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Surge of new listings on the home market

Surge of new listings on the home market

The number of new listings on the residential property market surged by 32% in October after a slowish September. Figures released by Realestate.co.nz, New Zealand’s largest online database of homes for sale, show that 13,765 new homes came onto the market in October. With the election, we didn’t see the usual spring rise in homes...

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Posted on: November 3rd, 2014
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Property prices rising slower this year

Posted on: October 6th, 2014 | Posted in Featured, NZ Property Report

Map1_Regional_map_of_asking_price_NZ_Property_Report_Sept2014The strong rise in property asking prices has slowed down markedly in recent months. Over the last year, the national asking price for properties increased by only 3.9%, compared to an 8.7% increase in the preceding year.

At the same time, the available inventory of homes for sale remains well below the long-term average. The number of homes for sale in New Zealand has been below the long-term average since January 2012. This is especially apparent in Auckland, where the inventory sits at 15 weeks of available stock, well below the long-term average inventory of 27 weeks. This means that if no new listings appear and sales continue at the current rates, it would take only 15 weeks for all available Auckland homes on the market to be sold.

Map2_Regional_map_of_new_listings_NZ_Property_Report_Sept2014Usually at this time of year, the number of new listings increases strongly every month. While the usual spring trend is evident again, the increases are not as dramatic as in previous years. “The number of new listings in August was lower than the norm, and it’s the same again in September, with 10,408 homes coming onto the market. However, new listings often peak in October and November, and we still expect a marked increase in the supply of homes for sale over the coming months,” says McKenzie.

Even though asking prices for properties are no longer rising at the same high rate as before, the prices are still growing and remain at a high level. Nationally, the average asking price of $484,791 is still close to the record of $490,550 set in June this year.

The average asking price in Waikato is virtually identical to the record of nearly $395,000 set in July, while the price in Auckland is once again above $700,000, exceeding that monthly mark for only the third time. Unlike the rest of the country, the average asking price is still rising strongly in Auckland, where home-owners now expect to sell their properties for 10% more than a year ago.

Despite the high prices and relatively low number of homes on the market, buyer interest remains strong. Last month, Realestate.co.nz had 75% more* unique daily visitors in September compared to a year ago

Realestate.co.nz is in the best position to track the available inventory and asking price variations, as Realestate.co.nz has over 20% more homes for sale on our database than their closest New Zealand competitors. This includes 96% of all homes listed through real estate agents in the country

* Based on Nielsen Average Daily UB comparison Sept 2013 – Sept 2014

Other Graphs:
SA_AskingPriceTotalNewListings

InventorySA_MMAMap3_Regional_map_of_inventory_NZ_Property_Report

 

For Media Enquiries, please contact:

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

A full copy to the Press Release is available here – download now.

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.

Methodology The realestate.co.nz data is compiled from new listings coming onto the market from the more than 1,000 licensed real estate offices across NZ, representing more than 96% of all offices. With an average monthly level of over 11,000 new listings, the realestate.co.nz data provides the largest monthly sample on the residential property market.

Seasonally adjustment The core data 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 Ltd 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.  The raw property report 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.

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 Google, or Twitter

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New home listings unseasonably low

Posted on: September 5th, 2014 | Posted in Featured, NZ Property Report

Map2_Regional_map_of_new_listings_NZ_Property_Report_Aug2014The usual surge in new home listings on the market in August is noticeably weaker this year compared to the past, with just 9,482 new listings. New residential property listings are 11.5% down on the same time last year. This fall affected most regions around the country, with only Northland, the Coromandel and Central North Island bucking the trend.

Every August, we start to see strong lifts in new home listings after the quieter winter months. The expected lift did come this year, but it’s not nearly as dramatic as in the past. For instance, we have seen an increase of 3.5% from July to August this year, compared to the same time last year, where we saw a significant lift of 8.7%. However, we still expect an upsurge before the end of the year, as new listings usually peak in October and November.

Map1_Regional_map_of_asking_price_NZ_Property_Report_Aug2014Asking prices have also eased compared to July, but remain at near record levels. Nationally, the average asking price is up 4.5% on the same time last year, with 12 of the 19 regions in New Zealand recording higher average asking prices than a year ago. In Auckland, for instance, the average asking price rose from $650,114 a year ago to $698,494 this August, after breaching the $700,000 mark in June and July. In Wellington, the average asking price in August 2014 was $457,145 (up from $445,531 the year before) and in Canterbury $449,995 (up from $422,043 the year before).

The prices properties fetch may be affected by a shortage of supply. The total inventory of homes available for sale at the end of August – only 36,694 – sits close to the record low levels seen in August last year.

Other Graphs:
SA_AskingPriceTotalNewListings

InventorySA_MMAMap3_Regional_map_of_inventory_NZ_Property_Report

 

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.

Methodology The realestate.co.nz data is compiled from new listings coming onto the market from the more than 1,000 licensed real estate offices across NZ, representing more than 96% of all offices. With an average monthly level of over 11,000 new listings, the realestate.co.nz data provides the largest monthly sample on the residential property market.

Seasonally adjustment The core data 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 Ltd 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.  The raw property report 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.

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 Google, or Twitter

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Average asking of homes remains high

Posted on: August 15th, 2014 | Posted in Buying / Selling a home, Featured, NZ Property Report

Home sellers are still expecting near record prices for their homes. The national average asking price is $488,711, only 0.4% lower than the all-time record achieved in June. Three individual regions achieved new record high asking prices in July. On average, sellers in Waikato want $394,806 for their homes, marginally higher than the previous high achieved in March this year. In Canterbury the new average asking price of $461,032 is about 2.6% above the record from January. However, these figures pale against the high of $782,682 in Central Otago – a price that outstrips the record set in May 2013 by nearly 10%.

Map2_Regional_map_of_new_listings_NZ_Property_Report_Jul2014Not only the asking price, but the number of listings in Central Otago has grown significantly, with nearly 13% more properties on the market than July last year. While the total number of newly listed properties for sale around the country exceeds the total for June, it is still not as high as at the same time last year.

The number of listings should be seen as indicative of the usual seasonal cycle. Every year, we see a surge in the number of properties in the market when spring comes around, and there is every reason to expect that the same will happen in August and September this year.

The total number of homes for sale on www.realestate.co.nz this July was 39,906. This is about 3,500 more than in July 2013.

 

Other Graphs:
SA_AskingPriceTotalNewListings

InventorySA_MMAMap3_Regional_map_of_inventory_NZ_Property_Report

 

For Media Enquiries, please contact:

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

A full copy to the Press Release is available here – download now.

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.

Methodology The realestate.co.nz data is compiled from new listings coming onto the market from the more than 1,000 licensed real estate offices across NZ, representing more than 96% of all offices. With an average monthly level of over 11,000 new listings, the realestate.co.nz data provides the largest monthly sample on the residential property market.

Seasonally adjustment The core data 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 Ltd 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.  The raw property report 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.

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 Google, or Twitter

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Average asking price reaches record $732,240 in Auckland

Posted on: July 14th, 2014 | Posted in Featured, NZ Property Report

Map1_Regional_map_of_asking_price_NZ_Property_Report_Jun2014Auckland home sellers want more for their homes than ever before, In June, the average asking price for homes in Auckland reached an all-time record of $732,240 (Seasonally Adjusted). This represents a significant increase from the previous record of $685,426 set in April.

The record asking price in Auckland drove the national average asking price up to an all time record of $490,550. All but four of the country’s 19 regions recorded higher average asking prices compared to the same month last year. Wellington recorded an average asking price of $454,358, up from the month before, but not as high as the record set in March. The average asking price in Canterbury was $443,730, compared to the record of $449,000 set in January.

Map2_Regional_map_of_new_listings_NZ_Property_Report_Jun2014The high asking prices in Auckland in particular suggest that home sellers are confident they will get their price, A factor in this may be the low overall supply of homes on the market.

The number of homes newly listed for sale was the lowest on record for June of any year. The total of 8,524 new listings is 20% less than the month before, and 6.1% less than June 2013. Only Canterbury, Wellington, Northland, and Coromandel experienced an increase in listings from the same time last year, while four regions recorded their lowest number of monthly new listings on record: Bay of Plenty, Central North Island, Gisborne, and Central Lakes.

The low number of new listings brought the overall number of homes on the New Zealand market down to just 38,693, one of the six lowest monthly totals we’ve seen. However, buyer interest is still very much in evidence. We get more than 45,000 potential home buyers visiting the realestate.co.nz website every day. These are all people specifically looking at properties for sale or rent.

Other Graphs:
SA_AskingPriceTotalNewListings

InventorySA_MMAMap3_Regional_map_of_inventory_NZ_Property_Report

 

For Media Enquiries, please contact:

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

A full copy to the Press Release is available here – download now.

*Site traffic based on Nielsen Market Intelligence, Mobile traffic increases based on Google Analytics June 2014

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.

Methodology The realestate.co.nz data is compiled from new listings coming onto the market from the more than 1,000 licensed real estate offices across NZ, representing more than 96% of all offices. With an average monthly level of over 11,000 new listings, the realestate.co.nz data provides the largest monthly sample on the residential property market.

Seasonally adjustment The core data 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 Ltd 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.  The raw property report 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.

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 Google, or Twitter

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Asking price of homes remained at record levels during May

Posted on: June 13th, 2014 | Posted in Featured, NZ Property Report

Map1_Regional_map_of_asking_price_NZ_Property_Report_May2014The average asking price of homes remains at record levels, not only in Auckland but across the country.

The national average asking price of house sellers in May was $483,524, only marginally below the all time record set in March of $484,263. In Auckland, the average asking price was $685,246, practically the same as the new record set in April of $685,426.  In Wellington the average asking price in May was $453,850, while Canterbury came to $442,784.

Despite the strong prices sought by sellers, there are still plenty of Kiwis looking for homes to buy throughout the country.  Traffic to Realestate.co.nz has risen 50% over the last 12 months, showing that buyer interest hasn’t dissipated. And traffic from mobile devices specifically, including smartphones and tablets, has grown by 90% in the last year*.

Today, more than 40% of visitor traffic to Realestate.co.nz comes from a mobile device. On weekends, the mobile traffic component is even higher as savvy buyers stay informed by connecting to the property portal while out house hunting, at open homes and at auctions.

Map2_Regional_map_of_new_listings_NZ_Property_Report_May14The good news for buyers is that the available stock of houses for sale is steadily recovering from the historic low levels of August last year. There are currently more than 40,000 homes for sale across the country as at 31 May.

There were 10,745 new listings of houses for sale in May, which was a five per cent increase from April. New property listings remain at similar levels to the same time last year, though some regions experienced a drop. The Waikato, for instance, had 19% fewer new listings in May 2014 than the same month in 2013.

For Media Enquiries, please contact:

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

A full copy to the Press Release is available here – download now.

*Site traffic increases based on Nielsen Market Intelligence, Mobile traffic increases based on Google Analytics May 2014

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.

Methodology The realestate.co.nz data is compiled from new listings coming onto the market from the more than 1,000 licensed real estate offices across NZ, representing more than 96% of all offices. With an average monthly level of over 11,000 new listings, the realestate.co.nz data provides the largest monthly sample on the residential property market.

Seasonally adjustment The core data 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 Ltd 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.  The raw property report 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.

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 – April 2014

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

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

 

Summary of the market – April 2014

Inventory recovers slightly as national asking prices ease

CoverPage_Report_Apr14After seeing record high asking price reported last month, the national average asking price eased in April to $477,460 – down 1.4% from last month, but up 7% from the same time last year. Auckland bucked the national trend, and for a second month in a row posted a new record high asking price. Auckland asking prices have risen 12% in the last year, and reached $685,426 in April.

New national listings in April showed higher levels than historic years, with 10,245 new homes come on the market. This equates to 2% more than the number of new listings seen in April 2013. However the number of new listings was significantly less (down 18%) than we reported in March this year.

The inventory of unsold homes on the market recovered again in April, rising 3% from March to 29 weeks of stock, and was up 8% on the same time last year. This shows that there continues to be rebalancing in the market, and we expect to see this continue throughout May, which historically has seen healthy listings come on the market.

While inventory (based on weeks of equivalent sales) is beginning to ease, and see some rebalancing, we are still well below the long term average inventory of 37 weeks of stock.

Regional Summary – Asking price expectations

Regional map of asking price NZ Property ReportNational asking prices eased in April to $477,460 (Seasonally Adjusted Truncated Mean), down 1.4% from last months record high, but remaining up 7% year on year.

Record high asking prices were seen again in Auckland, where the average asking price reached a new high of $685,426, up 12% on April 2013.

In total 10 regions saw asking price increases, with just 4 regions reporting an asking price increases greater than 5%. Hawkes Bay reported the largest increase, up 10% from March to $349,225. Followed by Marlborough which rose 8.4%, reporting an average asking price of $407,912

Of the 9 regions witnessing asking price falls there were 2 that reported falls greater than 5%, Gisborne saw the biggest fall, down 8% from March to $273,733. Followed by Coromandel, who witnessed a fall of 5.2% to an average asking price of $410,776.

Regional Summary – Listings

Regional map of new listings NZ Property ReportApril saw a 2% higher level of new listings than the same time last year, with 10,245 new homes coming on the market.

Year on year new listings rose across most of the country in April with 10 of the 19 regions seeing a listing increase, and 1 region reporting the same number as last month.

Of the 8 regions that reported lower new listings than April last year the most significant fall was seen in Marlborough and Otago, falling 18% and 16% respectively.

There were 10 regions reporting year on year increase of listings with Northland and Coromandel reporting the biggest increase of new listings

In the main centers, Auckland, reported 3,329 new listings, down 4% from April 2013, Wellington was down 9%, with just 755 new listings last month. But Canterbury reported an increase with 1,211new listings, up 2.5% from last year.

Regional Summary – Inventory

Regional map of inventory NZ Property ReportThe inventory of unsold homes on the market recovered again in April, rising 3% from March to 29 weeks of stock, and shows that the market is continuing to see re-balancing.

In total 17 of the 19 NZ regions are now sitting above the average inventory seen in the last 12 months. Nationally inventory (29 weeks) sits 12% above the 12 month moving average.

The rise in inventory during the last month was witnessed in 13 of the 19 NZ regions, but overall 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.

Market sentiment continues to favour sellers in 13 regions (marked in blue), with the greatest strain continuing to be felt in the 6 regions, which are marked in dark blue.

 

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 96% of all offices. With an average monthly level of over 11,000 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 700,000 unique browsers (Source: Nielsen Online Monthly UB, April 2014), with over 130,000 of those visiting from countries outside of NZ. In addition Realestate.co.nz receives over 43% of all traffic to property listings from mobile devices, including their iPhone and Android applications. To date these applications have been downloaded by over 205,000 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 2,850 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 27,000 listings for all types of properties – retail, commercial, industrial and investment properties.

Prime Business is a specialist website presenting the most comprehensive selection of businesses for sale on the market across NZ. At this time it features over 3,200 listings for all types of businesses – retail, tourism, wholesale as well as franchise opportunities.

Realestate.co.nz Ltd 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 April 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 May 2014 will be published on this website on 3rd Jun 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

 

0

Property Report – March 2014

blue pen and small houseThe 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 the market – March 2014

Residential asking prices reach new national high

CoverPage_Report_Jan14

Average asking prices of newly listed residential properties across New Zealand rose to a new record high in March driven by renewed seller confidence in the major centres.

The record high (seasonally adjusted) average asking price of $484,263 was driven up by new record asking prices in Auckland, Wellington, and Waikato.

Average Auckland asking prices have risen 12% in the last year, reaching $683,169 in March, Wellington asking prices rose 7% Year on Year to $469,487, and Waikato rose 10% Year on Year to $393,169,

New national listings in March showed lower levels than historic years, with 12,488 new homes come on the market. This equates to 2% less than the number of new listings seen in March 2013. However Auckland, Wellington, and Christchurch all saw a healthy increase in new listings, providing more selection in the biggest NZ region.

The inventory of unsold homes on the market recovered slightly in March, rising 8% from February to 28 weeks of stock, and shows that the market is beginning to see re-balancing. Due to the rise in listings Auckland began to see a recovery in inventory, rising 19% from 13 weeks to 15 weeks of stock.

Regional Summary – Asking price expectations

Regional map of asking price NZ Property Report Feb 2013

Following the record asking prices seen last month, national asking prices again reached new records in March of $484,263 (Seasonally Adjusted Truncated Mean)

Record high asking prices were seen in 3 regions in New Zealand; Auckland, where the average asking price reached a new high of $683,169 (up 12% on March 2013); Wellington, where asking prices reached $469,487 (up 7% on March 2013); and Waikato where asking prices reached $393,169 (up 10% on March 2013).

In total 8 regions saw asking price increases, with just 1 region reporting an asking price increases greater than 5%. Gisborne reported the largest increase, up 6% from February to $297,255.

Of the 11 regions witnessing asking price falls there were 5 that reported falls greater than 5%, Wairarapa saw the biggest fall, down 13% from February to $285,829. Followed by West Coast, who witnessed a fall of 12.4% to an average asking price of $280,427.

Regional Summary – Listings

Regional map of new listings NZ Property Report Feb 2014

March saw a lower level of new listings than expected, with 12,488 new homes coming on the market. This was down 2% from March last year to the lowest level of listings seen for March since 2009.

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

Of the 14 regions that reported lower new listings than February last year the most significant fall was seen in Coromandel and Nelson, falling 29% and 25% respectively.

There were 5 regions reporting year on year increase of listings with Wellington reporting the biggest increase of listings (up 11% from March 2013).

In the other main centers, Auckland, reported 4,389 new listings, up 5% from March 2013 and Canterbury reported 1,473 new listings, up 3.7% from last year.

Regional Summary – Inventory

Regional map of inventory NZ Property Report Feb 14

The inventory of unsold homes on the market recovered slightly in March, rising 8% from February to 28 weeks of stock, and shows that the market is beginning to see re-balancing.

The rise in inventory during the last month was witnessed in 13 of the 19 NZ regions, but overall 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.

Market sentiment continues to favour sellers in 12 regions (marked in blue), with the greatest strain continuing to be felt in the 6 regions, which are marked in dark blue.

Due to a healthy rise in listings, Auckland began to see a recovery in inventory, rising 19% from 13 weeks to 15 weeks of stock.

The level of unsold houses on the market at the end of March (42,152) was up slightly, when compared to February (41,731).

 

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 760,000 unique browsers (Source: Nielsen Online Monthly UB, March 2014), with over 130,000 of those visiting from countries outside of NZ. In addition Realestate.co.nz receives over 42% of all traffic to property listings from mobile devices, including their iPhone and Android applications. To date these applications have been downloaded by over 200,000 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 March 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 May 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

 

0

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

 

0

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

 

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