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Property Report – March 2014

Property Report – March 2014

The March 2014 NZ Property Report published by Realestate.co.nz provides an insight into the state of the New Zealand property market as measured by the supply side of the property market over the month of March. A full print version of the NZ Property Report – March 2014 is published below and is available for download (800kb) and distribution.   Summary of...

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Property Report – February 2014

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

blue pen and small houseThe February 2014 NZ Property Report published by Realestate.co.nz provides an insight into the state of the New Zealand property market as measured by the supply side of the property market over the month of February.

A full print version of the NZ Property Report – February 2014 is published below and is available for download (800kb) and distribution.

Summary of the market – February 2014

Sellers set a new record national asking price

CoverPage_Report_Jan14

Seller confidence has driven asking prices of new listings to record levels in February; with the national (seasonally adjusted) mean reaching a new high of 483,099. The rise in asking price was noticeable across more than half of New Zealand, with 11 regions reporting a rise in asking price.

Record high asking prices were also seen in Auckland $667,370 – up 12% Year on Year), Wairarapa ($329,396 – up 24% year on year) and West Coast ($320,245 – up 8% year on year)

Indications of higher buyer demand are already being seen by Realestate.co.nz, website traffic in February reached record levels, with over 1.7 million visits to the Realestate.co.nz sites (Source – Google Analytics). It will be interesting to see how this increase in site traffic translates into sales in the coming months.

However the number of new listings may not keep up with the potential increase in buyer demand, as February saw just 12,167 new homes come on the market, 7% less than the number of new listings seen in February 2013.

Regional Summary – Asking price expectations

Regional map of asking price NZ Property Report Feb 2013

National asking prices reached a new record in February of $483,099 (Seasonally Adjusted Truncated Mean). The record high was driven up by new record asking prices in Auckland ($677,370), where asking prices have risen by 12% in the last 12 months.

Record high asking prices were also seen in 2 other regions in New Zealand; West Coast, where asking prices reached $320,245 (up 13% on February 2013); and Wairarapa where asking prices reached $329,396 (up 24% on February 2013).

In total 11 regions saw asking price increases, with 6 regions reporting asking price increases greater than 5%. Wairarapa reported the largest increase, up 24% from January to $$329,396, followed by Marlbourgh, which rose by 16% to $418,945.

Of the 8 regions witnessing asking price falls from January there was just 1 that reported a fall greater than 5%, Coromandel fell 15%% to $420,759.

Regional Summary – Listings

Regional map of new listings NZ Property Report Feb 2014

February followed seasonal trends, with 12,167 new homes come on the market, an increase of 31% from January.

However the number of homes for sale was lower than predicted and well down on prior years with 16 of the 19 regions seeing a fall in new listings on a year-on-year basis.

Of the 16 regions that reported lower new listings than February last year the most significant fall was seen in Coromandel and Otago, falling 29% and 26% respectively.

There were just 3 regions reporting year on year increase with West Coast reporting the biggest increase of listings (up 21%).

In the main centers, Auckland, and Wellington followed that national trend, Auckland reported 4,098 new listings, down 5% from February 2013, and Wellington reported 1,141 new listings, down 1% from last year.

Bucking the national trend, Canterbury saw a 3% rise in listings, with 1,399 new listings coming on the market.

Regional Summary – Inventory

Regional map of inventory NZ Property Report Feb 14

The level of unsold houses on the market at the end of February (41,731) was up, when compared to January (40,219). The inventory as measured in terms of equivalent weeks of sales fell in February to 25.9 weeks.

The market remains firmly a seller’s market, and inventory on the market remains well below the long-term average of 37 weeks of equivalent sales.

The fall in inventory during the last month was seen in 14 of the 19 NZ regions with record low levels of 44 weeks of stock seen in Central Otago / Lakes, well below the long term average of 91 weeks.

 

For Media Enquiries, please contact:

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

Notes:

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

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

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

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

Realestate.co.nz is the heart of the business and is focused to the residential property market. The website attracts a significant monthly audience of over 654,000 unique browsers (Source: Effective Measure), with over 130,000 of those visiting from countries outside of NZ. In addition Realestate.co.nz receives over 40% of all traffic to property listings from mobile devices, including their iPhone and Android applications. To date these applications have been downloaded by over 198,000 users making the app the most popular property app in NZ. (popularity based on App Annie report of total downloads of property apps in New Zealand)

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

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

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

Realestate.co.nz is the official online property listing company of the New Zealand real estate industry, currently hosting over 100,000 listings, covering this portfolio of residential property for sale and rent, commercial property for sale and lease, rural properties and farms, as well as businesses for sale. With a subscriber base of over 1,000 offices, the company represents over 97% of all listings from licensed real estate agents in NZ. The full NZ Property Report for February 2014 can be downloaded here (800kb pdf document). Additionally the raw data is accessible here as an Excel spreadsheet enabling anyone to analyse the raw data and establish any trends or observations. Usage rights are governed under attribution to the source of the data being Realestate.co.nz. The next NZ Property Report for March 2014 will be published on this website on 2nd April 2014 at 11am.

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

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

 

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Property Report – January 2014

Posted on: February 3rd, 2014 | Posted in Featured, Market News, NZ Property Report, Real Estate Industry News, Regional News

blue pen and small houseThe January 2014 NZ Property Report published by Realestate.co.nz provides an insight into the state of the New Zealand property market as measured by the supply side of the property market over the month of January. The key measures of the market analysed in the report are the number of new listings, the asking price expectation for those new listings and the level of inventory of unsold houses on the market at this time. The report is compiled from data captured by the website and represents close to 97% of all property movements in the NZ market as managed by licensed real estate agents.

A full print version of the NZ Property Report – January 2014 is published below and is available for download (800kb) and distribution.

Summary of the market – January 2014

Growth of new listings seen, as buyer interest surges to record heights

CoverPage_Report_Jan14

The new calendar year starts with a healthy flow of new listings, which will help to meet the rising demand for property that historically is seen in the coming two months of February, and March. In total January had 9,267 new properties come on the market, up 5% from the same time last year. This increase in new listings was apparent across most of New Zealand, with 13 of our 19 regions seeing an increase in listings from January last year.

Early indications of higher buyer demand are already being seen by Realestate.co.nz, website traffic in January hit record levels, with over 1.6 million visits to the Realestate.co.nz sites (Source – Google Analytics). It will be interesting to see how this increase in site traffic translates into sales in the coming months.

Asking prices of new listings rebounded in January, with the national (seasonally adjusted) mean reaching $476,797, just short of the record asking price seen in October last year of $482,063. Record high asking prices were seen in Canterbury ($449,149 – up 11.5% Year on Year) and Otago ($304,720 – up 1.6% year on year).

Asking Price

SA_AskingPrice_Jan14

The seasonally adjusted truncated mean asking price for listings recovered from the fall seen in December, up  5.6% to $476,797 (from December), and represents a 8% growth on January 2013.

The trend seen in the chart opposite, continues to show strenght in seller expectation, on the back of healthy listings, and a strong demand for homes across New Zealand.

Regional Summary – Asking price expectations

Regional map of asking price NZ Property Report Jan 2013

National asking prices recovered in January to $476,797 (Seasonally Adjusted Truncated Mean) from the fall seen in December, nearing record asking prices recorded in October 2013.

Record high asking prices were seen in 2 regions in New Zealand; Canterbury, where the average asking price reached a new high of $449,149 (up 11.5% on January 2013); and Otago, where asking prices reached $304,720 (up 1.6% on January 2013).

In the other main centers, both Auckland and Wellington reported an increase in average asking prices from last month, Auckland rose by 1% to $663,372, and Wellington rose 4.2% to $463,912. Both sit close to the record asking prices set in their respective regions in October 2013.

In total 8 regions saw asking price increases, with 3 regions reporting asking price increases greater than 5%. Coromandel reported the largest increase, up 28.7% from December to $493,934, followed by Waikato, which rose by 9% to $381,413.

Of the 11 regions witnessing asking price falls there were 4 that reported a falls greater than 5%, the most significant falls were recorded in Central Otago / Lakes, Wairarapa, Taranaki, and Hawkes Bay. Central Otago / Lakes fell by 9.2% to $619,516, Wairarapa fell 7.2% to $265,828, Taranaki fell 5.7% to 325,241, and Hawkes Bay fell 5.5% to $331,032.

Regional Summary – Listings

Regional map of new listings NZ Property Report Jan 2014

New listings rose across most of the country in January, with 13 of the 19 regions seeing an increase in listings on a year-on-year basis.

Of the 13 regions that reported higher new listings than January last year the most significant increase in listings was seen in Coromandel, rising 39.8%, Central North Island, which rose by 29%, and Waikato, where listings were up 25% year on year.

Record low numbers of new listings were seen in Gisborne – which had just 52 new homes listed in January.

There were 6 regions reporting year on year decreases with Gisborne reporting the biggest decrease of listings (down 34.2%).

In the main centers, Auckland, Wellington, and Canterbury saw an increase in new listings. Auckland reported 2,723 new listings, up 1.2% from January 2013, Wellington reported 836 new listings, up 5% from last year, and Canterbury, saw a 8% rise in listings, with 1,082 new listings coming on the market.

Regional Summary – Inventory

Regional map of inventory NZ Property Report Dec_2013

The level of unsold houses on the market at the end of January (40,219) was up, when compared to December (38,804). The inventory as measured in terms of equivalent weeks of sales rose in January to 26.8 weeks, recovering to levels not seen since April last year

While this increase in the last month was seen in 13 of the 19 NZ regions, the market remains firmly a seller’s market, and inventory on the market remains well below the long-term average of 37 weeks of equivalent sales.

 

For Media Enquiries, please contact:

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

Notes:

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

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

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

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

Realestate.co.nz is the heart of the business and is focused to the residential property market. The website attracts a significant monthly audience of over 615,000 unique browsers (Source: Google Analytics), with over 130,000 of those visiting from countries outside of NZ. In addition Realestate.co.nz receives over 30% of all traffic to property listings from mobile devices, including their iPhone and Android applications. To date these applications have been downloaded by over 190,000 users making the app the most popular property app in NZ.

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

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

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

Realestate.co.nz is the official online property listing website of the New Zealand real estate industry, currently hosting over 100,000 listings, covering this portfolio of residential property for sale and rent, commercial property for sale and lease, rural properties and farms, as well as businesses for sale. With a subscriber base of over 1,000 offices, the company represents over 97% of all listings from licensed real estate agents in NZ. The full NZ Property Report for January 2014 can be downloaded here (800kb pdf document). Additionally the raw data is accessible here as an Excel spreadsheet enabling anyone to analyse the raw data and establish any trends or observations. Usage rights are governed under attribution to the source of the data being Realestate.co.nz. The next NZ Property Report for February 2014 will be published on this website on 1st March 2014 at 11am.

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

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

 

1

Property Report – December 2013

Posted on: January 8th, 2014 | Posted in Featured, NZ Property Report

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

A full print version of the NZ Property Report – December 2013 is published below and is available for download (2.4mb) and distribution.

Summary of the market – December 2013

2014 starts with lowest number of new listings in 7 years, but an ease in asking prices

CoverPage_Report_Dec13

December traditionally is the quietest month of the year for listing of new properties for sale, however last month we saw a significantly lower number of new listings, and recorded the lowest number of new listings coming to the market in 7 years.

The number of new listings coming to the market in December fell to a new record low, with just 8010 listings coming onto the market, down 6% on the same time last year. This decrease in new listings was particularly apparent in Auckland, Wellington, Otago, Taranaki, and Hawkes Bay where the number of new listings also fell to record low levels.

Asking prices of new listings also eased significantly in December, to $451,448 (down 5.7% from November, but still up 7% year on year). This fall is the biggest we have recorded in the last 7 years. In the main centres, Auckland, and Wellington asking witnessed a fall in December to $656,702 (Auckland), and $445,351 (Wellington). However asking prices in Canterbury rose to a record high of $443,750.

Asking Price

SA_AskingPrice_Dec13

The seasonally adjusted truncated mean asking price for listings fell significantly in December, down 5.7% to $451,448 (from November), but still remained up 6.8% on December 2013.

As can be seen from the chart (right), the fall for the month does not significantly affect the trend line, which continues to show a steady rise over the past 3 years.

New Listings

TotalNewListings_Dec13

The level of new listings coming onto the market in December fell to a record low 8,010 listings from 13,311 in November. This represents a fall of 40%, and is also down 6% when compared to December last year.

For the calendar year of 2013 a total 131,474 new listings came onto the market, as compared to 132,243 in 2012 – a fall of 0.4%. By comparison the prior years stats were 2007: 177,529; 2008: 163,488; 2009: 135,416; 2010: 138,789; 2011 124,748.

So as compared to the peak of the market in 2007 listings are down 26%.

Inventory

InventorySA_MMA_Dec13

The level of unsold homes on the market at the end of December (38,804) remained well down as compared to December last year (42,513), a drop of 9%.

The inventory as measured in terms of equivalent weeks of sales was slightly higher than last month, with 26.3 weeks of stock now available.

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

Regional Summary – Asking price expectations

Regional map of asking price NZ Property Report Dec_2013

The national (seasonally adjusted) truncated mean asking price expectation among sellers fell by 5.6% in December to an asking price of $451,448.

Record high asking prices were seen in 2 regions in New Zealand; Canterbury, where the average asking price reached a new high of $443,750 (up 14% on December 2012); and Taranaki, where asking prices reached $344,910 (up 22% on December 2012).

In the other main centers, both Auckland and Wellington reported a fall in average asking prices, Auckland fell just 0.4% to $656,702, and Wellington fell 2.7% to $445,351.

In total 10 regions saw asking price increases, with 2 regions reporting asking price increases greater than 5%. Northland reported the largest increase, up 6.5% from November to $422,779, followed by Taranaki, which rose by 5.1% to $344,910.

Of the 8 regions witnessing asking price falls there were 6 that reported a falls greater than 5%, the most significant falls were recorded in Coromandel, Waikato, Marlborough, and Gisborne. Coromandel fell by 13% to $383,684, Waikato fell 10% to $349.928, Gisborne fell 10% to 273,750, and Marlborough fell 10% to 378,485.

Regional Summary – Listings

Regional map of new listings NZ Property Report Dec_2013

New listings fell across most of the country in December to record low levels, with 13 of the 19 regions seeing a decrease in listings on a year-on-year basis.

Of the 13 regions that reported lower new listings than December last year the most significant drop in listings was seen in Taranaki, falling 30.6%, and Northland, which fell by 26.2%

Record low numbers of new listings were seen in Taranaki, Hawkes Bay, Otago, Auckland, and Wellington.

There were 6 regions reporting year on year increases with Gisborne reporting the biggest increase of listings (up 41.9%).

In the main centers, Auckland, and Wellington saw a fall in new listings to record low levels. Auckland reported 1,897 new listings, down 8% from December 2012, and Wellington reported 467 new listings, down 14% from last year. Canterbury, saw a 3% rise in listings, with 987 new listings coming on the market.

Regional Summary – Inventory

Regional map of inventory NZ Property Report Dec_2013

The inventory of unsold homes on the market recovered slightly in December to 26 weeks of equivalent sales.

Market sentiment continues remains firmly in favour of sellers in 16 regions, with the greatest strain continuing to be felt in the 8 regions that are marked in darker blue. This includes the main metro areas of Auckland, Wellington, and Canterbury, which remain under pressure from low listings as measured against sales activity.

Three regions (West Coast, Taranaki, and Southland) showed an increase in inventory of homes on the market, taking them above their respective long-term average.

For Media Enquiries, please contact:

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

Notes:

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

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

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

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

Realestate.co.nz is the heart of the business and is focused to the residential property market. The website attracts a significant monthly audience of over 580,000 unique browsers, with over 130,000 of those visiting from countries outside of NZ. In addition Realestate.co.nz receives over 30% of all traffic to property listings from mobile devices, including their iPhone and Android applications. To date these applications have been downloaded by over 185,000 users making the app the most popular property app in NZ.

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

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

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

Realestate.co.nz is the official online property listing website of the New Zealand real estate industry, currently hosting over 110,000 listings, covering this portfolio of residential property for sale and rent, commercial property for sale and lease, rural properties and farms, as well as businesses for sale. With a subscriber base of over 1,000 offices, the company represents over 97% of all listings from licensed real estate agents in NZ. The full NZ Property Report for December 2013 can be downloaded here (2.1mb pdf document). Additionally the raw data is accessible here as an Excel spreadsheet enabling anyone to analyse the raw data and establish any trends or observations. Usage rights are governed under attribution to the source of the data being Realestate.co.nz. The next NZ Property Report for January 2013 will be published on this website on 1st February 2013 at 11am.

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

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

 

1

Property Report – November 2013

Posted on: December 3rd, 2013 | Posted in Featured, Market News, NZ Property Report

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

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

Summary of the market – November 2013

Inventory levels recover slightly, as national asking price remains close to record high

CoverPage_Report_Oct13Across the country the level of inventory of property on the market eased slightly in November to 24.8 weeks, but remains low when measured against the historical average. The next 2 months of summer will see a seasonal drop in listings, so while New Zealand inventory levels lifted in November, this lift may be short lived.

The number of new listings coming to the market in November was down 5% on the same time last year. The figure of 13,311 follows strong listing numbers in October. This decrease in new listings was particularly apparent in Auckland, where the number of new listings is not keeping up with demand, falling by 7.3% from October.

Asking prices eased slightly in November, to $478,931 (down just 0.6% from the record high figure seen in October, but still up 7% year on year). In the main centres, Auckland, Wellington and Canterbury asking witnessed a slight fall in November to $659,300 (Auckland), $457,701 (Wellington), and $436,823 (Canterbury). All three regions sit close to their respective asking price peaks.

Asking Price

SA_AskingPrice_Oct13The seasonally adjusted truncated mean asking price for listings remained high, rising 7% to $463,142 (from November 2012), and down just 0.6% from the record high set in October.

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

New Listings

TotalNewListings_Nov13The level of new listings coming onto the market in November fell slightly to 13,311 from 13,978 in October. This represents a fall of 5%, and is also down 2% when compared to November last year.

On a 12 month moving average basis a total of 132,291 new listings have come onto the market since December 2012 as compared to 132,493 in the prior 12 month period, a fall of just 0.2%.

Inventory

InventorySA_MMA_Oct13The level of unsold homes on the market at the end of November (40,366) remained well down as compared to November last year (45,228), a drop of 11%.

The inventory as measured in terms of equivalent weeks of sales was slightly higher than last month, with 24.8 weeks of stock now available.

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

Regional Summary – Asking price expectations

Regional map of asking price NZ Property Report Oct_2013The national (seasonally adjusted) truncated mean asking price expectation among sellers fell by 0.6% in November to an asking price of $478,931.

Record high asking prices were also seen 1 region in New Zealand; Waikato, where the average asking price reached $389,886 (up 8% on November 2012).

In total 11 regions saw asking price increases, with 6 regions reporting asking price increases greater than 5%. West Coast reported the largest increase, up 12.8% from October to $289,609, followed by Gisborne which rose by 10% to $303,959, and Taranaki, which rose 9.7% to $328,250.

Of the 8 regions witnessing asking price falls there were 2 that reported a falls greater than 5%, Coromandel fell by 13% to $440,210, and Hawkes Bay fell 8% to $345,375.

Regional Summary – Listings

Regional map of new listings NZ Property Report Oct_2013New listings fell across most of the country in November with just 7 of the 19 regions seeing an increase on a year-on-year basis.

Of the 7 regions that reported lower new listings than November last year the most significant drop in listings was seen in Central North Island, falling 23.7%, and Southland, which fell by 19.6%

There were 12 regions reporting year on year increases with Northland reporting the biggest increase of listings (up 30%), followed by Nelson, where a 9% increase was recorded.

In the main centers, Auckland, and Wellington saw a fall in new listings. Auckland reported 4,432 new listings, down 4% from November 2012, and Wellington reported 1,110 new listings, down 4% from last year. Canterbury, saw a 6% rise in listings, with 1,566 new listings coming on the market.

Regional Summary – Inventory

Regional map of inventory NZ Property Report Oct_2013The inventory of unsold homes on the market recovered slightly in November to 25 weeks of equivalent sales.

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

Three regions (Central North Island, and Taranaki, and Southland) showed an increase in inventory of homes on the market, taking them above their respective long-term average.

For Media Enquiries, please contact:

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

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

Notes:

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

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

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

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

Realestate.co.nz is the heart of the business and is focused to the residential property market. It features the most comprehensive selection of property for sale and rent across NZ. The website attracts a significant monthly audience of over 590,000 unique browsers, with over 130,000 of those visiting from countries outside of NZ. In addition Realestate.co.nz receives over 30% of all traffic to property listings from mobile devices, including their iPhone and Android applications. To date these applications have been downloaded by over 185,000 users making the app the most popular property app in NZ.

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

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

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

The web business of Realestate.co.nz site is the most comprehensive real estate web operation in NZ, currently hosting over 110,000 listings, covering this portfolio of residential property for sale and rent, commercial property for sale and lease, rural properties and farms, as well as businesses for sale. With a subscriber base of over 1,000 offices, the company represents over 97% of all listings from licensed real estate agents in NZ. The full NZ Property Report for November 2013 can be downloaded here (2.1mb pdf document). Additionally the raw data is accessible here as an Excel spreadsheet enabling anyone to analyse the raw data and establish any trends or observations. Usage rights are governed under attribution to the source of the data being Realestate.co.nz. The next NZ Property Report for November 2013 will be published on this website on 7th January 2013 at 11am.

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

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

 

1

Property Report – October 2013

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

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

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

Summary of the market – October 2013

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

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

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

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

Asking Price

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

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

New Listings

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

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

Inventory

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

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

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

Regional Summary – Asking price expectations

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

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

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

Regional Summary – Listings

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

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

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

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

Regional Summary – Inventory

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

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

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

For Media Enquiries, please contact:

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

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

Notes:

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

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

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

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

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

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

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

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

The web business of Realestate.co.nz site is the most comprehensive real estate web operation in NZ, currently hosting over 110,000 listings, covering this portfolio of residential property for sale and rent, commercial property for sale and lease, rural properties and farms, as well as businesses for sale. With a subscriber base of over 1,000 offices, the company represents over 97% of all listings from licensed real estate agents in NZ. The full NZ Property Report for September 2013 can be downloaded here (2.1mb pdf document). Additionally the raw data is accessible here as an Excel spreadsheet enabling anyone to analyse the raw data and establish any trends or observations. Usage rights are governed under attribution to the source of the data being Realestate.co.nz. The next NZ Property Report for November 2013 will be published on this website on 1st December 2013 at 11am.

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

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

 

1

NZ Property Report – September 2013

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

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

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

Summary of the market – September 2013

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

CoverPage_Report_Sep13

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

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

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

Asking Price

SA_AskingPrice_Sep13

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

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

New Listings

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

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

 

Inventory

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

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

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

Regional Summary – Asking price expectations

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

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

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

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

 

Regional Summary – Listings

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

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

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

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

Regional Summary – Inventory

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

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

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

 

Lifestyle

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

Apartments

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

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

For Media Enquiries, please contact:

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

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

Notes:

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

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

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

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

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

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

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

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

The web business of Realestate.co.nz site is the most comprehensive real estate web operation in NZ, currently hosting over 110,000 listings, covering this portfolio of residential property for sale and rent, commercial property for sale and lease, rural properties and farms, as well as businesses for sale. With a subscriber base of over 1,000 offices, the company represents over 97% of all listings from licensed real estate agents in NZ. The full NZ Property Report for September 2013 can be downloaded here (950kb pdf document). Additionally the raw data is accessible here as an Excel spreadsheet enabling anyone to analyse the raw data and establish any trends or observations. Usage rights are governed under attribution to the source of the data being Realestate.co.nz. The next NZ Property Report for October 2013 will be published on this website on 1st November 2013 at 10am.

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

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

 

0

NZ Property Report – August 2013

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

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

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

Summary of the market – August 2013

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

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

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

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

Asking Price

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

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

New Listings

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

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

Inventory

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

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

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

Regional Summary – Asking price expectations

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

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

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

Regional Summary – Listings

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

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

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

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

Regional Summary – Inventory

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

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

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

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

Lifestyle

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

Apartments

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

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

For Media Enquiries, please contact: Paul McKenzie, Marketing Manager, Realestate.co.nz | +64 21 618 537

Notes:

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

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

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

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

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

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

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

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

The web business of Realestate.co.nz site is the most comprehensive real estate web operation in NZ, currently hosting over 110,000 listings, covering this portfolio of residential property for sale and rent, commercial property for sale and lease, rural properties and farms, as well as businesses for sale. With a subscriber base of over 1,000 offices, the company represents over 97% of all listings from licensed real estate agents in NZ. The full NZ Property Report for August 2013 can be downloaded here (650kb pdf document). Additionally the raw data is accessible here as an Excel spreadsheet enabling anyone to analyse the raw data and establish any trends or observations. Usage rights are governed under attribution to the source of the data being Realestate.co.nz. The next NZ Property Report for September 2013 will be published on this website on 1st October 2013 at 10am.

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

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

 

2

NZ Property Report – July 2013

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

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

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

Summary of the market – July 2013

National asking price reaches a new record high

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

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

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

Asking Price

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

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

New Listings

TotalNewListings_Jul13

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

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

Inventory

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

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

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

Regional Summary – Asking price expectations

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

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

Regional Summary – Listings

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

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

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

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

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

Regional Summary – Inventory

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

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

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

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

Lifestyle

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

Apartments

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

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

For Media Enquiries, please contact: Paul McKenzie, Marketing Manager, Realestate.co.nz | +64 21 618 537

Notes:

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

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

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

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

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

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

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

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

The web business of Realestate.co.nz site is the most comprehensive real estate web operation in NZ, currently hosting over 110,000 listings, covering this portfolio of residential property for sale and rent, commercial property for sale and lease, rural properties and farms, as well as businesses for sale. With a subscriber base of over 1,000 offices, the company represents over 97% of all listings from licensed real estate agents in NZ. The full NZ Property Report for July 2013 can be downloaded here (1.2MB pdf document). Additionally the raw data is accessible here as an Excel spreadsheet enabling anyone to analyse the raw data and establish any trends or observations. Usage rights are governed under attribution to the source of the data being Realestate.co.nz. The next NZ Property Report for August 2013 will be published on this website on 1st September 2013 at 10am.

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

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

1

NZ Property Report – June 2013

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

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

Summary of the market – June 2013

Inventory of unsold houses drops to 6 year low

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

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

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

Asking Price

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

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

New Listings

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

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

Inventory

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

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

Regional Summary – Asking price expectations

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

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

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

Regional Summary – Listings

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

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

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

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

 

Regional Summary – Inventory

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

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

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

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

Lifestyle

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

Apartments

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

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

For Media Enquiries, please contact: Paul McKenzie, Marketing Manager, Realestate.co.nz | +64 21 618 537

Notes:

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

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

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

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

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

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

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

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

The web business of Realestate.co.nz site is the most comprehensive real estate web operation in NZ, currently hosting over 110,000 listings, covering this portfolio of residential property for sale and rent, commercial property for sale and lease, rural properties and farms, as well as businesses for sale. With a subscriber base of over 1,000 offices, the company represents over 97% of all listings from licensed real estate agents in NZ. The full NZ Property Report for June 2013 can be downloaded here (1.2MB pdf document). Additionally the raw data is accessible here as an Excel spreadsheet enabling anyone to analyse the raw data and establish any trends or observations. Usage rights are governed under attribution to the source of the data being Realestate.co.nz. The next NZ Property Report for July 2013 will be published on this website on 1st August 2013 at 10am.

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

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

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