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Wellington steals the limelight from Auckland property market

Wellington steals the limelight from Auckland property market

Wellington inventory levels at record low, upward pressure on prices  AUCKLAND, 3 May 2016 – Statistics released today by Realestate.co.nz for April 2016 show that strong demand means available inventory weeks of property for sale in Wellington is down a record 61% on the same time last year (April 2015). “That’s an all-time low for...

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Posted on: May 4th, 2016
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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

0

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.

0

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.

image009

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

0

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

0

Data indicates East Asian interest in Auckland property accounts for around 5% of those viewing online listings in the city

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

Many East Asian buyers are likely to be immigrants already living in New Zealand

AUCKLAND, 1 August 2015 – A viewership analysis by Realestate.co.nz, New Zealand’s largest property listing website, indicates that visitors to the portal who are primary speakers of an East Asian language comprise around 5% of all online traffic viewing Auckland property, up from 4% the same time last year. Moreover, geo-location analysis shows that almost half the East Asian online traffic is likely to originate in New Zealand from immigrants already living here. Realestate.co.nz carried out the data analysis of its online traffic for the period January to April 2015.

Total traffic from the ten largest East Asian countries and territories, measured as a percentage of unique sessions, accounted for 2.8% of total traffic for Auckland properties on Realestate.co.nz in January to April 2015, compared to 2.98 % for the same period last year. These nations and territories include China, Hong Kong, Taiwan, Malaysia, Singapore, South Korea, Japan, Indonesia, the Philippines and Thailand.

“This data indicates that interest in New Zealand property originating from these ten countries in East Asia has remained at a consistent and relatively small proportion of total traffic to our website, comprising slightly less than 3% in both periods measured in 2014 and 2015,” says Brendon Skipper, CEO of Realestate.co.nz.

“However, with around 5% of our visitors indicating fluency in an East Asian language, while only 2.8% of offshore traffic originate from East Asian countries, it is clear that a large number of these Asian language speakers are actually located in New Zealand.”

The default language setting in the device of each visitor to Realestate.co.nz is automatically detected, which allows the property portal to create a linguistic map of total traffic. The company is able to quantify traffic numbers for each language setting, regardless of location, including speakers of Chinese, Korean, Japanese and other East Asian languages who are residing in New Zealand.

 

Property prices stabilise nationally

Property asking prices nationwide have stabilised in July, with an increase of only 0.1% recorded. Asking prices in Auckland, Canterbury, Wellington and Hawke’s Bay have all fallen marginally, with Waikato the only major population centre to show an increase. The average asking price in Auckland decreased by 1.4% – the most significant decrease since October 2014.

 

Asking price July 2015

“We have seen occasional minor decreases in Auckland property prices over the last few years, so we must assume this is a temporary blip,” says Skipper. “The overall price graph in Auckland is still trending strongly upwards.”

Nationally, the market is tight, with inventory at its lowest level since Realestate.co.nz started recording this metric in January 2007. 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 inventory for July 2015 is 18 weeks, almost half the long-term average of 35 weeks. The West Coast and Taranaki are the only regions in the country where the current supply exceeds the local long-term average.

 

NZ Inventory July 2015Following the usual seasonal pattern, new property listings in July 2015 increased from the previous month. Listings are also up compared to July 2014, with 5.6% more properties coming onto the market this July than in the same month last year.Property listings July 2015 Seven of the 19 New Zealand regions had more properties coming on sale in July 2015 than in July 2014, including the Auckland market, which has a large influence on national figures. Waikato had the largest listing increase of 21.8%, followed by Auckland (+20.2%), Marlborough (+14.3%), Hawke’s Bay (+13.6%), Gisborne (+6.55), Northland (+4.9%) and Canterbury (+3.6%).

 

 

House Hunt on TV One

Realestate.co.nz is a major sponsor of popular television show, House Hunt (8.00pm Sundays on TV One), which follows the journeys of diverse people from all walks of life across New Zealand as they look to buy their first home. The programme highlights the varied issues facing home buyers in different regions.

Inventory_LTA_Chart_JULY_2015

 

About Realestate.co.nz

Realestate.co.nz is the official website of the New Zealand real estate industry, and provides the most comprehensive selection of licensed real estate listings. Realestate.co.nz lists more than 250,000 properties each year, representing more than 97 per cent of all listings currently marketed by real estate professionals.

 

For media enquiries, please contact:

Vanessa Taylor, Realestate.co.nz

T: +64 275 760 260

E: vanessa@realestate.co.nz

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Realestate.co.nz mobile app usage surges as serious home buyers seek competitive edge

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

National average asking price in June hits new record of $537,682

AUCKLAND, 1 July 2015 – According to Realestate.co.nz, New Zealand’s largest property listing website, the highly competitive property market has sparked a surge in mobile app usage. Not only has the total number of Realestate.co.nz mobile app users grown at a much faster rate than other platforms in the last twelve months, but the average mobile app user visits the property portal significantly more often than they did the same time last year.Yahoo1200x627

“While the number of buyers who use the website on any platform – desktop, mobile or tablet – has shown strong growth of 33% compared to the same time last year, mobile app users have increased by an even greater 44%,” reports Brendon Skipper, CEO of Realestate.co.nz.

“But more significantly, mobile app users now use the Realestate.co.nz app even more frequently than they did before. Today, the average smartphone user visits the app 16% more often than they did a year ago in June 2014.

“Clearly, serious home buyers have realised that there is a competitive advantage to be gained by inspecting online listings as frequently as possible, and the Realestate.co.nz mobile app provides a powerful platform to search for properties anytime, from anywhere.

“In addition, New Zealanders are clearly more comfortable and savvier in maximising the increasingly comprehensive toolset that comes with today’s smartphones and the applications that are available to them,” says Skipper.

 

June property data shows increase in national average asking price

Property_Asking_Price_Map_JUNE_2015While only eight of the nineteen national regions showed an increase in average asking price in June, these increases were so significant that the national average asking price rose by 0.9% to a new record of $537,682 in June. Three regions in particular saw a strong increase in the average asking price, with the Auckland market having the biggest impact nationally due to its size.

For the first time, the average asking price for Auckland homes rose above $800,000. The average asking price of $820,016 in June 2015 is 3.4% higher than the previous record of $793,260 recorded in May.

Sellers in Central Otago asked on average 9% more for their homes in June than in May, reaching an average asking price of $762,284. Gisborne asking prices experienced even higher relative growth of 10.3%, but from a lower base – the average asking price in Gisborne in June was $287,140.

Other regions that saw monthly increases in average asking price in June include: Manawatu/Wanganui (+4.8%), Taranaki (+4.5%), Otago (+2.1%), Canterbury (+1.8%) and Central North Island (+1.7%).

Major population centres such as Wellington and the Waikato saw a small decrease in the average asking price. In Wellington, it went down by 1% to $457,488, and in the Waikato by 0.5% to $385,325.

 

Property demand outstrips supply

Total_NewProperty_Listing_Map_JUNE_2015A total of 8,748 new properties were listed nationwide in June this year, 2.6% more than the corresponding month in 2014. Of these, 3,138 were in Auckland. The only other region that saw more than a thousand new properties come onto the market was Canterbury, with 1,117. More than 500 new properties were listed for sale in each of Waikato, the Bay of Plenty and Wellington.

Despite these new properties coming onto the market, the national average in overall inventory of available housing stock for sale remains at an all-time low of only 20 weeks. 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. Based on these figures, only two of the 19 regions in the country are currently rated as buyers’ markets: Southland and West Coast.

ENDS

 

2015-06-15_15282015-06-15_15292015-06-15_1529_0012015-06-15_1530

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

 

Notes:

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

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

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

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

 

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