed real estate agents in NZ. The full NZ Property Report for July 2013 can be downloaded here (1.2MB pdf document). Additionally the raw 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. The next NZ Property Report for August 2013 will be published on this website on 1st September 2013 at 10am.

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

1

NZ Property Report – June 2013

The June 2013 NZ Property Report published by Realestate.co.nz provides an insight into the state of the New Zealand property market as measured by the supply side of the property market over the month of June. The key measures of the market analysed in the report are the number of new listings, the asking price expectation for those new listings and the level of inventory of unsold houses on the market at this time. The report is compiled from data captured by the website and represents close to 97% of all property movements in the NZ market as managed by licensed real estate agents.

A full print version of the NZ Property Report – June 2013 is published below and is available for download (1.2MB) and distribution.

Summary of the market – June 2013

Inventory of unsold houses drops to 6 year low

The inventory of unsold properties in New Zealand has fallen to the lowest point in six years, reporting just 24.9 weeks nationwide. The record shortage was driven by low inventory in all major regions, with Canterbury, Waikato and Central Otago all witnessing new all-time lows. Wellington also fell to just 15.4 weeks, the lowest since November 2009, while Auckland recovered slightly from last month’s record low to 12.3 weeks, but still sits 58% below its long term average of 29 weeks.

The number of new listings coming to the market in June was down 5% on the same time last year to the lowest June listings in 7 years. The figure of 9,082 follows strong listing numbers in April and May.

Asking prices eased slightly in June, to $450,178 (down just 1% from the record high figure seen in May). In the main centres, both Wellington and Canterbury asking prices rose 1% to $451,622 (Wellington), and 410,723 (Canterbury). The asking price in Auckland witnessed a slight fall in June (down 1.3% to $623,471). All three regions sit close to their respective asking price peaks.

Asking Price

The seasonally adjusted truncated mean asking price for listings fell slightly in June to $450,178, down 1% on the record set in May. This represented a year on year increase of 5.7%.

The trend as seen in the chart opposite, continues to show strength in seller price expectation, on the back of low listings, and strong demand in the main centres

New Listings

The level of new listings coming onto the market in June fell back to 9,082 from 11,045 in May. This represents a fall of 18%, and was the lowest number of June listings for 7 years, demonstrating that the sellers are still apprehensive of listing their properties despite the record low inventory.

On a 12 month moving average basis a total of 130,547 new listings have come to the market since July 2012, as compared to 130,188 in the prior 12 month period, a rise of just 0.3%. This compares to REINZ reported sales, which are up 16% on a 12 month comparable basis.

Inventory

The level of unsold houses on the market at the end of June (37,615) was down 5%, when compared to May (39,698). Inventory, as measured in terms of equivalent weeks of sales fell in June to a record low of 24.9 weeks, remaining well below the long-term average of 38 weeks.

The market remains firmly a seller’s market; with 14 of the 19 regions showing inventory levels that are well below long term averages. Canterbury, Waikato, and Central Lakes continue to witness the highest extent of this, reaching record low inventory in June.

Regional Summary – Asking price expectations

The national asking price expectation among sellers fell by just 1% in June, from the record high set in May, to an asking price of $450,178. (seasonally adjusted truncated mean).

In the main centres, both Wellington and Canterbury asking prices rose 1% to $451,622 (Wellington), and 410,723 (Canterbury). The asking price in Auckland witnessed a slight fall in September (down 1.3% to $623,471). All three regions sit close to their respective asking price peaks.

In total 10 regions reported asking price increases, and just 1 region saw a rise of greater than 5%. The most significant rise was seen in the Wairarapa, up 5.1% to $267,350. Of the 9 regions witnessing asking price falls on a seasonally adjusted basis there were 5 that reported a fall greater than 5%. The most significant falls were seen in Gisborne, Taranaki, Nelson, Manawatu / Wanganui and Central Otago / Lakes regions, with Central Otago / Lakes showing the largest fall, down 13% to $614,071.

Regional Summary – Listings

The picture for new listings across the country continues to show that there is a reluctance to bring new properties to the market. There were 14 of the 19 regions that reported new listings down on the prior year, with just 1 of these reporting a fall of over 20%.

The most significant drop in listings was seen in West Coast, which fell by 26.5%.

Of the 5 regions that reported higher new listings than June last year, Nelson was the region to report the highest increase, up 15.4% when compared to June 2012, followed by Northland which saw an increase of 7.6%.

Auckland listings were down 6.8% in June to 3,162 new listings. The lack of new listings coming to the market puts further pressure on the Auckland market, resulting in a record low available inventory of just 6976 homes (29% down from June 2012)

 

Regional Summary – Inventory

The inventory of unsold homes on the market tightened to a all time low of 25 weeks of equivilent sales in June.

Canterbury, Waikato, and Central Otago / Lakes hit record low inventory levels in June; with Canterbury falling to 13.9 weeks, 53% below its long term average; Waikato falling to 29.6 weeks, 35% below its long term average; and Central Otago falling to 61 weeks, 36% below its long term average

Market sentiment continues to favour sellers in 15 regions, with the greatest strain being felt in the 11 regions that are marked in darker blue. This includes the main metro areas of Auckland, Canterbury, and Wellington, which all remain under pressure from low listings as measured against sales activity.

Just one region (Southland) showed an increase in inventory of homes on the market taking it above their respective long-term average. In addition 3 regions (Central North Island, Marlborough, and Taranaki) sit close to their long term averages.

Lifestyle

New lifestyle property listings fell across the country in June. A total of just 683 listings came onto the market, showing a fall of 29% when compared to May, and a fall of 15.4% when compared to June last year. Canterbury saw record low numbers of new lifestyle listings with just 62 coming to the market. The national truncated mean asking price of $645,204 for these listings, was down by 2.6% as compared to the recent 3-month average (but up 1.8% when compared to June 2012).

Apartments

New listings for apartments in June were down 1.3% on a year on year basis, and down 19.5% from May, with 450 being brought to the market. The truncated mean asking price of new apartment listings fell 2.5% to $374,374 in June from $383,953 in May, and was down 1.9% on a year on year basis.

The Auckland apartment market had 316 new listings, up 9% when compared to June last year. The truncated mean asking price of new listings in Auckland fell to $354,882, down  from $348,476 in May. When compared to the recent 3-month average, this represents a fall of 3.2%.

For Media Enquiries, please contact: Paul McKenzie, 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. 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.

Background to Realestate.co.nz Realestate.co.nz is the official website company of the real estate industry of New Zealand, it is an industry owned web business providing online marketing services to the real estate industry. The shareholders in the business comprise the REINZ (50%) and five of the largest real estate companies (50%). The business operates a portfolio of websites all focused to specialist sectors of the real estate market:

Realestate.co.nz is the heart of the business and is focused to the residential property market. It features the most comprehensive selection of property for sale and rent across NZ. The website attracts a significant monthly audience of over 500,000 unique browsers, with over 120,000 of those visiting from countries outside of NZ. In addition Realestate.co.nz receives over 30% of all traffic to property listings from mobile devices, including their iPhone and Android applications. To date these applications have been downloaded by over 160,000 users making the app the most popular property app in NZ.

nzFarms is a specialist website presenting the most comprehensive selection of farms and agricultural businesses on the market across NZ. At this time it features around 3,000 listings for all types of farms and agricultural land as well as over 10,000 lifestyle properties.

Prime Commercial is a specialist website presenting the most comprehensive selection of commercial property for purchase or lease on the market across NZ. At this time it features over 25,000 listings for all types of properties – retail, commercial, industrial and investment properties.

Prime Business is a specialist website presenting the most comprehensive selection of businesses for sale on the market across NZ. At this time it features over 3,500 listings for all types of businesses – retail, tourism, wholesale as well as franchise opportunities.

The web business of Realestate.co.nz site is the most comprehensive real estate web operation in NZ, currently hosting over 110,000 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. With a subscriber base of over 1,000 offices, the company represents over 97% of all listings from licensed real estate agents in NZ. The full NZ Property Report for June 2013 can be downloaded here (1.2MB pdf document). Additionally the raw 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. The next NZ Property Report for July 2013 will be published on this website on 1st August 2013 at 10am.

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

1

NZ Property Report – May 2013

Posted on: June 1st, 2013 | Filed in Buying / Selling a home, Featured, NZ Property Report

The May 2013 NZ Property Report published by Realestate.co.nz provides an insight into the state of the New Zealand property market as measured by the supply side of the property market over the month of May. The key measures of the market analysed in the report are the number of new listings, the asking price expectation for those new listings and the level of inventory of unsold houses on the market at this time. The report is compiled from data captured by the website and represents close to 97% of all property movements in the NZ market as managed by licensed real estate agents.

A full print version of the NZ Property Report – May 2013 is published below and is available for download (1.2MB) and distribution.

Summary of the market – May 2013

High demand, and lack of supply drives asking price to a new record high

The message coming from the property market is that buyers are still out and about and keen to find a home. However, their eagerness to buy is not being met with a consistent and sufficient supply of new listings. This scenario continues to drive this sellers’ market, and homeowners who are putting their property on the market are expecting to see a higher sale price, as flagged by the new record asking price seen in May.

Seller confidence has pushed up the (seasonally adjusted) truncated mean asking price to a new high of $454,795. This rise in asking price was noticeable in over half of New Zealand, with Auckland reaching a new record high of $631,656, and Central Lakes Otago reaching a new high of $707,510.

Property sales remain strong, with REINZ reporting 7,104 properties sales in April, up 25% on a year ago. However, new listings are not matching the sales strength, and reported with a fall of 4.3% year-on-year. The inventory of property on the market has fallen 29% in the past year to record low levels. On the back of record low inventory levels, the challenge for the market in the coming winter period will be if the level of new listings can keep up with the buyer demand that we are seeing in the main centres.

Asking Price

The seasonally adjusted truncated mean asking price for listings rose 4.3% (from May 2012) and reached an all time high of $454,795. This new record asking price level was up from the prior peak of $447,275 reached last month.

The trend as seen in the chart opposite, continues to show strength in seller price expectation, on the back of low listings, and strong demand in the main centres

New Listings

The level of new listings coming onto the market in May rose 5.9% from April, to a total of 11,001. However this represents a fall of 7.2% from May last year.

On a 12 month moving average basis a total of 131,053 new listings have come to the market since June 2012, as compared to 129,711 in the prior 12 month period, a rise of 1%. This compares to REINZ reported sales, which are up 17.6% on a 12 month comparable basis

Inventory

The level of unsold houses on the market at the end of May (39.698) was down 6%, when compared to April (42,225). Inventory, as measured in terms of equivalent weeks of sales fell in May to a record low of 25.4 weeks, remaining well below the long-term average of 38 weeks.

The market remains firmly a seller’s market; with 18 of the 19 regions showing inventory levels that are well below long term averages. Both Auckland and Canterbury continue to witness the highest extent of this, reach record low inventory in May. Auckland is 59% below its long term average, and Canterbury is 52% below its long term average.

Regional Summary – Asking price expectations

The national asking price expectation among sellers rose by just 1.7% in May to a new peak of $454,795. This exceeds the prior peak of $447,275 reached last month (seasonally adjusted truncated mean).

Following the new record high for the national asking price figure, both Auckland and Central Lakes / Otago again posted record highs of $631,656, and $707.510 respectively in May. In contrast Marlborough asking prices again fell 0.8% from April to a record low of $350,649.

In total 11 regions reported asking price increases from April, the most significant rises was seen in the Manawatu / Wanganui region, up 11.9% to an record asking price of $279,009. Of the 8 regions witnessing asking price falls on a seasonally adjusted basis there was just one reported a fall of greater than 5%, Wairarapa fell by 10.5% to $254,461.

Regional Summary – Listings

The picture for new listings across the country continues to show that there is a reluctance to bring new properties to the market. There were 13 of the 19 regions that reported new listings down on the prior year, with 3 of these reporting falls of over 20%.

The most significant drop in listings was seen in Gisborne, falling 45.7%, and West Coast, which fell by 26.4%

Of the 6 regions reported higher new listings than May last year Central North Island was the region to report the highest increase of 15.2% when compared to May 2012, followed by Coromandel who saw an increase of 7.6%.

Auckland listings were down 3% in May to 3719 listings. The lack of new listings coming to the market puts further pressure on Auckland market, resulting in a record low available inventory of just 7557 homes (27% down from May 2012)

Regional Summary – Inventory

The inventory of unsold homes on the market tightened to a all time low of 25 weeks of sales in May.

Both Auckland and Canterbury hit record low inventory levels in May. With Auckland falling to 12 weeks, 59% below its long term average. And Canterbury falling to 14 weeks, 52% below its long term average.

Market sentiment continues to favour sellers in 18 regions, with the greatest strain being felt in the 10 regions that are marked in darker blue. This includes the main metro areas of Auckland, and Canterbury, which remain under pressure from low listings as measured against sales activity.

Just one region (Southland) showed an increase in inventory of homes on the market taking them above their respective long-term average.

Lifestyle

New lifestyle property listings rose across the country in May. A total of 964 listings came onto the market, showing an rise of 23% when compared to April, and a fall of 1.4% when compared to May last year. The truncated mean asking price for these listings was up by 0.3% as compared to the recent 3-month average to an asking price of $679,142 (up 3.6% when compared to May 2012).

Apartments

New listings for apartments in May were up 12.9% on a year on year basis, and up 18.9% from April, with 559 being brought to the market. The truncated mean asking price of new apartment listings fell 4.6% to $383,953 in May from $402,364 in April, but was up 3.3% on a year on year basis.

The Auckland apartment market had 296 new listings coming onto the market, up 33% when compared to May last year. The truncated mean asking price of new listings in Auckland fell to $348,476 (May) from $366,355 (April). When compared to the recent 3-month average, this represents a fall of 4.6%.

For Media Enquiries, please contact: Paul McKenzie, 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. 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.

Background to Realestate.co.nz Realestate.co.nz is the official website company of the real estate industry of New Zealand, it is an industry owned web business providing online marketing services to the real estate industry. The shareholders in the business comprise the REINZ (50%) and five of the largest real estate companies (50%). The business operates a portfolio of websites all focused to specialist sectors of the real estate market:

Realestate.co.nz is the heart of the business and is focused to the residential property market. It features the most comprehensive selection of property for sale and rent across NZ. The website attracts a significant monthly audience of over 500,000 unique browsers, with over 120,000 of those visiting from countries outside of NZ. In addition Realestate.co.nz receives over 30% of all traffic to property listings from mobile devices, including their iPhone and Android applications. To date these applications have been downloaded by over 145,000 users making the app the most popular property app in NZ.

nzFarms is a specialist website presenting the most comprehensive selection of farms and agricultural businesses on the market across NZ. At this time it features around 3,000 listings for all types of farms and agricultural land as well as over 10,000 lifestyle properties.

Prime Commercial is a specialist website presenting the most comprehensive selection of commercial property for purchase or lease on the market across NZ. At this time it features over 25,000 listings for all types of properties – retail, commercial, industrial and investment properties.

Prime Business is a specialist website presenting the most comprehensive selection of businesses for sale on the market across NZ. At this time it features over 3,500 listings for all types of businesses – retail, tourism, wholesale as well as franchise opportunities.

The web business of Realestate.co.nz site is the most comprehensive real estate web operation in NZ, currently hosting over 110,000 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. With a subscriber base of over 1,000 offices, the company represents over 97% of all listings from licensed real estate agents in NZ. The full NZ Property Report for May 2013 can be downloaded here (1.2MB pdf document). Additionally the raw 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. The next NZ Property Report for June 2013 will be published on this website on 1st July 2013 at 10am.

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

1

NZ Property Report – April 2013

Posted on: May 1st, 2013 | Filed in Featured, NZ Property Report, Uncategorized

April 2013 NZ Property Report published by Realestate.co.nz provides an insight into the state of the New Zealand property market as measured by the supply side of the property market over the month of April. The key measures of the market analysed in the report are the number of new listings, the asking price expectation for those new listings and the level of inventory of unsold houses on the market at this time. The report is compiled from data captured by the website and represents close to 97% of all property movements in the NZ market as managed by licensed real estate agents.

A full print version of the NZ Property Report – April 2013 is published below and is available for download (1.2MB) and distribution.

Summary of the market – April 2013

Sellers set a new record high asking price, as inventory drops to near record low

The property market continues to show signs of confidence and heightened activity as compared to the past few years. The confidence amongst sellers bringing their properties onto the market has pushed up the (seasonally adjusted) truncated mean asking price to a new high of $447,275 – the highest level since the collection of data began in 2007. This rise in asking price was noticeable in around half of New Zealand, with Auckland reaching a new record high of $612,167, and Central Lakes Otago reaching a new high of $679,987. A record low of $353,474 was seen in Marlborough (down 9% on March figures) The number of new listings fell to 10,023, down 21.5% on March and down 1.5% year on year. In the main centers, both Auckland and Canterbury experienced an increase in listings when compared to April last year of 9.3% and 0.8% respectively and Wellingtons figure fell by just 1.9%. The next 3 months are traditionally a quiter time for the market, with lower listings ahead of the spring pick up in August. If property sales continue strongly it is likely that asking prices will continue to creep up as demand for property continues to remain high. 

Asking Price

The seasonally adjusted truncated mean asking price for listings rose 5.5% (from April 2012) and reached an all time high of $447,275. This new record asking price level was up from the prior peak of $446,277 reached in November last year. The trend as seen in the chart opposite, continues to show strength in seller expectation, on the back of low listings, and strong demand in the main centres

New Listings

The level of new listings coming onto the market in April fell 21.3% from March, to a total of 10,023. This represents a fall of 1.5% from April last year. On a 12 month moving average basis a total of 131,552 new listings have come to the market since April 2012, as compared to 128,994 in the prior 12 month period, a rise of 2%. This compares to REINZ reported sales, which are up 16.7% on the same 12 month comparable basis.  

Inventory

The level of unsold houses on the market at the end of April (42,225) was down slightly, when compared to March (43,930). The inventory as measured in terms of equivalent weeks of sales fell in April to 26.8 weeks, remaining well below the long-term average of 39 weeks. The market remains firmly a seller’s market; with 17 of the 19 regions showing inventory levels that are well below long term averages. Both Auckland and Canterbury continue to witness the highest extent of this. Auckland is 53% below its long term average, and Canterbury is 47% below its long term average.

Regional Summary – Asking price expectations

The national asking price expectation among sellers rose by just 0.5% in April to a new peak of $447,275. This exceeds the prior peak of $446,277 reached in November last year (seasonally adjusted truncated mean). Following the new record high for the national asking price figure, both Auckland and Central Lakes / Otago also posted record highs of $612,167, and $679,987 respectively in April. In contrast Marlborough asking prices fell 9% from March to a record low of $353,474. In total 11 regions reported asking price increases from March, the most significant rises was seen in the Central Lakes / Otago region, up 12.4% to a record high asking price of $679,987. Of the 8 regions witnessing asking price falls on a seasonally adjusted basis there were three that reported a fall of greater than 5%, Marlborough fell by 9% to $353,474, Coromandel fell 6.2% to $404,991, and Northland witnessed the largest drop, falling by 10.2% to $365,596.

Regional Summary – Listings

The picture for new listings across the country continues to show that there is a reluctance to bring new properties to the market. There were 11 of the 19 regions that reported new listings down on the prior year, with 3 of these reporting falls of over 20%. The most significant drop in listings was seen in Northland, falling 47.5%, and West Coast, which fell by 35.8% Of the 8 regions reported higher new listings than April last year, just 1 region reported significant year on year increases of over 20%. Southland was the region to report the highest increase of 30% when compared to April 2012, followed by Waikato who saw an increase of 11.3%.

Auckland listings were up 9.3% in April to 3454 listings. However due to high demand this region, this increase has not eased the pressure seen in the Auckland market.

Regional Summary – Inventory

The inventory of unsold homes on the market tightened further in April, falling to 26.8 weeks of equivilant sales, just shy of the record low inventory levels seen in February this year. Just two regions (Southland and Taranaki) showed increases in inventory of homes on the market taking them above their respective long-term average. In addition West Coast sits close to it’s respective long-term average. Market sentiment continues to favour sellers in 17 regions, with the greatest strain being felt in the 9 regions that are marked in darker blue. This includes the main metro areas of Auckland, and Canterbury, which remain under pressure from low listings as measured against sales activity. Auckland is 53% below its long term average, and Canterbury hit an all time low of 16 weeks, 47% below its long term average.

Lifestyle

New lifestyle property listings fell across the country in April. A total of 784 listings came onto the market, showing an fall of 27.5% when compared to March, and a fall of 6.1% when compared to April last year. The truncated mean asking price for these listings was down by 1% as compared to the recent 3-month average to an asking price of $663,152 (up 1.2% when compared to April 2012).

Apartments

New listings for apartments in April were up 18.1% on a year on year basis, with 470 being brought to the market, but were down 13.6% from March. The truncated mean asking price of new apartment listings rose 2.5% to $402,364 in April from $392,443 in March, and was also up 4.5% on a year on year basis. The Auckland apartment market had 296 new listings coming onto the market, up 17.5% when compared to April last year. The truncated mean asking price of new listings in Auckland fell to $366,355 (April) from $380,805 (March). When compared to the recent 3-month average, this represents a fall of 2.5%.

For Media Enquiries, please contact: Paul McKenzie, 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. 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.

Background to Realestate.co.nz Realestate.co.nz is the official website company of the real estate industry of New Zealand, it is an industry owned web business providing online marketing services to the real estate industry. The shareholders in the business comprise the REINZ (50%) and five of the largest real estate companies (50%). The business operates a portfolio of websites all focused to specialist sectors of the real estate market:

Realestate.co.nz is the heart of the business and is focused to the residential property market. It features the most comprehensive selection of property for sale and rent across NZ. The website attracts a significant monthly audience of over 500,000 unique browsers, with over 120,000 of those visiting from countries outside of NZ. In addition Realestate.co.nz receives over 30% of all traffic to property listings from mobile devices, including their iPhone and Android applications. To date these applications have been downloaded by over 145,000 users making the app the most popular property app in NZ.

nzFarms is a specialist website presenting the most comprehensive selection of farms and agricultural businesses on the market across NZ. At this time it features around 5,000 listings for all types of farms and agricultural land as well as over 11,000 lifestyle properties.

Prime Commercial is a specialist website presenting the most comprehensive selection of commercial property for purchase or lease on the market across NZ. At this time it features over 27,000 listings for all types of properties – retail, commercial, industrial and investment properties.

Prime Business is a specialist website presenting the most comprehensive selection of businesses for sale on the market across NZ. At this time it features over 4,300 listings for all types of businesses – retail, tourism, wholesale as well as franchise opportunities. The web business of Realestate.co.nz site is the most comprehensive real estate web operation in NZ, currently hosting over 110,000 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. With a subscriber base of over 1,000 offices, the company represents over 97% of all listings from licensed real estate agents in NZ. The full NZ Property Report for April 2013 can be downloaded here (1.2MB pdf document). Additionally the raw 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. The next NZ Property Report for May 2013 will be published on this website on 3rd June 2013 at 10am.

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 Email, Google, or Twitter

2

NZ Property Report – March 2013

Posted on: April 6th, 2013 | Filed in Buying / Selling a home, Featured, NZ Property Report

March 2013 NZ Property Report published by Realestate.co.nz provides an insight into the state of the New Zealand property market as measured by the supply side of the property market over the month of March. The key measures of the market analysed in the report are the number of new listings, the asking price expectation for those new listings and the level of inventory of unsold houses on the market at this time. The report is compiled from data captured by the website and represents close to 97% of all property movements in the NZ market as managed by licensed real estate agents.

A full print version of the NZ Property Report – March 2013 is published below and is available for download (1.2MB) and distribution.

Summary of the market – March 2013

Property market continues to favour sellers, with asking prices near record levels.

 

Nationally the property market saw some stabilisation in March, with a mean asking price of $444,883, a small increase of 0.3% on February, but a growth of 4% on the same time last year, close to the $446,277 record set in November 2012. The average asking price (seasonally adjusted truncated mean) in both Auckland and Canterbury climbed further in March, reaching their 2nd highest recorded figures of $610,628, and 438,298 respectively.

The number of new listings fell slightly to 12,732, down 3% on February and down 4% year on year. However, the decrease in new listings was particularly apparent in the major centres, where the number of new listings in the main centres is not keeping up with demand, Wellington and Canterbury experiencing falls of 9.9% and 8.6% respectively from the same time last year, with Auckland’s figure falling by 4.6%.

The 12,732 new listings that came to market in March did little to ease the record low in inventory seen last month. Inventory – measured by weeks of equivalent sales – settled at 27 weeks. While this is a marginal increase on last month’s 26.2 weeks, it is still 20% less than March 2012, and well down on the long term average of 39 weeks.

 

Asking Price

 

The seasonally adjusted truncated mean asking price for listings in March rose by 0.3% to $444,883. It represents a 4% year-on-year growth in the asking price as compared to March last year, and is the close to the National asking price record of $446,227 which was set is November last year.

The trend as seen in the chart opposite, continues to show strength in seller expectation, on the back of low listings, and strong demand in the main centers

 

New Listings

The level of new listings coming onto the market in March fell 3% from February, to a total of 12,732. This represents a fall of 4% from March last year.

On a 12 month moving average basis a total of 131,703 new listings have come to the market since April 2012, as compared to 128,072 in the prior 12 month period, a slight rise of 2.8%. This compares to REINZ reported sales, which are up 18.1% on the same 12 month comparable basis.

 

Inventory

 

The level of unsold houses on the market at the end of March (43,930) was down slightly, when compared to February (44,698). The inventory as measured in terms of equivalent weeks of sales rose in March to 27 weeks, remaining well below the long-term average of 39 weeks. 

The market remains firmly a seller’s market; with 13 of the 19 NZ regions showing inventory levels that are well below long term averages. Both Auckland and Canterbury are witnessing the highest extent of this. Auckland is 53% below its long term average, and Canterbury is 45% below its long term average.

 

Regional Summary – Asking price expectations

The national asking price expectation among sellers rose by just 0.3% in March to $444,883, just below the high set in November 2012 of $446,277 (seasonally adjusted truncated mean).

The main centers – asking prices in Auckland, and Canterbury remained strong in March, each reporting asking prices close to the record highs seen in October 2012. Auckland sellers remained confident with an asking price of $610,628 (up 9.2% on last year), and Canterbury rose 2% from February to $413,403 (up 7.8% on last year).

In total 8 regions reported asking price increases from February, the most significant rises was seen in the Hawkes Bay region, up 5.1% to an asking price of $354,225. Of the 11 regions witnessing asking price falls on a seasonally adjusted basis there were three that reported a fall of greater than 5%, Central Otago / Lakes fell by 5.8% from the record set last month to $604,824, Gisborne fell 9.5% to $287,097, and Takanaki witnessed the largest drop, falling by 14.1% to $282,019.

 

Regional Summary – Listings

 

New listings fell across most of the country in March with just 5 of the 19 regions seeing an increase on a year-on-year basis.

The most significant drop in listings was seen in Gisborne, falling 19.8%, and Taranaki, which fell by 15.7%

Of the 5 regions reported higher new listings than March last year, just 1 region reported significant year on year increases of over 20%. Coromandel was the region to report the highest increase of 41.7% when compared to March 2012, followed by Otago who saw an increase of 12.7%.

The main cities continue to suffer from low levels of listings. Auckland listings were down 4.6%, Wellington was down 9.9% and Canterbury was down 8.6% year on year in March.

 

Regional Summary – Inventory

 

The 12,732 new listings that came to market in March did little to ease the record low in inventory seen last month. Inventory settled at 27 weeks (weeks of equivalent sales). While this is a marginal increase on last month’s 26.2 weeks, it is still 20% less than March 2012, and well down on the long term average of 39 weeks. 

Just three regions (Gisborne, Taranaki, and West Coast) showed increases in inventory of homes on the market taking them above their respective long-term average. In addition three other regions (Central North Island, Southland, and Wairarapa) sit close to their respective long-term averages.

Market sentiment continues to favour sellers in 13 regions, with the greatest strain being felt in the 8 regions that are marked in darker blue. This includes the main metro areas of Auckland, Wellington, and Canterbury, which remain under pressure from low listings as measured against sales activity.

Auckland is 53% below its long term average, and Canterbury is 45% below its long term average.

 

Lifestyle

 

New lifestyle property listings rose across the country in March. A total of 1,081 listings came onto the market, showing an increase of 2.3% when compared to February, but a fall of 6.3% when compared to March last year. The truncated mean asking price for these listings was up by 3.5% as compared to the recent 3-month average to a record high asking price of $689,910 (up 7% when compared to March 2012).

 

Apartments

 

New listings for apartments in March were up 3.2% on a year on year basis, with 544 being brought to the market. The truncated mean asking price of new apartment listings rose 2.4% to $392,443 in March from $383,077 in February, and was also up 7.2% on a year on year basis.

The Auckland apartment market had 369 new listings coming onto the market, up 17.5% when compared to March last year. The truncated mean asking price of new listings in Auckland rose to $380,805 (March) from $380,251 (February). When compared to the recent 3-month average, this represents a rise of 1.4%.

For Media Enquiries, please contact: Paul McKenzie, 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. 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.

 

Background to Realestate.co.nz

Realestate.co.nz is the official website company of the real estate industry of New Zealand, it is an industry owned web business providing online marketing services to the real estate industry. The shareholders in the business comprise the REINZ (50%) and five of the largest real estate companies (50%).

The business operates a portfolio of websites all focused to specialist sectors of the real estate market:

Realestate.co.nz is the heart of the business and is focused to the residential property market. It features the most comprehensive selection of property for sale and rent across NZ. The website attracts a significant monthly audience of over 500,000 unique browsers, with over 120,000 of those visiting from countries outside of NZ.

In addition Realestate.co.nz receives over 30% of all traffic to property listings from mobile devices, including their iPhone and Android applications. To date these applications have been downloaded by over 145,000 users making the app the most popular property app in NZ.

nzFarms is a specialist website presenting the most comprehensive selection of farms and agricultural businesses on the market across NZ. At this time it features around 5,000 listings for all types of farms and agricultural land as well as over 11,000 lifestyle properties.

Prime Commercial is a specialist website presenting the most comprehensive selection of commercial property for purchase or lease on the market across NZ. At this time it features over 27,000 listings for all types of properties – retail, commercial, industrial and investment properties.

Prime Business is a specialist website presenting the most comprehensive selection of businesses for sale on the market across NZ. At this time it features over 4,300 listings for all types of businesses – retail, tourism, wholesale as well as franchise opportunities.

The web business of Realestate.co.nz site is the most comprehensive real estate web operation in NZ, currently hosting over 110,000 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. With a subscriber base of over 1,000 offices, the company represents over 97% of all listings from licensed real estate agents in NZ.

The full NZ Property Report for March 2013 can be downloaded here (1.2MB pdf document). Additionally the raw 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. The next NZ Property Report for April 2013 will be published on this website on 2nd May 2013 at 10am.

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

2

NZ Property Report – February 2013

Posted on: March 3rd, 2013 | Filed in Featured, NZ Property Report

The February 2013 NZ Property Report published by Realestate.co.nz provides an insight into the state of the New Zealand property market as measured by the supply side of the property market over the month of February. The key measures of the market analysed in the report are the number of new listings, the asking price expectation for those new listings and the level of inventory of unsold houses on the market at this time. The report is compiled from data captured by the website and represents close to 97% of all property movements in the NZ market as managed by licensed real estate agents.

A full print version of the NZ Property Report – February 2013 is published below and is available for download (1.2MB) and distribution.

Summary of the market – February 2013

Confidence among sellers drives an increase in both new listings & price expectations

Following seasonal listing expectations, February delivered a healthy start to the year, with 13,145 new listings coming to the market, down just 2% on last year. While up significantly from both December and January figures, the flow of new listings was not enough to meet the buyer demand in the main cities, where inventory fell to between 14 weeks and 17 weeks (measured by the number of weeks of equivalent sales).

This increase of new listings came with a higher asking price expectation from sellers, who are eager to capitalise on the demand that they are seeing in the property market. Mean asking prices in New Zealand reached $443,734 (seasonally adjusted) and 2 regions reached record highs, Wellington rose to $453,220, and Central Otago/Lakes rose to $642,251.

As has been seen for the last year, the pressure in the market caused by a shortage of listings is very focused in the main cities with provincial still not witnessing anything like the level of buyer demand or activity that is being witnessed in the main cities. For example, listings in Auckland were down 4.2% year on year in February, while sales in January rose 26.7% on last year.

 

Asking Price

The seasonally adjusted truncated mean asking price for listings in February rose by 1% to $443,734. It represents a 4% year-on-year growth in the asking price as compared to February last year. The highest year-on-year growth was seen in Central Otago/Lakes region, rising 21% to a record high of $642,251. (The highest regional listing price ever recorded in New Zealand)

The trend as seen in the chart opposite, continues to show strength in seller expectation, on the back of low listings, and strong demand in the main centers

 

New Listings

As forecasted the level of new listings coming onto the market in February increased substantially, with 13,145 listings in the month – up from 8,849 in January (49% increase). This however represents a fall of 2% on last year.

On a 12 month moving average basis a total of 132,236 new listings have come onto the market since February 2012 as compared to 127,054 in the prior 12-month period, this represents a rise of 4%.

 

Inventory

The level of unsold houses on the market at the end of February (44,698) was up slightly, when compared to January (43,056). The inventory as measured in terms of equivalent weeks of sales fell in February to a new record low of 26.2 weeks, well below the long-term average of 39 weeks.

The market remains firmly a seller’s market; with 13 of the 19 NZ regions showing inventory levels that are well below long term averages.

 

Regional Summary – Asking price expectations

The national (seasonally adjusted) truncated mean asking price expectation among sellers rose by 0.7% in February to a new high of $443,734.

The main centers, Wellington rose 4.6% to a new record high asking price of $453,220. Asking prices in Auckland, and Canterbury remained stable in February. Auckland sellers remained confident with an asking price of $603,781 (up 9% on last year), and Canterbury rose just 0.7% to $405,436 (up 7.6% on last year).

In total 13 regions reported asking price increases, with 7 of these regions seeing rises greater than 5%. The most significant rises were seen in Central Otago / Lakes, Taranaki, and Coromandel. Central Otago / Lakes showed the largest increase, up 16.4% to a record high of $642,251. Of the 6 regions witnessing asking price falls on a seasonally adjusted basis there was just one that reported a fall of greater than 5% with Otago falling by 7.2% to $278,240. 

A new record high asking price was seen in Central Otago / Lakes, rising by 16.4% to $642,251, and Wellington, rising by 4.6% to $453,220.

 

Regional Summary – Listings

New listings fell across most of the country in February with just 8 of the 19 regions seeing an increase on a year-on-year basis.

Of the 11 regions reporting year on year falls, just one region reported a significant fall (over 20%), Gisborne – falling by 24% when compared to February 2012.

8 regions reported higher new listings than February last year, with 2 regions reporting year on year increases of over 20%. Otago was the region to report the highest increase of 23.9% when compared to February 2012, followed by Coromandel who saw an increase of 21.4%.

Following the seasonal listing trend, expect strong levels of new listings coming onto the market in March (13,265 were seen last march)

The main cities continue to suffer from low levels of listings. In Auckland listings were down 4.2% year on year in February, while sales in January rose 26.7% on last year.

 

Regional Summary – Inventory

The inventory of unsold homes on the market tightened again in February – falling to a record low of 26 weeks of equivalent sales from 29 weeks (on a seasonally adjusted basis).

Four regions (Central North Island, Taranaki, West Coast, and Southland) showed increases in inventory of homes on the market taking them above their respective long-term average. In addition two other regions (Nelson and Wairarapa) sit close to their respective long-term averages.

Market sentiment continues to favour sellers in 13 regions, with the greatest strain being felt in the 9 regions that are marked in darker blue. This includes the main metro areas of Auckland, Wellington, and Canterbury, which remain under pressure from low listings as measured against sales activity. 

Both Canterbury and Waikato regions reported record low inventory in February

 

Lifestyle

New lifestyle property listings rose across the country in February, following the seasonal February trend they increased 62.1% when compared to January. A total of 1,057 listings came onto the market, showing an increase of just 0.9% when compared to February last year. The truncated mean asking price for these listings was up by 1.8% as compared to the recent 3-month average to an asking price of $656,392 (up 2% when compared to February 2012). New record high asking prices were seen in one region in New Zealand (Wellington $913,684).

 

Apartments

New listings for apartments in February were down 2.6% on a year on year basis, with 524 being brought to the market. The truncated mean asking price of new apartment listings fell 0.7% to $383,077 in February from $385,821 in January, and was down 4.8% on a year on year basis.

The Auckland apartment market had 336 new listings coming onto the market, up 2% when compared to February last year. The truncated mean asking price of new listings in Auckland rose to $380,251 (February) from $375,887 (January). When compared to the recent 3-month average, this represents a rise of 2.9%.

For Media Enquiries, please contact: Paul McKenzie, 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. 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 96% 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.

 

Background to Realestate.co.nz

Realestate.co.nz is the official website company of the real estate industry of New Zealand, it is an industry owned web business providing online marketing services to the real estate industry. The shareholders in the business comprise the REINZ (50%) and five of the largest real estate companies (50%).

The business operates a portfolio of websites all focused to specialist sectors of the real estate market:

Realestate.co.nz is the heart of the business and is focused to the residential property market. It features the most comprehensive selection of property for sale and rent across NZ. The website attracts a significant monthly audience of over 475,000 unique browsers, with over 115,000 of those visiting from countries outside of NZ.

In addition Realestate.co.nz receives over 30% of all traffic to property listings from mobile devices, including their iPhone and Android applications. To date these applications have been downloaded by over 140,000 users making the app the most popular property app in NZ.

nzFarms is a specialist website presenting the most comprehensive selection of farms and agricultural businesses on the market across NZ. At this time it features around 5,000 listings for all types of farms and agricultural land as well as over 11,000 lifestyle properties.

Prime Commercial is a specialist website presenting the most comprehensive selection of commercial property for purchase or lease on the market across NZ. At this time it features over 27,000 listings for all types of properties – retail, commercial, industrial and investment properties.

Prime Business is a specialist website presenting the most comprehensive selection of businesses for sale on the market across NZ. At this time it features over 4,300 listings for all types of businesses – retail, tourism, wholesale as well as franchise opportunities.

The web business of Realestate.co.nz site is the most comprehensive real estate web operation in NZ, currently hosting over 110,000 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. With a subscriber base of over 1,000 offices, the company represents over 97% of all listings from licensed real estate agents in NZ.

The full NZ Property Report for February 2013 can be downloaded here (1.2MB pdf document). Additionally the raw 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. The next NZ Property Report for March 2013 will be published on this website on 2nd March 2013 at 10am.

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

1

NZ Property Report – January 2013

The January 2013 NZ Property Report published by Realestate.co.nz provides an insight into the state of the New Zealand property market as measured by the supply side of the property market over the month of January. The key measures of the market analysed in the report are the number of new listings, the asking price expectation for those new listings and the level of inventory of unsold houses on the market at this time. The report is compiled from data captured by the website and represents close to 97% of all property movements in the NZ market as managed by licensed real estate agents.

A full print version of the NZ Property Report – January 2013 is published below and is available for download (1.2MB) and distribution.

Summary of the market – January 2013

Property market remains tight over summer as buyer interest surges to record heights

The first month of the year is traditionally a quiet period, with significantly less business days, and therefore listings coming onto the market tend to be subdued. This trend continued in 2013, with the New Year starting with both low levels of inventory of properties for sale, and a sluggish flow of new listings. Website traffic in January was a different story though, with over 1.5 million visits to Realestate.co.nz, hitting a new record (source – Google Analytics). It will be interesting to see how this increase in traffic translates into the REINZ sales data for January (released in the second week of February) and into both sales and new listings in February.

Asking prices rebounded in January, with the national (seasonally adjusted) mean reaching $440,507, just shy of the record asking prices seen in November last year of $446,277. This asking price increase was mainly driven by the Auckland market, which reached $607,226 (over $600,000 for a second time in history).

While some stabilisation was seen in January, inventory levels across the country remain low and the market remains a firm seller’s market across 13 of New Zealand’s 19 regions.

 

Asking Price

The seasonally adjusted truncated mean asking price for listings in January rose by 4% to $440,507. It represents a 5% year-on-year growth in the asking price as compared to January last year. The highest year-on-year growth was seen in Auckland, rising 12.4% to $607,226.

The trend as seen in the chart opposite, continues to show strength in seller expectation, on the back of low listings, and strong demand in the main centers

 

New Listings

The level of new listings coming onto the market in January rose on a seasonally adjusted basis, with a total of 8,849 new listings, representing a modest 4% year-on-year raise.

On a 12 month moving average basis a total of 132,550 new listings have come onto the market since January 2012 as compared to 124,990 in the prior 12-month period, this represents a rise of 6%.

 

Inventory

The level of unsold houses on the market at the end of January (43,506) was up slightly, when compared to December (42,513). The inventory as measured in terms of equivalent weeks of sales rose in January to 28.7 weeks, the same levels seen in November last year

While this increase in the last month was seen in 13 of the 19 NZ regions, the market remains firmly a seller’s market, and inventory on the market remains well below the long-term average of 39 weeks of equivalent sales.

 

Regional Summary – Asking price expectations

The national (seasonally adjusted) truncated mean asking price expectation among sellers rose by 4.2% in January to $440,507.

The main centers, Auckland, and Canterbury reported a rise in the asking price in January. Auckland rose 3.3% to $607,226, and Canterbury rose 3.5% to $402,742. Wellington reported a slight fall in asking price of -0.3% to $433,347.

In total 9 regions reported asking price increases, and 4 regions saw rises greater than 5%. The most significant rises were seen in Otago, Central Otago / Lakes, Northland, and Marlbourgh, with Otago showing the largest increase, up 8% to a record high of $299,845. Of the 10 regions witnessing asking price falls on a seasonally adjusted basis there were 6 that reported falls of greater than 5% with Southland falling by 14.6% to $225,541, Gisborne falling by 14.4% to $287,573, Wairarapa falling by 9.5% to $272,996, Coromandel falling 6.5% to $403,748, Nelson fell 6% to $424,463 and Manawatu/Wanganui fell 5.5% to $255,879.

A new record high asking price was seen in Otago, rising by 8% to $299,845.

 

Regional Summary – Listings

Overall new listings increased on a national basis, as seen in the adjacent chart and across the regions there were slightly more regions showing increases than falls.

There were 6 regions reporting year-on-year falls, with significant falls (over 20%) seen in just 1 region, Taranaki – falling by 30.8% when compared to January 2012.

11 regions reported higher new listings than January last year with Gisborne being the region to report the highest increase of 41.1% when compared to January 2012, followed by Otago who saw an increase of 27.2%, Central North Is with an increase of 24%, and Southland who saw an increase of 20.5%.

The data month for February will be interesting to review, as it is traditionally one of the biggest listing months of the year. Last year that total was over 13,000, Auckland seeing the majority with over 4,500 coming to the market.

Regional Summary – Inventory

The inventory of unsold homes on the market stabilised in January – rising back to November levels of 29 weeks of equivalent sales from 27 weeks (on a seasonally adjusted basis).

Four regions (West Coast, Southland, Gisborne and Taranaki) showed increases in inventory of homes on the market taking them above their respective long-term average. In addition two other regions (Otago and Wairarapa) sit close to their respective long-term averages.

Market sentiment continues to favour sellers in 13 regions, with the greatest strain being felt in the 7 regions that are marked in darker blue. This includes the main metro areas of Auckland, and Canterbury which remain under pressure from low listings as measured against sales activity. 

Auckland saw some stabilisation of inventory levels in January, rising from the record low seen in December of 14 weeks, to 15 weeks of inventory in January.

 

Lifestyle

New lifestyle property listings fell across the country in January, dropping 19.8% when compared to December. A total of 652 listings came onto the market, showing a fall of 2.8% when compared to January last year. The truncated mean asking price for these listings was up by 1.4% as compared to the recent 3-month average to an asking price of $653,269 (up 5.2% when compared to January 2012). New record high asking prices were seen in one region in New Zealand (Otago $600,500).

 

Apartments

New listings for apartments in January were up 16.8% on a year on year basis, with 334 being brought to the market. The truncated mean asking price of new apartment listings rose 1.9% to $385,821 in January from $378,750 in December, and was up 10.3% on a year on year basis. 

The Auckland apartment market had 197 new listings coming onto the market, up 10% when compared to January last year. The truncated mean asking price of new listings in Auckland rose to $375,887 (January) from $352,787 (December). When compared to the recent 3-month average, this represents a rise of 0.5%.

 

For Media Enquiries, please contact: Paul McKenzie, 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. 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 96% 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.

 

Background to Realestate.co.nz

Realestate.co.nz is the official website company of the real estate industry of New Zealand, it is an industry owned web business providing online marketing services to the real estate industry. The shareholders in the business comprise the REINZ (50%) and five of the largest real estate companies (50%).

The business operates a portfolio of websites all focused to specialist sectors of the real estate market:

Realestate.co.nz is the heart of the business and is focused to the residential property market. It features the most comprehensive selection of property for sale and rent across NZ. The website attracts a significant monthly audience of over 475,000 unique browsers, with over 115,000 of those visiting from countries outside of NZ.

In addition Realestate.co.nz receives over 29% of all traffic to property listings from mobile devices, including their iPhone and Android applications. To date these applications have been downloaded by over 134,000 users making the app the most popular property app in NZ.

nzFarms is a specialist website presenting the most comprehensive selection of farms and agricultural businesses on the market across NZ. At this time it features around 5,000 listings for all types of farms and agricultural land as well as over 11,000 lifestyle properties.

Prime Commercial is a specialist website presenting the most comprehensive selection of commercial property for purchase or lease on the market across NZ. At this time it features over 27,000 listings for all types of properties – retail, commercial, industrial and investment properties.

Prime Business is a specialist website presenting the most comprehensive selection of businesses for sale on the market across NZ. At this time it features over 4,300 listings for all types of businesses – retail, tourism, wholesale as well as franchise opportunities.

The web business of Realestate.co.nz site is the most comprehensive real estate web operation in NZ, currently hosting over 110,000 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. With a subscriber base of over 1,000 offices, the company represents over 97% of all listings from licensed real estate agents in NZ.

The full NZ Property Report for January 2013 can be downloaded here (1.2MB pdf document). Additionally the raw 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. The next NZ Property Report for February 2013 will be published on this website on 1st March 2013 at 11am.

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

Page 6 of 23« First...45678...20...Last »