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Has the shine gone off the Auckland property market?

Has the shine gone off the Auckland property market?

– Far North the new hot spot for buyers, Otago the new #1 for rental returns –  Interest in the Auckland property market has dropped on the back of ever increasing house prices and falling returns for investors. Auckland average asking prices rose again to another all-time high in June to $888,493, but searches on...

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Posted on: July 11th, 2016
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Scarcity of houses for sale nationally creates sellers’ market

Posted on: June 1st, 2016 | Posted in Featured, NZ Property Report

Realestate.co.nz statistics show demand and prices up, supply down

Download the full report here.

The average asking price for a New Zealand house hit an all-time high with stock at an all-time low for May 2016, in a market which is heavily favouring sellers.

Real-time market statistics released today by Realestate.co.nz show the May national average asking price reached $570,971, up 7.2 per cent from the same time the previous year.

On the supply side in May, the number of new properties that came onto the market nationally dropped 7.1 per cent from the previous month and the long term average has also fallen.

“In this environment, if no new listings were to come onto the market nationally and all the existing properties sold, theoretically there would be no properties for sale in New Zealand within 12 weeks,” says Realestate.co.nz spokesperson Vanessa Taylor.

“It’s a classic supply and demand situation and right now it’s definitely a sellers’ market,” she says.

Heightened real estate activity has been evident across both the North and South Islands.

The Central Otago/Lakes region and Nelson in the South Island are notable stand-outs, with Wellington, Waikato and Auckland in the North Island continuing to feature strongly.

Property Asking Price for May 2016

 SOUTH ISLAND REGIONS ON THE UP

In May, the Central Otago/Lakes topped New Zealand in terms of percentage average asking price at 17.2 per cent, the region also recorded the largest drop in new property listings down 32.9 per cent, both compared with the same time last year.

The average asking price for Central Otago/Lakes region for May hit $819,778.

Traffic data reveals a sharp increase in users residing in the neighbouring Otago region viewing property in Central Otago/Lakes, with engagement up by 75.98 per cent on the same time last year.

At the other end of the South Island, it’s a similar story for Nelson, which recorded a record high asking price of $510,709 and a significant drop in new property listings (down 30.9 per cent on the same time the previous year).

New Property Listings for May 2016

NORTH ISLAND DOMINATED BY MAJOR CITIES

 In April, Realestate.co.nz reported an all-time low in the number of properties for sale in Wellington.

In May, inventory levels dropped even further in the capital city. Theoretically, if no new listings were to be posted to the site and the existing properties sold, there would be no properties for sale in just 5.1 weeks (compared with 5.6 weeks in April 2016).

“Waikato also has an interesting profile,” says Vanessa Taylor.

“Asking prices are up a healthy 6.1 per cent on the previous month, coming closely behind Nelson and Central Otago/Lakes in terms of percentage increases across the country,” she says.

“At the same time new listings remain relatively static in the Waikato region.

“We could be tempted to make an assumption that Aucklanders are looking further south to the Waikato. However data shows us that we have seen a strong (75.35 per cent) increase in users from the Bay of Plenty looking at the region. In saying that, the strongest interest is actually coming from users who already reside within the Waikato region,” she says.

“Drilling further down into the data, the hot spots in the Waikato region that are most searched are Cambridge, Te Awamutu and Morrinsville. Surprisingly, data suggests that Melville could be an up and comer with a 217.59% per cent increase in online engagement.”

The average asking price in the Waikato is $467,717 compared to Auckland where it stands at $879,730.

Auckland is also suffering a fall in inventory levels, with listings down 9.2 per cent on the same time last year (May 2015).

“A fall of close to 10 per cent in listings in one year in a city the size of Auckland is very significant,” says Vanessa Taylor.

“At the same time Auckland asking prices have risen in the past month by 2.1 per cent (compared with April 2016) albeit off a high value base,” she says.

Auckland asking house prices have risen 10.9 per cent compared to the same time last year (May 2015).

 

Refer infographics –

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

 NZ Inventory of Listings for May 2016

 

About Realestate.co.nz

Realestate.co.nz is dedicated to property and is the official website of the New Zealand real estate industry. As a property listing site the information it draws on for its property report is in real time.

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

 

Glossary of terms

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

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

 

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Wellington steals the limelight from Auckland property market

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

Wellington inventory levels at record low, upward pressure on prices

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

A full copy of the report can be downloaded here.

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

Inventory of Listings, April 2016

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

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

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

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

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

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

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

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

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

 

NEW PROPERTY LISTINGS VARY AMONG MAJOR CENTRES

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

New Property Listings, April 2016

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

 

REGIONS ON THE UP

 Refer infographics –

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

Property Asking Price, April 2016

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

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

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

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

 

About Realestate.co.nz

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

 

Glossary of terms

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

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

 

For media enquiries, please contact:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

 

About Realestate.co.nz

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

 

Glossary of terms

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

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

 

—- ENDS —

For media enquiries, please contact:

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

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

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

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

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

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

 

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

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

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

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

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

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

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

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

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

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

About Realestate.co.nz

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

 

Glossary of terms

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

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

 

For media enquiries, please contact:

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

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

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

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

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

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

 

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

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

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

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

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

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

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

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

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

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

About Realestate.co.nz

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

 

Glossary of terms

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

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

For media enquiries, please contact:

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

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

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

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

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

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

 

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

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

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

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

Auckland apartment asking prices surge

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

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

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

New listings down on November last year

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

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

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

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

IOL_Nov15

 About Realestate.co.nz

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

 

Glossary of terms

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

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

 

For media enquiries, please contact:

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

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

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

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Surge in spring listings, as average asking prices plateau

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

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

 

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

npl-oct15

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

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

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

 

Prices plateau after record highs

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

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

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

 

Sellers’ market

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

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

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

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

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

 

About Realestate.co.nz

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

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Fewest homes for sale nationwide for at least eight years

Posted on: October 1st, 2015 | Posted in NZ Property Report, Uncategorized

Market demand continues to push up prices and fuel high turnover

 

AUCKLAND, 1 October 2015 – There are now fewer residential properties listed for sale nationwide than at any time since 2006, potentially longer, according to new data released by Realestate.co.nz. The largest New Zealand website dedicated only to property represents over 97% of all agent supplied property listings in the country – more than any other single resource. The data shows that in September there were only 30,988 properties for sale across New Zealand.

image005“Historically, the number of homes for sale tends to be fairly stable, following gradual, long-term trends,” says Brendon Skipper, CEO of Realestate.co.nz. “Given that the number of homes for sale when we started keeping records in January 2007 was nearly 43,000, we can safely assume that this is the fewest homes on the market in New Zealand for a much longer time, possibly a decade.”

Over the last eight years, the number of the homes for sale climbed steadily to a high point of 58,137 in April 2008. It remained consistently near 50,000 for another three years, before starting a slow, steady decline to the present level.

“We use a metric we call inventory, a measure of supply and demand that indicates how long it would take, in theory, for all the current properties on the market to be sold at the average rate of sales. In September, inventory nationally dropped to its lowest level since we’ve started keeping records,” says Skipper.

“We have only 16.3 weeks of inventory compared to the long-term average of 35 weeks. In our main centres, the situation is even more extreme. In Auckland, the inventory is only 9.6 weeks and in Wellington 11.1 weeks.”

The current inventory levels across all 19 regions of New Zealand are now below their respective long-term regional averages.

More new listings, but properties do not stay on market for long

“The fact that inventory is so low may seem surprising, given that we have seen an increase in listings in most regions compared to September last year, especially in Auckland, Waikato and Bay of Plenty. Significantly, these are the three regions with the lowest level of inventory in the country, along with Wellington. The simple truth is that these properties are now spending less time in the market, suggesting that market pressures will remain high while the current rate of turnover continues,” says Skipper. image007

“Low inventory such as this is usually associated with a sellers’ market and higher asking prices, as we have seen in recent months.”

While Realestate.co.nz data for September reveals that the average asking prices in many regions have dropped since August, the longer term trend shows strong increases in asking price. Six regions in the country achieved their highest average asking price in September 2015, with a further seven reaching their record in August. The remaining six regions have all recorded their highest ever average asking price in the last six months.

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About Realestate.co.nz

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

 

For media enquiries, please contact:

Rob Fitzgerald, Camino public relations                        Vanessa Taylor, Realestate.co.nz

T: +64 27 501 7800                                                       T: +64 275 760 260

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

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Asking prices for properties across New Zealand reach record highs in August with new national average high of $568,215

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

New highs in average asking price reached in Auckland, Waikato, Wellington and Canterbury

 

AUCKLAND, 1 September 2015 – The seasonally adjusted average asking price for homes for sale in New Zealand in August was $568,215. This reflects an increase of 5.5% in just one month, since the previous record high national asking price of $538,484 set in July. Property_Asking_Price_Map_Aug15

Data analysis by Realestate.co.nz, New Zealand’s largest property listing website, reveals that the surge in property prices is not limited to Auckland, where a new record asking price of $832,613 was reached (up from the previous record $820,016 in June 2015).

Eight of the nineteen regions across the country achieved record high average asking prices in August. These include Wellington, where the average asking price was $479,399 (up from the previous record of $469,487 set in March 2014); Canterbury, with an average asking price of $475,066 (up from $473,011 in June 2015); and Waikato, with an average asking price of $403,640 (up from $398,251 in July 2015).

Significantly higher prices were also recorded in the Bay of Plenty, the Central North Island and Hawkes Bay.

“The pressure on the Auckland market is clearly being felt in neighbouring regions as well, especially Waikato and Bay of Plenty,” says Brendon Skipper, CEO of Realestate.co.nz.

Low inventory of homes for sale

“The low inventory does not mean that there are fewer homes on the market, but rather that the turnover is faster,” says Skipper. “In fact, listings nationally are up 12.8% compared to a year ago.” NZ_Inventory_Aug15

In conjunction with the record prices nationally, the inventory of properties for sale is at its lowest level since January 2007, when Realestate.co.nz started tracking this metric. Inventory is a measure of supply and demand that indicates how long it would take, in theory, for all the current properties on the market to be sold at the current average rate of sales.

The national inventory in August was a mere 17 weeks, compared to the long-term average of 35 weeks. The shortage of inventory is most acute in the major centres – 9 weeks in Auckland, 12 weeks in Wellington, 14 weeks in Waikato and 18 weeks in Canterbury. The only region where the inventory is above the long-term average is West Coast, where there is 230 weeks of inventory, compared to a long-term average of 129. New_Property_Listings_Map_Aug15

 

About Realestate.co.nz

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

 

For media enquiries, please contact:

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

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

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

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