The Unconditional Blog

The impartial voice of the industry

 

Archive for the ‘Featured’ Category

5

The mortgagee hangover

Posted on: November 16th, 2011 | Filed in Featured, Market News

The headlines keep reminding us that we are still globally mired in what can be thought of a global economic doldrums. Europe seems perilously close to some form of collapse or at least a “lost decade” and as ever when one of our major trading partner sneezes we tend to catch a cold.

At this time, one of the measures of this – what might be thought of as a long term hangover is mortgagee sales. Those properties where for whatever reason the property owner fails to meet their obligation with the lender and proceedings ensue whereby the lender (in the main, high street banks) seek to repossess the property and auction it off as a “mortgagee sale” to recover the debt owed on the property.

This sector of the NZ property market is a background condition in boom times as well as in bust times, it just tends to be that bust times tend to raise the levels of mortgagee properties being brought to the market. Over the past 4 years this has been very evident as the chart below highlights.

At the peak of the global financial crisis in 2009 the number of mortgagee properties being marketed peaked at over 400 properties in the market and in that year a total of 2,231 mortgagee properties were placed on the market. That compared to just 571 in the whole of 2007 (pre GFC). In 2011 so far 1,535 properties have brought to the market as mortgagee listings by lenders seeking to liquidate the asset.

At this time on the market there are 396 properties being marketed by real estate agents as mortgagee properties. As mortgagee properties are not a defined category our data set relies on the use of the term mortgagee to identify such properties.

As stated this continuing prevalence of mortgagee properties on the market is a bit of a legacy hangover – a legacy we seem unable to shake. Examining year on year data as the chart below shows, the fact is that 2011 is actually worse than 2010 when judged on the perspective of the percentage representation of mortgagee properties on the market as a proportion of all properties being marketed.

The scale of the NZ mortgagee property hangover is though somewhat modest when compared to other countries, most notably the US where still some 3 years after the GFC as a result of the sub-prime mortgage fiasco mortgagee sales (foreclosures as they are called) are estimated to still total 2.1 million properties and by some estimates will take a decade to clear, by comparison NZ mortgagee listings have never represented more than 0.75% of all listings or less than 0.5% of total sales.

6

NZ Property Report – October 2011

Posted on: November 1st, 2011 | Filed in Featured, NZ Property Report

The October 2011 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 95% 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 2011 is published below and is available for download (1.5MB) and distribution.

Summary of the market – October 2011

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 truncated mean asking price to a new high of $434,161 – the highest level since the collection of data began in 2007. This rise in asking price was noticeable right across the country, with Auckland pushing a new high of $568,778.

However the volume of new listings shows a slightly different picture with an 11% seasonally adjusted decline which indicates that there is still some hesitation within property owners to bring their property onto the market. The month of October tends to see a big lift from September to satisfy the spring surge in demand; this year the increase was not so significant. This would ordinarily lead to some further tightening in the available stock of property on the market but recent sales which have not continued the year-on-year rises seen through the winter months have resulted in a rise in the inventory of unsold properties on the market. These inventory levels are still in the main below the long term average, but are edging up from the lows of 2 months ago.

The next data for November will be interesting to review as to the final flush of new listings coming onto the market in Spring – November is traditionally one of the biggest listings months of the year. Last year that total was close to 13,000 – that at a time when inventory was considerably higher than today.

Asking Price

The truncated mean asking price for all new listings in October rose again for the 3rd month in a row to $434,161 from $425,565. On a seasonally adjusted basis the asking price actually slipped 0.4% in the month indicating that whilst expectations are rising the rate of increase is not as high as seasonal factors would expect.

The long term trend as seen in the chart has been a steady increase in asking price over the past 3 years – the seasonal trend each year tends to see asking prices rise through from mid winter to October before falling back.

 

New Listings

The level of new listings coming onto the market in October rose only slightly, bucking seasonal trends. A total of 11,312 new listings came onto the market representing a 5% year-on-year decline; on a seasonally adjusted basis the fall was a more significant 10.7%.

On a 12 month moving total basis the number of new listings in the past year totals 124,503 as compared 141,139 for the same period a year ago – a fall of 12%.

 

Inventory

The level of unsold houses on the market at the end of October rose again. At the end of the month there were 48,597 houses, apartments and lifestyle properties on the market up from 46,299 in September and down from 52,043 a year ago. This current level of inventory represents 38.5 weeks of equivalent sales.

The trend as show in the adjacent chart is showing a small incline as the market stabilises once again.

 

Regional Summary – Asking price expectations

The national truncated mean asking price expectation among sellers rose to a new peak in October of $434,161. This exceeds the prior peaks of $429,249 in April of this year; and $429,033 from back in October 2007.

Across the 19 regions the signal was in all but 2 that price expectations are rising. The exceptions were the Central / Otago Queenstown Lakes region were prices fell by 11% on a comparison with recent 3 months average to $498,436 and the Central North Island region which was down 3.5% to $344,669. In the case of the Queenstown region this latest price is low as judged on a long term basis with an all time high in July 2007 of $668,973 and a low of $479,699 in Feb 2009.

There were 7 regions where asking prices rose above 5% on a comparable basis to the past 3 months, with a further 8 regions with an increase of between 1% and 5%.

 

Regional Summary – Listings

The flow of new listings onto the market has been sporadic this year. From shortages in the Autumn and Winter months to then seeing an early surge in late Winter and early Spring. The latest month of October – traditionally a strong month for listings saw a flatter performance.

Nationally the year-on-year comparison was down 5%. Across the country there were 10 of the 19 regions reporting falls in listings greater than the national average. Within this group extremely low levels of listings were seen in the Central North Island (-36%) Hawkes Bay (-38%) and Otago (-30%), a clutch of 4 regions (Gisborne, Wairarapa, Marlborough and the West Coast) all saw 19% falls.

Against these falls Northland saw a massive rise of 31% to 622 new listings, with 4 other regions reporting rises in new listings over 5%.

 

Regional Summary – Inventory

The inventory of unsold homes on the market crept up again this month to 38 weeks, still below the long term average of 41 weeks leading to the assessment that the market is in the main favouring sellers.

Across the country there were 5 regions which are certainly in a shortage of listings situation of which Canterbury and Auckland are the most significant. The former region not having seen this level of inventory for 2 years.

There are however 3 regions (Marlborough, Taranaki and Gisborne) were the market is certainly favouring buyers with high levels of inventory set against long term average.

The remaining 9 regions are balanced between buyer and sellers with a slight leaning in favour of sellers. The key factor affecting the future trend will be the extent of property sales over the months of October and November as to whether the trend of inventory keep edging up to the long term average or plateaus.

 

Lifestyle

Lifestyle property listings across the country rose in October by 14% as compared to September; when judged on a seasonally adjusted basis the performance showed an increase of 3%. There were 998 new listings added in the month with a truncated mean asking price of $609,544 which was up 8% on the recent 3 month average. Measured against October last year the asking price is up 4%. It certainly would look as though lifestyle properties are coming back onto the market after a quiet period. On a 12 month moving average basis total new listings of lifestyle properties are down 12% at 10,847.

 

Apartments

New apartment listings fell again last month from September and the high of August. A total of 446 new apartment listings came onto the market. The truncated mean asking price at $363,115 was down 3% on the prior month and 2% up on a year ago. Nationally over the past 12 months the level of new listings of apartments have fallen 15% as compared to the prior 12 month period the prior year – a total of 5,720 new apartments have come onto the market in the last 12 month period.

In the Auckland apartment market, which represents over 60% of the total market there were just 280 new listings which represented an 20% seasonally adjusted decline. In terms of asking price, the truncated mean in October was $345,321 up 6% as compared to the recent 3 month average.

 

Property Price Index

Comparing the sale price of properties across the country to the asking price expectation is not a perfect comparison; however the trends tend to align. The benefit is that the data for asking price is of the market today, whilst the selling price is reflective of the market active between 4 and 6 weeks ago. The latest comparison is highlighted below:

 

Realestate.co.nz data is compiled from asking prices of new residential listings as they come onto the market via subscribers to the realestate.co.nz website. The Realestate.co.nz website currently has over 95% of all licensed real estate offices subscribing and providing all of their listings onto the website. The asking price is presented as a truncated mean price at a 10% interval.

REINZ: data is compiled from reported unconditional residential sales from all members of the Real Estate Institute of New Zealand representing all licensed real estate offices. The sale price is published as a stratified median sales price and is developed in association with the Reserve Bank of NZ.

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, 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 95% 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.

In analysing the details of the 11,312 new listings in the month of October, a total of 170 listings have been excluded due to anomalies. The land area of the property defines the categorisation of Lifestyle property. The criterion is a property having in excess of 0.3 hectares and being situated outside metropolitan areas.

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 six 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 400,000 unique browsers, with over 110,000 of those visiting from countries outside of 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.

Zoodle is a specialist property information website providing very detailed data on all residential properties in NZ. The database comprises over 1.6m properties with detailed specifications, map and local amenities. The site provides online reports for free and for purchase covering valuation and legal information to greatly assist the needs of property buyers and sellers.

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 95% of all listings from licensed real estate agents in NZ.

 

The full NZ Property Report for October 2011 can be downloaded here (1.5MB 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 2011 will be published on this website on Thursday 1st December 2011 at 10am.

 

 

 

1

Real estate mobile search comes to the Android smartphone

Posted on: October 9th, 2011 | Filed in Featured, mobile

The success of the Realestate.co.nz app for the iPhone has transformed the NZ real estate search experience. Every day thousands of eager property seekers fire up the iPhone app to checkout what property is for sale or rent right around where they are at that time. It’s the only property app in NZ for a smartphone that utilises the GPS capability to help you discover your favourite new home, from the most comprehensive database of listings for properties on the market.

All of these benefits has made the Realestate.co.nz app for the iPhone the mobile app of choice and is why over 40,000 downloads have been made through the iTunes app store in the past 11 months – with still over 100 new downloads every day.

The iPhone is unquestionably an innovative and highly appealing device, but globally the Android operating system is proving the leader with over 500,000 activations a day globally. In NZ the Android platform offers a wide range of smartphone options and this why it is so important for all these Android smartphone owners to have a mobile app for house hunting. To meet this need Realestate.co.nz is delighted to release an Android app to complement the iPhone app .

The functionality is very similar – again offering the only GPS enabled property search app in NZ for the comprehensive selection of property on the market. The app for both iPhone and Android draws on the enormous property database of Realestate.co.nz hosting as it does over 95% of all listed properties by licensed real estate agents.

The Android app is free and can be downloaded through the Android marketplace. Simple and easy to use and sure to swell the numbers of property seekers turning to their smartphone as well as their web browser to search for their next home.

 

5

NZ Property Report – September 2011

Posted on: October 1st, 2011 | Filed in Featured, NZ Property Report

The September 2011 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 95% 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 2011 is published below and is available for download (1.5MB) and distribution.

Summary of the market – September 2011

The property has now fully entered its traditional spring period; an active time with new listings appearing as the weather improves. This year the two uncertain variables of the Rugby World Cup and the forthcoming election certainly do not appear to be affecting the supply side of the market.

New listings continued to come onto the market – by no means a flood, but much in line with seasonal trends. The current rate of sale of properties has been growing steadily over the past 6 months and whilst in last couple of months this rate of sale has been at a higher rate than listings leading to a decline in inventory; during September this balance was redressed. As a consequence in the month of September the inventory of unsold houses rose slightly.

The key measure for the month is without doubt the asking price expectation, which rose again a significant $10,000 to $525,565. This is now 3.4% ahead of September last year and just 1% below the peak asking price set in April of this year.

 

Asking Price

The truncated mean asking price for all new listings in September rose significantly from $415,078 in August to $425,565. On a seasonally adjusted basis the asking price rose by 1.5% in the month indicating that there is an emerging confidence amongst sellers of stronger prices.

There is a seasonal trend that sees asking price rise in the early spring each year, this year that seasonal rise is somewhat more significant and could result in a new peak of asking price.

 

New Listings

The level of new listings coming onto the market in September rose again in line with seasonal trends. A total of 11,117 new listings came onto the market representing a 5% year-on-year increase; on a seasonally adjusted basis the rise was a more modest 0.3%.

On a 12 month moving total basis the number of new listings in the past year totals 124,102 as compared 142,778 for the same period a year ago – a fall of 12%.

 

Inventory

The level of unsold houses on the market at the end of September rose slightly. At the end of the month there were 46,299 houses, apartments and lifestyle properties on the market up from 44,689 in August and down from 51,035 a year ago. This current level of inventory represents 37.2 weeks of equivalent sales.

From the chart the decline in inventory has been halted and a plateau is emerging.

 

Regional Summary – Asking price expectations

The national asking price expectation rose significantly in September due to seasonal factors. Across the country this trend was seen in 17 of the 19 regions reporting a rise in the truncated mean asking price as compared to the recent 3 month average. The most significant rises were seen in the Auckland, Manawatu/ Wanganui, Canterbury and the West Coast all of which exceeded 5% growth as compared to recent 3 month average.

There were just 2 regions which experienced falls in asking price, Marllborough down 1.6% and Southland down a significant 7.9%.

 

 

Regional Summary – Listings

Listings flow was strong in September with 12 of the 19 regions seeing rises.

Significant rises were seen on the West Coast and in the Marlborough region. By contrast just 4 regions saw comparable year-on-year falls in new listings. Northland saw a significant 22% fall as compared to last year.

 

 

 

Regional Summary – Inventory

Whilst the overall state of the property market still favours sellers, the trend of the past month has seen some easing in some regions as new listing levels have outpaced sales. There are still 11 of the 19 regions of the country that have an inventory measured as weeks of equivalent sales below the long term average.

The 3 key metro areas of Auckland, Wellington and Christchurch are all sitting with inventory well below long term average and have seen very active local pockets of property buying as listings in short supply have driven some active buyer activity.

 

Lifestyle

Lifestyle property listings across the country rose in September by 15% as compared to August when judged on a seasonally adjusted basis the performance showed a 4% decline. There were 878 new listings added in the month with a truncated mean asking price of $599,813 which was up 10% on the recent 3 month average. Measured against September last year the asking price is up 14%.

 

Apartments

New apartment listings returned to a more normal level last month from the peak level in August. A total of 492 new apartment listings came onto the market. The truncated mean asking price at $372,747 was up 13% on the prior month and 3% up on a year ago.

In the Auckland apartment market, which represents over 60% of the total market there were just 299 new listings which represented an 31% seasonally adjusted decline. In terms of asking price, the truncated mean in September was $336,707 up from the prior month record low of $302,425.

 

Property Price Index

Comparing the sale price of properties across the country to the asking price expectation is not a perfect comparison; however the trends tend to align. The benefit is that the data for asking price is of the market today, whilst the selling price is reflective of the market active between 4 and 6 weeks ago. The latest comparison is highlighted below:

Realestate.co.nz data is compiled from asking prices of new residential listings as they come onto the market via subscribers to the realestate.co.nz website. The Realestate.co.nz website currently has over 95% of all licensed real estate offices subscribing and providing all of their listings onto the website. The asking price is presented as a truncated mean price at a 10% interval.

REINZ: data is compiled from reported unconditional residential sales from all members of the Real Estate Institute of New Zealand representing all licensed real estate offices. The sale price is published as a stratified median house price and is developed in association with the Reserve Bank of NZ.

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, 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 95% 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.

In analysing the details of the 11,117 new listings in the month of September, a total of 169 listings have been excluded due to anomalies. The land area of the property defines the categorisation of Lifestyle property. The criterion is a property having in excess of 0.3 hectares and being situated outside metropolitan areas.

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 six 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 400,000 unique browsers, with over 110,000 of those visiting from countries outside of 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.

Zoodle is a specialist property information website providing very detailed data on all residential properties in NZ. The database comprises over 1.6m properties with detailed specifications, map and local amenities. The site provides online reports for free and for purchase covering valuation and legal information to greatly assist the needs of property buyers and sellers.

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 95% of all listings from licensed real estate agents in NZ.

 

The full NZ Property Report for September 2011 can be downloaded here (1.0MB 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 2011 will be published on this website on Tuesday 1st November 2011 at 10am.

0

Realestate.co.nz goes multilingual

Posted on: September 16th, 2011 | Filed in Featured, Website news

Thanks to the power and enormous capability of Google we are now able to offer a multilingual version of the Realestate.co.nz website. A first for NZ property fanatics, buyers, sellers and agents.

Rather than re-build the site we have made it as simple as possible to read the content of the website and all its listings in any of 48 languages as well as good old English!

Just scroll down to the footer of any page on the website and locate the “Translate” link to the right hand side of the page in the grey shaded box. This link brings up a selection list of the fill range of the most popular languages – everything from Latvian, to Korean and from Afrikaans to Yiddish. It does interestingly include Welsh, Irish and Maltese; not the most well known of global languages I must admit.

 

Selecting you chosen language then performs the Google magic to the whole of the realestate.co.nz website for the remainder of your viewing session.

Whilst the functionality is fairly comprehensive we clearly cannot confirm that all content will be translated or that the translation is accurate as a true representation of the content which is English in its original form, for this reason we would always encourage users to verify all details on properties with the listing agent before making any decisions concerning the property.

With over 30% of all daily users of the realestate.co.nz from outside NZ – amounting to over 100,000 users per month, this new service will certainly prove a boon to our international users and we trust that they will share the good news of how much easier it is now to search for NZ property in their native language.

6

Talking with our customers – interesting insights from recent survey

Posted on: September 2nd, 2011 | Filed in Buying / Selling a home, Featured, Property Investing, Renting, Website searching

We recently undertook a survey amongst our email subscriber database. What prompted this was a desire to learn more about the make up of this group of avid users of the site to see how we might improve the service we offer on Realestate.co.nz to buyers, sellers, investors, tenants and any other form of property hunting fanatic!

What we have discovered is very interesting and certainly worthy of sharing. If you participated in the survey; we really appreciate you taking the time to complete the survey and we hope with your help to repeat it again on maybe a quarterly basis as the data is valuable, and to see trends over time for some of the finding will be useful.

To start with we had 398 people complete the survey – a significant number and certainly large enough for the data to be representative of people in the market for property (we are not statisticians nor a research company so we are not trying to make any comment as to statistical margin of error etc).

The first question we asked was as to the status of the respondents.

The largest group (40%) are looking to buy property – this made up of 7% as first time buyers and 32% as general buyers. A fifth of respondents describe themselves as a landlord, with a further 7% saying that they are (or are looking to be) an investor.

Buyers

We then went on to ask the prospective buyers amongst the respondents when specifically they were looking to buy?

Not surprising was the fact that just under a third were looking to buy (we assume this is intent to be buying / searching actively as opposed to completing the purchase) in the next month. In total it would appear that over 60% of buyers are looking to be buying in the next 6 months in total, this would be expected as subscribers to the email are actively keeping tabs on the property market and receiving daily email alerts of new properties. We will be keen to ask this question again in the future to see how trends change over time by factor of market conditions and seasonality.

Additionally of interest is the fact that 11% are showing a reluctance to buy as they are waiting until the market improves.

Tenants – looking to buy

We also asked the same question of current tenants who expressed an intent to buy a property in the future. Their response was somewhat difference due to their circumstances.

Clearly the key issue for this group of respondents is the need to save for a deposit; a third of the respondents saw this as the key step to buying. Of the remainder 18% said they were looking to buy in the next 6 month, far less than active buyers, but interestingly a lower percentage (8%) felt that they would leave it until the market improves.

Type of property to buy

Going back to the group who are thinking of buying a property we asked them what type of property they were considering buying.

The majority of people (53%) looking to buy were interested in a property that would need a bit of work to be done – clearly the kiwi DIY mindset is still alive and well as people as still keen to add value to properties. This compared to just under a third who really wanted somewhere where the renovations had been completed and the property was ready to move in straight away.

Sellers

Moving from buyers to sellers we wanted to find out when those people who considered themselves sellers were looking to sell. The vast majority (83%) were looking to sell in the next 6 month, with 4 out of 10 thinking of selling in the next month, or at least putting their property on the market.

How would you sell?

We then posed an interesting question to those looking to sell. We asked them how they were looking to sell their property. Would they use a licensed agent, try and sell it themselves or might they give private selling a go, but more than likely end up using a licensed real estate agent. Having collated the results of this question we compared these with the recent Nielsen online real estate market survey asking the same question.

These results are very interesting. From both surveys the majority of respondents were likely to use a licensed agents, the sample respondents from the Realestate.co.nz email group were slightly more likely than the broader Nielsen market survey.

When it comes to selling privately the difference were significantly different, just 5% of the respondents to the Realestate.co.nz survey indicated that they would try and sell privately as against 11% for the broader Nielsen survey. Of note is the fact that the Nielsen survey was based on questionaires posted on both Trade Me and Realestate.co.nz and this is clearly showing that greater interest in private sales from Trade Me respondents to the Nielsen survey.

Investment Properties

The final set of questions we asked related to investment property. We asked those who described themselves as a landlord or investor how many properties they owned.

70% of those respondents who identified themselves as a landlord or investor had more than 2 properties with 14% having more than 5 properties. Clearly the Realestate.co.nz website is a core resource for investors looking to enhance their property portfolio.

Of these landlord we then asked if they used a Property Manager to manage their property / properties – or if they did themselves. Fully two thirds said that they managed their investment properties themselves with just one third using a professional property manager.

Probing a bit deeper we then asked them why they chose not to use a Property Manager.

Some useful insight here to assist the Property Management companies in providing support for this important sector of the property market.

 

 

3

NZ Property Report – August 2011

Posted on: September 1st, 2011 | Filed in Featured, NZ Property Report

The August 2011 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 95% 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 2011 is published below and is available for download (1.0MB) and distribution.

Summary of the market – August 2011

The property market is now showing all the signs of gearing up for a much stronger Spring season than has been seen for a number of years. The market is very firmly parked as a sellers market, with inventory levels at lows not seen since 2009. At that time, the low inventory was a result of a degree of a buy-up of distressed properties being sold at attractive prices as a result of the global economic recession. This time around, property sales have been steadily rising whilst listing have been in relative short supply.

Comparing the situation today with just 6 months ago highlights this – back in February the average number of property sales over the recent 3 months was 4,256. In July it had risen by 24% to 5,281. At the same time the number of properties on the market has fallen 15%. Traditionally the month of September shows the start of the Spring season, this year we appear to have seen an earlier rush, potentially as a function of greater economic confidence matched to attractive interest rates or possibly a potential impact of the Rugby World Cup.

The rise in asking price expectation is party explained by a seasonal uplift associated with increase in listing numbers however underlying this and as seen in the charted trend of the past 3 years there is a steady, albeit slow rise in the expected listings price for new properties coming onto the market. This recent asking price expectation is still some 3% below the recent peak of asking price back in April, however the trend is certainly upwards.

Asking Price

The truncated mean asking price for all new listings in August rose significantly from $403,474 in July to $415,0784. On a seasonally adjusted basis the asking price rose by 2.7% in the month indicating that there is an emerging confidence amongst sellers of stronger prices.

There is a seasonal trend that sees asking price rise in the August month each year, this year that seasonal rise is somewhat more significant.

New Listings

The level of new listings coming onto the market in August rose for the first time since March. A total of 10,120 new listings came onto the market representing a 3% year-on-year increase and a more significant 9% rise on a seasonally adjusted basis.

On a 12 month moving total basis the number of new listings in the past year totals 124,544 as compared 144,893 for the same period a year ago – a fall of 14%.

Inventory

The level of unsold houses on the market at the end of August continued to fall from prior months. At the end of there were 44,689 houses, apartments and lifestyle properties on the market down from 45,674 in July and down from 50,138 a year ago. This current level of inventory represents 36.7 weeks of equivalent sales.

From the chart the rate of decline in listings appears to be lessening, however given the rise in sales recently it is not expected that inventory levels will rise in the coming month.

Regional Summary – Asking price expectations

The national asking price expectation picked up in August as expected due to seasonal factors. Across the country this trend was seen in 12 of the 19 regions reporting a rise in the truncated mean asking price as compared to the recent 3 month average. The most significant rises were seen in the Central North Island and the Taranaki regions, up 7.5% and 8.7% respectively. The main metropolitan regions of Auckland, Wellington and Canterbury all saw very modest movements in asking price expectation of less than 1% indicating that whilst there is a sellers market environment property price appreciation is not rampant.

There were 3 regions which experienced significant asking price falls, Gisborne, Nelson and the Wiakato. The latter reporting the lowest asking price recorded going back over 4 years at $328,626.

Regional Summary – Listings

Listings has started to flow onto the market in the last month – making up for a succession of months when listings have been in short supply. The rise is most significant in those regions where the shortage became most acute a couple of months ago.

The three regions of Auckland, Bay of Plenty and Waikato were the first to show a sellers market back in May and that message seems to have got through to property owners keen to move. They have acknowledged that there has been a strong rise in sales and a shortage of available properties on the market, and now seem to be confident to list their property.

Outside of these emerging regions the remainder of the 19 regions have seen a continuing low level of new listings coming onto the market, potentially increasing the sellers market situation as the spring pick up in sales starts.

Regional Summary – Inventory

The NZ property market is now firmly anchored in a sellers market. The shortage of new listings over the past 6 months, matched to a rise in sales has driven inventory level of unsold houses well below long term average.

Across the country there are now only 2 regions out of 19 that remain a buyer’s market – both small regions of Gisborne and Wairarapa. In contrast there are 9 regions that where inventory levels are significantly below long term average.

Across the country by region, the Auckland region at 24.2 weeks is currently experiencing the lowest inventory for over 4 years; Wellington at 19.4 weeks is the lowest inventory for 18 months, and in addition Nelson at 26.3 weeks is lowest for 2 years.

Lifestyle

Lifestyle property listings across the country rose in August with a 22% seasonally adjusted increase to 760 listings. As compared to last year the total still shows a 10% decline. Over the past 12 months there have been 11,061 new lifestyle property listings brought to the market down 12%.

In terms of asking price expectation, the truncated mean in August was $565,753 which was up 9% on a seasonally adjusted basis and up 2% on August last year.

Apartments

New apartment listings shot up in August with 629 new listings coming onto the market. This represents a 51% seasonally adjusted increase and the highest level for over 18 months. At the same time the asking price expectation fell by 12% on a seasonally adjusted basis to $328,777.

In the Auckland apartment market, which represents over 60% of the total market there were 462 new listings which represented an 81% seasonally adjusted increase. In terms of asking price, the truncated mean in August was $302,425. This asking price is down 11% on a seasonally adjusted basis and is the lowest asking price since data reporting began at the start of 2007

Property Price Index

Comparing the sale price of properties across the country to the asking price expectation is not a perfect comparison; however the trends tend to align. The benefit is that the data for asking price is of the market today, whilst the selling price is reflective of the market active between 4 and 6 weeks ago. The latest comparison is highlighted below:

Realestate.co.nz data is compiled from asking prices of new residential listings as they come onto the market via subscribers to the realestate.co.nz website. The Realestate.co.nz website currently has over 95% of all licensed real estate offices subscribing and providing all of their listings onto the website. The asking price is presented as a truncated mean price at a 10% interval.

REINZ: data is compiled from reported unconditional residential sales from all members of the Real Estate Institute of New Zealand representing all licensed real estate offices. The sale price is published as a stratified median house price and is developed in association with the Reserve Bank of NZ.

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, 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 95% 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.

In analysing the details of the 10,120 new listings in the month of August, a total of 128 listings have been excluded due to anomalies. The land area of the property defines the categorisation of Lifestyle property. The criterion is a property having in excess of 0.3 hectares and being situated outside metropolitan areas.

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 six 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 400,000 unique browsers, with over 110,000 of those visiting from countries outside of 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.

Zoodle is a specialist property information website providing very detailed data on all residential properties in NZ. The database comprises over 1.6m properties with detailed specifications, map and local amenities. The site provides online reports for free and for purchase covering valuation and legal information to greatly assist the needs of property buyers and sellers.

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 95% of all listings from licensed real estate agents in NZ.

The full NZ Property Report for August 2011 can be downloaded here (1.0MB 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 2011 will be published on this website on Saturday 1st October 2011 at 10am.

3

Mobile property searching – the way of the future

Posted on: August 24th, 2011 | Filed in Featured, mobile, Online marketing

Homebuyers who search for property online are also turning to their mobile devices to locate properties for sale. This fact has been presented in the latest survey undertaken by Nielsen in the annual Nielsen Real Estate Market report.

As would be expected, the survey continues to show the trend of online being the most preferred and useful source of real estate information – over 95% of those surveyed stated that online was “useful or very useful”- this as compared to newspapers which dropping down from 42% to just 38% (compare this to earlier reports when more than half of respondents stated that newspapers were a useful or very useful source of property information).

The key insight though came when the survey respondents who had an internet enabled phone were asked if they had ever accessed a real estate website on the device? – 32% stated they had. This is significant as whilst there are dedicated real estate apps for the iPhone (the realestate.co.nz app) there are no mobile website versions of any NZ real estate website. People are clearly showing that they are keen to use their phone to access property information when they are out and about.

The report also discovered that real estate researchers online were much more likely than the national population to own an internet-enabled phone or device, with 48% compared to 34% of the population overall (Nielsen Consumer and Media Insights, Q2 2010 – Q1 2011).

What is significant is understanding the behaviour of accessing real estate information on a mobile device as compared to a laptop or desktop. Computers on your desk or on your lap are excellent for the “lean back” character of browsing property listings via ever more extensive galleries of high quality images. This is why real estate websites collectively attract a daily audience of over 134,000 unique browsers per day when only around 180 homes are sold each day in NZ.

Compare this with the behaviour of mobile users – they want and need information that is contextual to their location right now – what’s for sale around me? / what’s for rent here now? / When is the open home for that property 2 blocks down? / I need to contact the agent selling that home! / I want to look at the aerial image for this street to see what the backgarden looks like… and so on. People on mobiles accessing property information are not casually browsing, they are committed, active, passionate property searchers.

Back to the survey, other illuminating information provides some great insight into these mobile users.

Globally the Android platform for smartphones is now the #1 market leader with a 48% market share according to Canalys report of August 1st, additionally the platform dominates in 35 of the 56 countries surveyed. In NZ however whilst no published data is available industry opinion (web search analysis) would have the iPhone with a leadership of installed users with a ratio of close to 3 to 1 – far different to the US.

It is therefore very interesting to see from the Nielsen survey that 40% of those surveyed whilst searching for property online who had a smartphone claimed to have an Android device compared to 35% with an iPhone or iPad. This result surprised us and provided the impetus we needed to get an Android version of the Realestate.co.nz app (please be patient it is in development!).

Given the scale of adoption of the Realestate.co.nz iPhone app (over 35,000 downloads since launch in Nov last year) we were keen in the survey to see firstly how many mobile device owners had downloaded and used an app and also which app they had chosen to use.

The survey showed that of the 586 respondents that had a mobile internet enabled device 7% had downloaded an app and used that application to search for property / discover property. In terms of popularity – the clear winner is the Realestate.co.nz iPhone app – 49% people spontaneously identified that as their tools for property search.

The Nielsen Real Estate Market Report is based on a site-intercept survey on New Zealand real estate web sites conducted during May to June 2011 with a sample size of 1,219 respondents and a margin of error of 2.86 percent.
2

Sharp rise in auction properties foreshadows tightness in the market

Posted on: August 4th, 2011 | Filed in Buying / Selling a home, Featured

In a typical month, around 600 properties come onto the market advertised as auction sales. In the months of June and July this number has spiked to 1,168 and 1,132 respectively – in absolute terms these months have seen the highest recorded looking levels going back over the past 4 years.

This spike is even more significant when viewed against the decline in new listings witnessed this year. As a percentage the number of properties brought to the market in June, it was the highest ever seen at 13% – far outstripping the prior high of 9% back in September / October 2009. July has continued this trend with another month with 13% of new listings being marketed as auctions.

The vast majority of properties marketed as auctions are in the Auckland region – in July, Auckland accounted for 56% of all of the 1,132 auction properties marketed across the country in the month.

In general across all property listing categories, Auckland represents around 24% of the total – it would therefore seem that Auckland is the epicenter of NZ property auctions and in June and July over 1 in 5 of all new listings brought to the market across the Auckland market were auctions, far above any prior period.

Whilst this spike in auction listings is significant; it is important to ground the stats by stating that currently on realestate.co.nz there are 1,378 properties on the market as auctions this compares to just over 48,500 properties for sale across NZ in total on the market – that amounts to less than 3% of all properties currently on the website.

Having made that statement; there is no doubt that there is a very clear correlation between the state of the market in terms of inventory of unsold properties and the proportion of new listings being marketed as auctions. When listings are in short supply, as we are seeing at this time we tend to see a rise in the proportion of properties being marketed as auctions. The last time this happened was in 2009 as seen in the chart below:

The message is clear – the level of new listings coming onto the market over the past 3 to 4 months continues to be lean, this is matched to a steady but significant rise in property sales. Such a situation when combined with falling stock of property for sale places the “power” in the hands of sellers. In these circumstances the real estate agent acting on behalf of the seller is clearly recommending taking the property to auction to encourage those motivated buyers to battle it out in the auction rooms and front lawns to grab their chosen home.

For prospective sellers looking to put their property on the market in the coming couple of months, now would seem to be as good a time as any to get ahead of the game and list that property.

1

NZ Property Report – July 2011

Posted on: August 1st, 2011 | Filed in Featured, NZ Property Report

The July 2011 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 95% 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 2011 is published below and is available for download (1.0MB) and distribution. Alternatively watch the video below for a presentation of this month’s report.

Summary of the market – July 2011

The property market is edging toward the Spring period – a time traditionally when more buyer activity appears at open homes and new properties appear on the market. This year unlike the past couple sees a challenging set of circumstances. New listings are in short supply, not just in the major cities but now right around the country. Matched to this and as a function of this and the upturn in sales the level of inventory of unsold property on the market is edging down – nationally below the long-term average. This low level of supply, if not met by a rise in supply in the short term could result in either or both price pressure upwards or disillusioned buyers exiting the market.

This trend of falling inventory off the back of rising sales and shortages of new listings began a couple of months ago in Auckland and then spread out through the major metropolitan areas into provincial NZ. Auckland remains the epicenter of this trend and now sees a situation where available inventory of property for sale is the lowest seen since this recent property malaise began back in 2007. Auckland currently has just over 5½ months of available inventory based on the recent rate of sale, not since September 2007 has the region seen this level – the highest level of inventory was recorded in June 2008 at just over 13 months.

Whilst shortage of supply matched to low inventory and rising sales usually sees pressure on prices, the asking price for July showed what is a traditional fall – seasonally adjusted it was down 1.6% indicating that sellers new to the market are not being wildly optimistic in their expectations – potentially keener to sell quickly than inflate expectations.

Asking Price

The truncated mean asking price for all new listings in July fell significantly from $415,053 in June to $403,474. On a seasonally adjusted basis the asking price fell 1.6% in the month indicating a continued degree of caution amongst sellers.

The overall trend of the past 2 years continues to show a slow but steady strength in asking price expectation.

 

New Listings

The level of new listings coming onto the market in July fell again to 8,966. This represented a 15% year-on-year decline but a marginal 1% seasonally adjusted rise from June.

On a 12 month moving basis the number of new listings in the past year totals 124,228 as compared 145,733 for the same period a year ago – a fall of 15%.

Inventory

The level of unsold houses on the market at the end of July continued to fall from prior months. July reported 45,674 down from 47,738 in June and 48,352 in May.

The current inventory is now well below the long term average. The winter season traditionally sees a reduction in new listings, this when seen against a strengthening of sale over the past 3 months is likely to see inventory levels continue to fall as Spring approaches.

 

Regional Summary – Asking price expectations

The national asking price expectation fell in July by 3.8% vs the recent 3 month average, this performance was mirrored across the regions with 14 regions showing a fall of which 4 reported asking price falls of more than 5%.

Countering this trend were 5 regions showing strength in asking price growth the most significant region being the Central Otago Lakes region including the key center of Queenstown, this saw a 7.4% rise in asking price to $581,666 – this is 10% up on a seasonally adjusted basis which when reviewed against the shortage of listings and low inventory would seem to highlight that the Queenstown property market is gathering pace again with recent 3 months sales volume up 26%.

 

Regional Summary – Listings

The dominant perspective for the 19 regions of the country is that in terms of new listings the market is definitely skewed to favour sellers. This month there are no regions reporting year-on-year growth in new listings.

There are 7 regions showing year-on-year falls of more than 20%, most notable in size are the Central Otago, Manawatu / Wanganaui and Coromandel. The latter being a region, which has seen a heavy weight of unsold inventory for many months, and has of late seen a significant improvement as these falls in new listings have taken effect.

Two regions saw record lows of new listings – Northland with 335 down from the previous record low of 352 from last month and Marlborough with 101 down from the previous low of 110 back in April 2009.

 

Regional Summary – Inventory

The NZ property market has markedly changed in the space of 4 months – in April of this year every one of the 19 regions showed an inventory well above long term average indicating that these regions as well as the national picture at 54 weeks of equivalent sales was stuck in a buyers market as it had been for well over 18 months.

Now just 4 months later the picture shows 9 regions as defined as sellers markets, just 4 as definite buyers markets and the remainder balanced markets.

The regions that are seeing the greatest pressure in inventory are the major regions of Auckland, Otago, Nelson, Otago Lakes and the Waikato. These 5 regions are all sitting with inventory well below long term average and based on recent listing shortages will see levels fall further heading into Spring.

Despite the national view there remains a number of regions which have inventory well above long-term average of which the Wairarapa and Northland feature strongly.

 

Lifestyle

Lifestyle property listings across the country fell significantly in July to a new record low of just 628; this was below the prior low of 727 seen in January of this year. The Auckland region – one of the largest regions for lifestyle property recorded a low of 124, lower than the prior record from January 2010 of 153. Overall listings were down 25% year-on-year and down 10% on a seasonally adjusted basis.

In terms of asking price the national truncated mean asking price at $520,109 was down 5% on a seasonally adjusted basis and down 8% as against recent 3-month average.

 

Apartments

Listings of apartments showed a 16% decrease on a seasonally adjusted basis, reversing what had been a strong June for new listings of apartments. A total of 443 new apartments came onto the market in the month. The truncated mean asking price for these new listings was $372,983, which was down 4.0% on the recent 3-month average, and up 4.3% as compared to July 2010.

In the Auckland apartment market, which represents over 60% of the market there were 295 new listings with an asking price of $340,344. The new listings shows a fall of 21% on a seasonally adjusted basis, and a 15% fall when judged on a year-on-year basis.

 

Property Price Index

Comparing the sale price of properties across the country to the asking price expectation is not a perfect comparison; however the trends tend to align. The benefit is that the data for asking price is of the market today, whilst the selling price is reflective of the market active between 4 and 6 weeks ago. The latest comparison is highlighted below:

Realestate.co.nz: data is compiled from asking prices of new residential listings as they come onto the market via subscribers to the realestate.co.nz website. The Realestate.co.nz website currently has over 95% of all licensed real estate offices subscribing and providing all of their listings onto the website. The asking price is presented as a truncated mean price at a 10% interval.

REINZ: data is compiled from reported unconditional residential sales from all members of the Real Estate Institute of New Zealand representing all licensed real estate offices. The sale price is published as a stratified median house price and is developed in association with the Reserve Bank of NZ.

 

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, 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 1,020 licensed real estate offices across NZ, representing more than 95% 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.

In analysing the details of the 8,966 new listings in the month of July, a total of 135 listings have been excluded due to anomalies. The land area of the property defines the categorisation of Lifestyle property. The criterion is a property having in excess of 0.3 hectares and being situated outside metropolitan areas.

 

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 six 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 400,000 unique browsers, with over 110,000 of those visiting from countries outside of 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.

Zoodle is a specialist property information website providing very detailed data on all residential properties in NZ. The database comprises over 1.6m properties with detailed specifications, map and local amenities. The site provides online reports for free and for purchase covering valuation and legal information to greatly assist the needs of property buyers and sellers.

The web business of Realestate.co.nz site is the most comprehensive real estate web operation in NZ, currently hosting over 120,000 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 95% of all listings from licensed real estate agents in NZ.

The full NZ Property Report for July 2011 can be downloaded here (1.0MB 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 2011 will be published on this website on Thursday 1st September 2011 at 10am.

Page 9 of 20« First...7891011...20...Last »