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The heat is off Auckland as Kiwis take a breath and park the city house hunt

The heat is off Auckland as Kiwis take a breath and park the city house hunt

Download the New Zealand Property Report in full here. The New Zealand housing market has settled into a typical pre-Christmas pattern, as Kiwis turn their focus to the upcoming holiday period. Real-time market statistics from realestate.co.nz for the past three months (ending 30 November) show a comparative cooling in demand across the main centres –...

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Posted on: December 1st, 2016
1

NZ Property Report – April 2013

Posted on: May 1st, 2013 | Posted in Featured, NZ Property Report, Uncategorized

April 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 April. 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 – April 2013 is published below and is available for download (1.2MB) and distribution.

Summary of the market – April 2013

Sellers set a new record high asking price, as inventory drops to near record low

The property market continues to show signs of confidence and heightened activity as compared to the past few years. The confidence amongst sellers bringing their properties onto the market has pushed up the (seasonally adjusted) truncated mean asking price to a new high of $447,275 – the highest level since the collection of data began in 2007. This rise in asking price was noticeable in around half of New Zealand, with Auckland reaching a new record high of $612,167, and Central Lakes Otago reaching a new high of $679,987. A record low of $353,474 was seen in Marlborough (down 9% on March figures) The number of new listings fell to 10,023, down 21.5% on March and down 1.5% year on year. In the main centers, both Auckland and Canterbury experienced an increase in listings when compared to April last year of 9.3% and 0.8% respectively and Wellingtons figure fell by just 1.9%. The next 3 months are traditionally a quiter time for the market, with lower listings ahead of the spring pick up in August. If property sales continue strongly it is likely that asking prices will continue to creep up as demand for property continues to remain high. 

Asking Price

The seasonally adjusted truncated mean asking price for listings rose 5.5% (from April 2012) and reached an all time high of $447,275. This new record asking price level was up from the prior peak of $446,277 reached in November last year. The trend as seen in the chart opposite, continues to show strength in seller 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 April fell 21.3% from March, to a total of 10,023. This represents a fall of 1.5% from April last year. On a 12 month moving average basis a total of 131,552 new listings have come to the market since April 2012, as compared to 128,994 in the prior 12 month period, a rise of 2%. This compares to REINZ reported sales, which are up 16.7% on the same 12 month comparable basis.  

Inventory

The level of unsold houses on the market at the end of April (42,225) was down slightly, when compared to March (43,930). The inventory as measured in terms of equivalent weeks of sales fell in April to 26.8 weeks, remaining well below the long-term average of 39 weeks. The market remains firmly a seller’s market; with 17 of the 19 regions showing inventory levels that are well below long term averages. Both Auckland and Canterbury continue to witness the highest extent of this. Auckland is 53% below its long term average, and Canterbury is 47% below its long term average.

Regional Summary – Asking price expectations

The national asking price expectation among sellers rose by just 0.5% in April to a new peak of $447,275. This exceeds the prior peak of $446,277 reached in November last year (seasonally adjusted truncated mean). Following the new record high for the national asking price figure, both Auckland and Central Lakes / Otago also posted record highs of $612,167, and $679,987 respectively in April. In contrast Marlborough asking prices fell 9% from March to a record low of $353,474. In total 11 regions reported asking price increases from March, the most significant rises was seen in the Central Lakes / Otago region, up 12.4% to a record high asking price of $679,987. Of the 8 regions witnessing asking price falls on a seasonally adjusted basis there were three that reported a fall of greater than 5%, Marlborough fell by 9% to $353,474, Coromandel fell 6.2% to $404,991, and Northland witnessed the largest drop, falling by 10.2% to $365,596.

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 11 of the 19 regions that reported new listings down on the prior year, with 3 of these reporting falls of over 20%. The most significant drop in listings was seen in Northland, falling 47.5%, and West Coast, which fell by 35.8% Of the 8 regions reported higher new listings than April last year, just 1 region reported significant year on year increases of over 20%. Southland was the region to report the highest increase of 30% when compared to April 2012, followed by Waikato who saw an increase of 11.3%.

Auckland listings were up 9.3% in April to 3454 listings. However due to high demand this region, this increase has not eased the pressure seen in the Auckland market.

Regional Summary – Inventory

The inventory of unsold homes on the market tightened further in April, falling to 26.8 weeks of equivilant sales, just shy of the record low inventory levels seen in February this year. Just two regions (Southland and Taranaki) showed increases in inventory of homes on the market taking them above their respective long-term average. In addition West Coast sits close to it’s respective long-term average. Market sentiment continues to favour sellers in 17 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. Auckland is 53% below its long term average, and Canterbury hit an all time low of 16 weeks, 47% below its long term average.

Lifestyle

New lifestyle property listings fell across the country in April. A total of 784 listings came onto the market, showing an fall of 27.5% when compared to March, and a fall of 6.1% when compared to April last year. The truncated mean asking price for these listings was down by 1% as compared to the recent 3-month average to an asking price of $663,152 (up 1.2% when compared to April 2012).

Apartments

New listings for apartments in April were up 18.1% on a year on year basis, with 470 being brought to the market, but were down 13.6% from March. The truncated mean asking price of new apartment listings rose 2.5% to $402,364 in April from $392,443 in March, and was also up 4.5% on a year on year basis. The Auckland apartment market had 296 new listings coming onto the market, up 17.5% when compared to April last year. The truncated mean asking price of new listings in Auckland fell to $366,355 (April) from $380,805 (March). When compared to the recent 3-month average, this represents a fall of 2.5%.

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 145,000 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 5,000 listings for all types of farms and agricultural land as well as over 11,000 lifestyle properties.

Prime Commercial is a specialist website presenting the most comprehensive selection of commercial property for purchase or lease on the market across NZ. At this time it features over 27,000 listings for all types of properties – retail, commercial, industrial and investment properties.

Prime Business is a specialist website presenting the most comprehensive selection of businesses for sale on the market across NZ. At this time it features over 4,300 listings for all types of businesses – retail, tourism, wholesale as well as franchise opportunities. 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 April 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 May 2013 will be published on this website on 3rd June 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 Email, Google, or Twitter

2

NZ Property Report – March 2013

Posted on: April 6th, 2013 | Posted in Buying / Selling a home, Featured, NZ Property Report

March 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 March. 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 – March 2013 is published below and is available for download (1.2MB) and distribution.

Summary of the market – March 2013

Property market continues to favour sellers, with asking prices near record levels.

 

Nationally the property market saw some stabilisation in March, with a mean asking price of $444,883, a small increase of 0.3% on February, but a growth of 4% on the same time last year, close to the $446,277 record set in November 2012. The average asking price (seasonally adjusted truncated mean) in both Auckland and Canterbury climbed further in March, reaching their 2nd highest recorded figures of $610,628, and 438,298 respectively.

The number of new listings fell slightly to 12,732, down 3% on February and down 4% year on year. However, the decrease in new listings was particularly apparent in the major centres, where the number of new listings in the main centres is not keeping up with demand, Wellington and Canterbury experiencing falls of 9.9% and 8.6% respectively from the same time last year, with Auckland’s figure falling by 4.6%.

The 12,732 new listings that came to market in March did little to ease the record low in inventory seen last month. Inventory – measured by weeks of equivalent sales – settled at 27 weeks. While this is a marginal increase on last month’s 26.2 weeks, it is still 20% less than March 2012, and well down on the long term average of 39 weeks.

 

Asking Price

 

The seasonally adjusted truncated mean asking price for listings in March rose by 0.3% to $444,883. It represents a 4% year-on-year growth in the asking price as compared to March last year, and is the close to the National asking price record of $446,227 which was set is November last year.

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

 

New Listings

The level of new listings coming onto the market in March fell 3% from February, to a total of 12,732. This represents a fall of 4% from March last year.

On a 12 month moving average basis a total of 131,703 new listings have come to the market since April 2012, as compared to 128,072 in the prior 12 month period, a slight rise of 2.8%. This compares to REINZ reported sales, which are up 18.1% on the same 12 month comparable basis.

 

Inventory

 

The level of unsold houses on the market at the end of March (43,930) was down slightly, when compared to February (44,698). The inventory as measured in terms of equivalent weeks of sales rose in March to 27 weeks, remaining well below the long-term average of 39 weeks. 

The market remains firmly a seller’s market; with 13 of the 19 NZ regions showing inventory levels that are well below long term averages. Both Auckland and Canterbury are witnessing the highest extent of this. Auckland is 53% below its long term average, and Canterbury is 45% below its long term average.

 

Regional Summary – Asking price expectations

The national asking price expectation among sellers rose by just 0.3% in March to $444,883, just below the high set in November 2012 of $446,277 (seasonally adjusted truncated mean).

The main centers – asking prices in Auckland, and Canterbury remained strong in March, each reporting asking prices close to the record highs seen in October 2012. Auckland sellers remained confident with an asking price of $610,628 (up 9.2% on last year), and Canterbury rose 2% from February to $413,403 (up 7.8% on last year).

In total 8 regions reported asking price increases from February, the most significant rises was seen in the Hawkes Bay region, up 5.1% to an asking price of $354,225. Of the 11 regions witnessing asking price falls on a seasonally adjusted basis there were three that reported a fall of greater than 5%, Central Otago / Lakes fell by 5.8% from the record set last month to $604,824, Gisborne fell 9.5% to $287,097, and Takanaki witnessed the largest drop, falling by 14.1% to $282,019.

 

Regional Summary – Listings

 

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

The most significant drop in listings was seen in Gisborne, falling 19.8%, and Taranaki, which fell by 15.7%

Of the 5 regions reported higher new listings than March last year, just 1 region reported significant year on year increases of over 20%. Coromandel was the region to report the highest increase of 41.7% when compared to March 2012, followed by Otago who saw an increase of 12.7%.

The main cities continue to suffer from low levels of listings. Auckland listings were down 4.6%, Wellington was down 9.9% and Canterbury was down 8.6% year on year in March.

 

Regional Summary – Inventory

 

The 12,732 new listings that came to market in March did little to ease the record low in inventory seen last month. Inventory settled at 27 weeks (weeks of equivalent sales). While this is a marginal increase on last month’s 26.2 weeks, it is still 20% less than March 2012, and well down on the long term average of 39 weeks. 

Just three regions (Gisborne, Taranaki, and West Coast) showed increases in inventory of homes on the market taking them above their respective long-term average. In addition three other regions (Central North Island, Southland, and Wairarapa) sit close to their respective long-term averages.

Market sentiment continues to favour sellers in 13 regions, with the greatest strain being 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.

Auckland is 53% below its long term average, and Canterbury is 45% below its long term average.

 

Lifestyle

 

New lifestyle property listings rose across the country in March. A total of 1,081 listings came onto the market, showing an increase of 2.3% when compared to February, but a fall of 6.3% when compared to March last year. The truncated mean asking price for these listings was up by 3.5% as compared to the recent 3-month average to a record high asking price of $689,910 (up 7% when compared to March 2012).

 

Apartments

 

New listings for apartments in March were up 3.2% on a year on year basis, with 544 being brought to the market. The truncated mean asking price of new apartment listings rose 2.4% to $392,443 in March from $383,077 in February, and was also up 7.2% on a year on year basis.

The Auckland apartment market had 369 new listings coming onto the market, up 17.5% when compared to March last year. The truncated mean asking price of new listings in Auckland rose to $380,805 (March) from $380,251 (February). When compared to the recent 3-month average, this represents a rise of 1.4%.

For Media Enquiries, please contact: Paul McKenzie, 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 145,000 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 5,000 listings for all types of farms and agricultural land as well as over 11,000 lifestyle properties.

Prime Commercial is a specialist website presenting the most comprehensive selection of commercial property for purchase or lease on the market across NZ. At this time it features over 27,000 listings for all types of properties – retail, commercial, industrial and investment properties.

Prime Business is a specialist website presenting the most comprehensive selection of businesses for sale on the market across NZ. At this time it features over 4,300 listings for all types of businesses – retail, tourism, wholesale as well as franchise opportunities.

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 March 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 April 2013 will be published on this website on 2nd May 2013 at 10am.

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

2

NZ Property Report – February 2013

Posted on: March 3rd, 2013 | Posted in Featured, NZ Property Report

The February 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 February. 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 – February 2013 is published below and is available for download (1.2MB) and distribution.

Summary of the market – February 2013

Confidence among sellers drives an increase in both new listings & price expectations

Following seasonal listing expectations, February delivered a healthy start to the year, with 13,145 new listings coming to the market, down just 2% on last year. While up significantly from both December and January figures, the flow of new listings was not enough to meet the buyer demand in the main cities, where inventory fell to between 14 weeks and 17 weeks (measured by the number of weeks of equivalent sales).

This increase of new listings came with a higher asking price expectation from sellers, who are eager to capitalise on the demand that they are seeing in the property market. Mean asking prices in New Zealand reached $443,734 (seasonally adjusted) and 2 regions reached record highs, Wellington rose to $453,220, and Central Otago/Lakes rose to $642,251.

As has been seen for the last year, the pressure in the market caused by a shortage of listings is very focused in the main cities with provincial still not witnessing anything like the level of buyer demand or activity that is being witnessed in the main cities. For example, listings in Auckland were down 4.2% year on year in February, while sales in January rose 26.7% on last year.

 

Asking Price

The seasonally adjusted truncated mean asking price for listings in February rose by 1% to $443,734. It represents a 4% year-on-year growth in the asking price as compared to February last year. The highest year-on-year growth was seen in Central Otago/Lakes region, rising 21% to a record high of $642,251. (The highest regional listing price ever recorded in New Zealand)

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

 

New Listings

As forecasted the level of new listings coming onto the market in February increased substantially, with 13,145 listings in the month – up from 8,849 in January (49% increase). This however represents a fall of 2% on last year.

On a 12 month moving average basis a total of 132,236 new listings have come onto the market since February 2012 as compared to 127,054 in the prior 12-month period, this represents a rise of 4%.

 

Inventory

The level of unsold houses on the market at the end of February (44,698) was up slightly, when compared to January (43,056). The inventory as measured in terms of equivalent weeks of sales fell in February to a new record low of 26.2 weeks, well below the long-term average of 39 weeks.

The market remains firmly a seller’s market; with 13 of the 19 NZ regions showing inventory levels that are well below long term averages.

 

Regional Summary – Asking price expectations

The national (seasonally adjusted) truncated mean asking price expectation among sellers rose by 0.7% in February to a new high of $443,734.

The main centers, Wellington rose 4.6% to a new record high asking price of $453,220. Asking prices in Auckland, and Canterbury remained stable in February. Auckland sellers remained confident with an asking price of $603,781 (up 9% on last year), and Canterbury rose just 0.7% to $405,436 (up 7.6% on last year).

In total 13 regions reported asking price increases, with 7 of these regions seeing rises greater than 5%. The most significant rises were seen in Central Otago / Lakes, Taranaki, and Coromandel. Central Otago / Lakes showed the largest increase, up 16.4% to a record high of $642,251. Of the 6 regions witnessing asking price falls on a seasonally adjusted basis there was just one that reported a fall of greater than 5% with Otago falling by 7.2% to $278,240. 

A new record high asking price was seen in Central Otago / Lakes, rising by 16.4% to $642,251, and Wellington, rising by 4.6% to $453,220.

 

Regional Summary – Listings

New listings fell across most of the country in February with just 8 of the 19 regions seeing an increase on a year-on-year basis.

Of the 11 regions reporting year on year falls, just one region reported a significant fall (over 20%), Gisborne – falling by 24% when compared to February 2012.

8 regions reported higher new listings than February last year, with 2 regions reporting year on year increases of over 20%. Otago was the region to report the highest increase of 23.9% when compared to February 2012, followed by Coromandel who saw an increase of 21.4%.

Following the seasonal listing trend, expect strong levels of new listings coming onto the market in March (13,265 were seen last march)

The main cities continue to suffer from low levels of listings. In Auckland listings were down 4.2% year on year in February, while sales in January rose 26.7% on last year.

 

Regional Summary – Inventory

The inventory of unsold homes on the market tightened again in February – falling to a record low of 26 weeks of equivalent sales from 29 weeks (on a seasonally adjusted basis).

Four regions (Central North Island, Taranaki, West Coast, and Southland) showed increases in inventory of homes on the market taking them above their respective long-term average. In addition two other regions (Nelson and Wairarapa) sit close to their respective long-term averages.

Market sentiment continues to favour sellers in 13 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, Wellington, and Canterbury, which remain under pressure from low listings as measured against sales activity. 

Both Canterbury and Waikato regions reported record low inventory in February

 

Lifestyle

New lifestyle property listings rose across the country in February, following the seasonal February trend they increased 62.1% when compared to January. A total of 1,057 listings came onto the market, showing an increase of just 0.9% when compared to February last year. The truncated mean asking price for these listings was up by 1.8% as compared to the recent 3-month average to an asking price of $656,392 (up 2% when compared to February 2012). New record high asking prices were seen in one region in New Zealand (Wellington $913,684).

 

Apartments

New listings for apartments in February were down 2.6% on a year on year basis, with 524 being brought to the market. The truncated mean asking price of new apartment listings fell 0.7% to $383,077 in February from $385,821 in January, and was down 4.8% on a year on year basis.

The Auckland apartment market had 336 new listings coming onto the market, up 2% when compared to February last year. The truncated mean asking price of new listings in Auckland rose to $380,251 (February) from $375,887 (January). When compared to the recent 3-month average, this represents a rise of 2.9%.

For Media Enquiries, please contact: Paul McKenzie, 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 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 475,000 unique browsers, with over 115,000 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 140,000 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 5,000 listings for all types of farms and agricultural land as well as over 11,000 lifestyle properties.

Prime Commercial is a specialist website presenting the most comprehensive selection of commercial property for purchase or lease on the market across NZ. At this time it features over 27,000 listings for all types of properties – retail, commercial, industrial and investment properties.

Prime Business is a specialist website presenting the most comprehensive selection of businesses for sale on the market across NZ. At this time it features over 4,300 listings for all types of businesses – retail, tourism, wholesale as well as franchise opportunities.

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 February 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 March 2013 will be published on this website on 2nd March 2013 at 10am.

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

1

NZ Property Report – January 2013

The January 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 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 2013 is published below and is available for download (1.2MB) and distribution.

Summary of the market – January 2013

Property market remains tight over summer as buyer interest surges to record heights

The first month of the year is traditionally a quiet period, with significantly less business days, and therefore listings coming onto the market tend to be subdued. This trend continued in 2013, with the New Year starting with both low levels of inventory of properties for sale, and a sluggish flow of new listings. Website traffic in January was a different story though, with over 1.5 million visits to Realestate.co.nz, hitting a new record (source – Google Analytics). It will be interesting to see how this increase in traffic translates into the REINZ sales data for January (released in the second week of February) and into both sales and new listings in February.

Asking prices rebounded in January, with the national (seasonally adjusted) mean reaching $440,507, just shy of the record asking prices seen in November last year of $446,277. This asking price increase was mainly driven by the Auckland market, which reached $607,226 (over $600,000 for a second time in history).

While some stabilisation was seen in January, inventory levels across the country remain low and the market remains a firm seller’s market across 13 of New Zealand’s 19 regions.

 

Asking Price

The seasonally adjusted truncated mean asking price for listings in January rose by 4% to $440,507. It represents a 5% year-on-year growth in the asking price as compared to January last year. The highest year-on-year growth was seen in Auckland, rising 12.4% to $607,226.

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

 

New Listings

The level of new listings coming onto the market in January rose on a seasonally adjusted basis, with a total of 8,849 new listings, representing a modest 4% year-on-year raise.

On a 12 month moving average basis a total of 132,550 new listings have come onto the market since January 2012 as compared to 124,990 in the prior 12-month period, this represents a rise of 6%.

 

Inventory

The level of unsold houses on the market at the end of January (43,506) was up slightly, when compared to December (42,513). The inventory as measured in terms of equivalent weeks of sales rose in January to 28.7 weeks, the same levels seen in November 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 39 weeks of equivalent sales.

 

Regional Summary – Asking price expectations

The national (seasonally adjusted) truncated mean asking price expectation among sellers rose by 4.2% in January to $440,507.

The main centers, Auckland, and Canterbury reported a rise in the asking price in January. Auckland rose 3.3% to $607,226, and Canterbury rose 3.5% to $402,742. Wellington reported a slight fall in asking price of -0.3% to $433,347.

In total 9 regions reported asking price increases, and 4 regions saw rises greater than 5%. The most significant rises were seen in Otago, Central Otago / Lakes, Northland, and Marlbourgh, with Otago showing the largest increase, up 8% to a record high of $299,845. Of the 10 regions witnessing asking price falls on a seasonally adjusted basis there were 6 that reported falls of greater than 5% with Southland falling by 14.6% to $225,541, Gisborne falling by 14.4% to $287,573, Wairarapa falling by 9.5% to $272,996, Coromandel falling 6.5% to $403,748, Nelson fell 6% to $424,463 and Manawatu/Wanganui fell 5.5% to $255,879.

A new record high asking price was seen in Otago, rising by 8% to $299,845.

 

Regional Summary – Listings

Overall new listings increased on a national basis, as seen in the adjacent chart and across the regions there were slightly more regions showing increases than falls.

There were 6 regions reporting year-on-year falls, with significant falls (over 20%) seen in just 1 region, Taranaki – falling by 30.8% when compared to January 2012.

11 regions reported higher new listings than January last year with Gisborne being the region to report the highest increase of 41.1% when compared to January 2012, followed by Otago who saw an increase of 27.2%, Central North Is with an increase of 24%, and Southland who saw an increase of 20.5%.

The data month for February will be interesting to review, as it is traditionally one of the biggest listing months of the year. Last year that total was over 13,000, Auckland seeing the majority with over 4,500 coming to the market.

Regional Summary – Inventory

The inventory of unsold homes on the market stabilised in January – rising back to November levels of 29 weeks of equivalent sales from 27 weeks (on a seasonally adjusted basis).

Four regions (West Coast, Southland, Gisborne and Taranaki) showed increases in inventory of homes on the market taking them above their respective long-term average. In addition two other regions (Otago and Wairarapa) sit close to their respective long-term averages.

Market sentiment continues to favour sellers in 13 regions, with the greatest strain being felt in the 7 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. 

Auckland saw some stabilisation of inventory levels in January, rising from the record low seen in December of 14 weeks, to 15 weeks of inventory in January.

 

Lifestyle

New lifestyle property listings fell across the country in January, dropping 19.8% when compared to December. A total of 652 listings came onto the market, showing a fall of 2.8% when compared to January last year. The truncated mean asking price for these listings was up by 1.4% as compared to the recent 3-month average to an asking price of $653,269 (up 5.2% when compared to January 2012). New record high asking prices were seen in one region in New Zealand (Otago $600,500).

 

Apartments

New listings for apartments in January were up 16.8% on a year on year basis, with 334 being brought to the market. The truncated mean asking price of new apartment listings rose 1.9% to $385,821 in January from $378,750 in December, and was up 10.3% on a year on year basis. 

The Auckland apartment market had 197 new listings coming onto the market, up 10% when compared to January last year. The truncated mean asking price of new listings in Auckland rose to $375,887 (January) from $352,787 (December). When compared to the recent 3-month average, this represents a rise of 0.5%.

 

For Media Enquiries, please contact: Paul McKenzie, 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 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 475,000 unique browsers, with over 115,000 of those visiting from countries outside of NZ.

In addition Realestate.co.nz receives over 29% of all traffic to property listings from mobile devices, including their iPhone and Android applications. To date these applications have been downloaded by over 134,000 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 5,000 listings for all types of farms and agricultural land as well as over 11,000 lifestyle properties.

Prime Commercial is a specialist website presenting the most comprehensive selection of commercial property for purchase or lease on the market across NZ. At this time it features over 27,000 listings for all types of properties – retail, commercial, industrial and investment properties.

Prime Business is a specialist website presenting the most comprehensive selection of businesses for sale on the market across NZ. At this time it features over 4,300 listings for all types of businesses – retail, tourism, wholesale as well as franchise opportunities.

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 January 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 February 2013 will be published on this website on 1st March 2013 at 11am.

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

1

NZ Property Report – December 2012

Posted on: January 4th, 2013 | Posted in Featured, Market News, NZ Property Report

The December 2012 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 2012 is published below and is available for download (1.2MB) and distribution.

Summary of the market – December 2012

New Year starts with even fewer properties for sale, but an ease in asking prices.

The property market saw a further tightening of supply in December, more especially in the 3 major cities where the market remains very firmly as a sellers market. In overall terms the number of new listings coming onto the market in December was considerably lower than expected given the surge in November. Overall stocks of unsold homes fell to a 5 year low of 26.6 weeks of inventory (long term average = 39 weeks).

Auckland, Waikato and Otago were most affected by low inventory levels, with stocks of unsold homes falling to a new record lows of 13.9 weeks of inventory in Auckland, 31.5 weeks in Waikato, and 20.4 weeks in Otago, each well below their long term inventory levels.

Inventory levels across the country remain low and the market remains a firms sellers market across 16 of NZ’s 19 regions.

 

Asking Price

The seasonally adjusted truncated mean asking price for listings in December eased from the record high of $446,277 set in November to a December level of $422,636. The month-on-month decrease of 5% takes the month level to 1% up on December last year.

As can be seen from the chart that the fall in the month does not significantly affect the trend line which continues to show a steady rise over the past 2 years.

 

New Listings

The level of new listings coming onto the market in December fell on a seasonally adjusted basis by 8.4%. A total of 8,482 new listings came onto the market representing a 3% year-on-year fall.

For the calendar year of 2012 a total of 132,243 new listings came onto the market as compared to 124,748 for calendar year 2011 – a rise of 6%. By comparison the prior years stats were 2007: 177,529; 2008: 163,488; 2009: 135,416; 2010: 138, 789. So as compared to the peak of the market on 2007 listings are down 26%.

 

Inventory

The level of unsold houses on the market at the end of December (42,513) was down, when compared to November (45,228). The inventory as measured in terms of equivalent weeks of sales fell to a 5 year low last month to 26.6 weeks last month. This fall was witnessed across 16 of the 19 regions.

With the rising rate of property sales, the inventory on the market has seen a significant drop over 2012 pushing it well below the long-term average of 39 weeks of equivalent sales.

 

Regional Summary – Asking price expectations

The national (seasonally adjusted) truncated mean asking price expectation among sellers fell by 5.3% in December to $422,636.

In the main centers, Auckland, and Christchurch reported a fall in the asking price in December. Auckland fell 1.5% to $588,088, and Canterbury fell 4.1% to $389,273. Wellington reported a rise in asking price of 0.8% to $434,843.

In total 5 regions reported asking price increases, and 3 regions saw rises greater than 5%. The most significant rises were seen in Gisborne, Wairarapa , and Hawkes Bay with Gisborne showing the largest increase, up 33.9% to $335,905. Of the 13 regions witnessing asking price falls on a seasonally adjusted basis there were 6 that reported a falls of greater than 5% with Northland falling by 14.4% to $366,584, Central Lakes / Otago falling by 12.8% to $515,859, Central North Is falling by 9.9% to $332,649, Marlborough falling 8.7% to $362,071, West Coast fell 7.2% to $277,538 and Taranaki fell 6.3% to $281,856.

A new record high asking price was seen in Southland, rising by 3.6% to $264,028.

 

Regional Summary – Listings

Overall new listings decreased on a national basis, as seen in the adjacent chart and across the regions there were slightly more regions showing increases than falls.

There were 11 regions reporting year-on-year falls, with significant falls (over 20%) seen in just 1 region, West Coast – falling by 35.1% when compared to December 2011.

Record low numbers of new listings were seen in West Coast, Auckland, and Wellington, putting more pressure on the already low number of listings in the main centers

8 regions reported higher new listings than December last year with Southland being the region to report the highest increase of 72.5% when compared to December 2011, Followed by Northland who saw a increase of 42.9%, and Coromandel who saw a increase of 35.8%.

Regional Summary – Inventory

The inventory of unsold homes on the market tightened significantly in December – Falling to a new record low of 26.6 weeks of equivalent sales from 29 weeks (on a seasonally adjusted basis).

Three regions (West Coast, Southland, and Central North Island) showed increases in inventory of homes on the market taking them above their respective long-term average. In addition one other region (Taranaki) sits close to it’s respective long term average.

Market sentiment now favours sellers in 14 regions, with the greatest strain being felt in the 10 regions which are marked in darker blue, which includes the main metro areas of Auckland, Wellington, and Canterbury which remain under pressure from low listings as measured against sales activity.

Auckland, Otago, and Waikato all reported record low numbers on Inventory (based on weeks of equivalent sales), with Auckland reporting an all time low of 14 weeks of equivalent sales.

 

Lifestyle

New lifestyle property listings fell across the country in December, dropping 23.7% when compared to November. A total of 813 listings came onto the market, showing a fall of 3.8% when compared to December last year. The truncated mean asking price for these listings was down by 4.8% as compared to the recent 3-month average to an asking price of $624,860 (up 13.6% when compared to December 2011). New record high asking prices were seen in 1 region in New Zealand (Hawkes Bay $765,375).

 

Apartments

New listings for apartments in December were down 6.1% on a year on year basis, with 325 being brought to the market. The truncated mean asking price of new apartment listings fell 3.9% to $378,750 in December from $394,282 in November, and was down 4.5% on a year on year basis.

The Auckland apartment market had 163 new listings coming onto the market, down 17% when compared to December last year. The truncated mean asking price of new listings in Auckland fell to $352,786 (December) from $386,818 (November) representing a 5.7% fall on the prior 3 months.

 

For Media Enquiries, please contact: Paul McKenzie, 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 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 475,000 unique browsers, with over 115,000 of those visiting from countries outside of NZ.

In addition Realestate.co.nz receives over 25% of all traffic to property listings from mobile devices, including their iPhone and Android applications. To date these applications have been downloaded by over 122,000 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 5,000 listings for all types of farms and agricultural land as well as over 11,000 lifestyle properties.

Prime Commercial is a specialist website presenting the most comprehensive selection of commercial property for purchase or lease on the market across NZ. At this time it features over 27,000 listings for all types of properties – retail, commercial, industrial and investment properties.

Prime Business is a specialist website presenting the most comprehensive selection of businesses for sale on the market across NZ. At this time it features over 4,300 listings for all types of businesses – retail, tourism, wholesale as well as franchise opportunities.

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 December 2012 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 January 2013 will be published on this website on Friday 1st February 2013 at 11am.

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

2

NZ Property Report – November 2012

The November 2012 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 2012 is published below and is available for download (1.2MB) and distribution.

Summary of the market – November 2012

Inventory hits 5 year low and adds growing pressure to the property market

The message coming from the property market is that buyers are out and about and are keen to get into the market. This eagerness to buy is matched by the availability of attractive mortgage packages, but is not being met with sufficient supply of new property listings, which is continuing to drive the current sellers market.

Inventory levels across the country remain low and the market remains a firms sellers market across 15 of NZ’s 19 regions. Overall stocks of unsold homes fell to a 5 year low of 28.7 weeks of inventory (long term average = 39 weeks). Auckland was again the most affected by low inventory levels, with stocks of unsold homes falling to a new low of 15.5 weeks of inventory, well below the long term average of 31 weeks.

The REINZ Residential Market Statistics reports strong property sales with 6,640 properties sold in October, up 33% on a year ago, and yet listing flow is not matching with just a 1.5% year on year growth. This is why the inventory supply of the property on the market (as measured by rate of sale) has fallen 29% in the past year.

This confidence on the part of sellers is certainly supported by the rate of sale of property which is being shared by real estate agents in their daily contact with the public, and can also be seen in traffic to Realestate.co.nz which has seen an increase this year of 40%, with over 1,400,000 monthly visitor sessions across all sites (Google Analytics).

 

Asking Price

The seasonally adjusted truncated mean asking price for listings steadied, rising just 0.2% to high of $446,277 in November.

The trend (as seen in the chart opposite) very clearly shows an accelerating growth in asking price over the recent 12 months (as compared to 2010/11) and shows continued strength in seller expectations.

 

New Listings

The level of new listings coming onto the market in November continued to increase, with 13,571 listings in the month – up from 12,688 in October (7% increase). However listings were only slightly up by 1.5% on November last year.

On a 12 month moving total basis the number of new listings that have come onto the market in the last year totals 132,493, as compared to 124,940 in the prior 12-month period, this represents a rise of 6%.

 

Inventory

The level of unsold houses on the market at the end of November (45,228) was up, when compared to October (43,410). The inventory as measured in terms of equivalent weeks of sales fell to a 5 year low last month to 28.7 weeks last month. This fall was witnessed across 15 of the 19 regions.

With the rising rate of property sales, the inventory on the market has seen a significant drop over the last 12 months pushing it well below the long-term average of 39 weeks of equivalent sales.

 

Regional Summary – Asking price expectations

The national (seasonally adjusted) truncated mean asking price expectation among sellers rose just 0.2% in November to a new high of $446,277.

In the main centers, Auckland, Wellington, and Christchurch all reported a fall in the asking price in November. Auckland fell 2.5% to $596,759, Wellington fell 4.2% to $431,259 and Canterbury fell 2% to $405,913.

In total 10 regions reported asking price increases, and 5 regions saw rises greater than 5%. The most significant rises were seen in the Central North Island, Northland, Manawatu/Wanganui and Southland with Central North Island showing the largest increases, up 6.9% to $369,390. Of the 9 regions witnessing asking price falls on a seasonally adjusted basis there was 3 that reported a falls of greater than 5% with Gisborne falling by 14.4% to $250,866, Hawkes Bay falling by 10.3% to $321,454 and Wairarapa falling 7.3% to $254,194

 

Regional Summary – Listings

Overall new listings increased on a national basis, as seen in the adjacent chart however across the regions there were slightly more regions showing increases than falls.

There were 11 regions reporting year-on-year rises, with significant increases (over 20%) seen in just 2 regions, the largest increases were in Gisborne (25%), and Otago (20%).

7 regions reported lower new listings than November last year with the Central North Island being the region to report the highest fall off of 35.8% when compared to November 2011, Followed by Northland who saw a fall of 21%

 

Regional Summary – Inventory

The inventory of unsold homes on the market tightened significantly in March – Falling to a new low of 28.7 weeks off equivalent sales from 33 weeks (on a seasonally adjusted basis).

Four regions (Southland, West Coast, Coromandel, and Wairarapa) showed increases in inventory of homes on the market taking them above their respective long-term average. In addition one other region (Manawatu / Wanganui) sits close to it’s respective long term average.

Market sentiment now favours sellers in 14 regions, with the greatest strain being felt in the 8 regions which are marked in dark blue, which includes the main metro areas of Auckland, Wellington, and Canterbury which remain under pressure from low listings as measured against sales activity.

 

Lifestyle

New lifestyle property listings fell across the country in November, dropping 4.9% when compared to October. A total of 1,066 listings came onto the market, showing a fall of 5.9% when compared to November last year. The truncated mean asking price for these listings was down by 1.5% as compared to the recent 3-month average to an asking price of $654,519 (up 13.9% when compared to October 2011). New record high asking prices were seen in 2 regions in New Zealand (Waikato – $675,581, and Central Otago/Lakes – $1,596,071).

 

Apartments

New listings for apartments in November down 9.5% on a year on year basis, with 484 being brought to the market. The truncated mean asking price of new apartment listings fell 1% to $394,282 in November from $398,121 in October, but was still up 6.4% on a year on year basis.

The Auckland apartment market had 304 new listings coming onto the market, down 13.1% when compared to November last year. The truncated mean asking price of new listings in Auckland rose again to $386,818 (November) from $382,303 (October) representing a 2.2% increase on the prior 3 months.

 

For Media Enquiries, please contact: Paul McKenzie, 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 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 475,000 unique browsers, with over 115,000 of those visiting from countries outside of NZ.

In addition Realestate.co.nz receives over 25% of all traffic to property listings from mobile devices, including their iPhone and Android applications. To date these applications have been downloaded by over 122,000 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 5,000 listings for all types of farms and agricultural land as well as over 11,000 lifestyle properties.

Prime Commercial is a specialist website presenting the most comprehensive selection of commercial property for purchase or lease on the market across NZ. At this time it features over 27,000 listings for all types of properties – retail, commercial, industrial and investment properties.

Prime Business is a specialist website presenting the most comprehensive selection of businesses for sale on the market across NZ. At this time it features over 4,300 listings for all types of businesses – retail, tourism, wholesale as well as franchise opportunities.

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 2012 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 December 2012 will be published on this website on Wednesday 2nd January 2013 at 11am.

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

2

NZ Property Report – October 2012

The October 2012 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 2012 is published below and is available for download (1.5MB) and distribution.

Summary of the market – October 2012

The property market continues to show signs of confidence and heightened activity as compared to the past few years. The confidence amongst sellers bringing their properties onto the market has pushed up the (seasonally adjusted) truncated mean asking price to a new high of $445,529 – the highest level since the collection of data began in 2007. This rise in asking price was noticeable right across the country, with Auckland reaching a new record high of $611,864, and Canterbury reaching a new high of $414,070.

November saw a good rise in new listings (up 12% on October 2011), and this rise has lead to some balancing of the property market in both Wellington and a number of provincial regions.

While inventory levels across the country balanced in October, the market remains a firm sellers market across 12 of NZ’s 19 regions. Overall stocks of unsold houses rose slightly to 33 weeks of inventory (long term average = 40 weeks). Both Auckland and Canterbury remain firmly sellers markets, with overall inventory levels continuing to remain well below long-term averages.

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

 

Asking Price

The seasonally adjusted truncated mean asking price for listings rose 4% (from September) to an all time high of $445,529 in October. This new record asking price level was up from the prior peak of $435,887 reached in May this year.

The trend as seen in the chart opposite continues to show strength in seller expectation and strong demand in the main centers.

 

New Listings

The level of new listings coming onto the market in October continued to increase, with 12,688 listings in the month – up from 11,514 in September (14% increase). October also saw big increases on last year, with an increase of 12% in listings.

On a 12 month moving total basis the number of new listings that have come onto the market in the last year totals 132,291, as compared to 124,503 in the prior 12 month period, this represents a rise of 6.3%.

 

Inventory

The level of unsold houses on the market at the end of October (43,921) remained stable, when compared to September (44,063) as measured on a seasonally adjusted basis. The inventory as measured in terms of equivalent weeks of sales rose last month to 33.1 weeks last month. This rise was witnessed across 17 of the 19 regions. But overall inventory levels still fell well below the long-term average of 39 weeks.

 

Regional Summary – Asking price expectations

The national (seasonally adjusted) truncated mean asking price expectation among sellers rose 3.8% in October to a new peak of $445,529. This exceeds the prior peak of $435,887 reached in May this year.

Following the new record high for the national asking price figure, both Auckland and Canterbury also posted record highs in October. This is the first time that the seasonally adjusted mean asking price has topped the $600,000 mark in Auckland ($611,864), and the $400,000 mark in Canterbury ($414,070).

In total 15 regions reported asking price increases, and 7 regions saw rises greater than 5%. The most significant rises were seen in the Central Otago/Lakes, Canterbury, Gisborne, Manawatu/Wanganui, Southland, and Auckland regions, with Central Otago/Lakes showing the largest increases, up 18% to $621,200 (the highest seen since November 2007). Of the 4 regions witnessing asking price falls on a seasonally adjusted basis there was just 1 reporting a fall greater than 5% with West Coast seeing a fall of 6.5%.

 

Regional Summary – Listings

Overall new listings increased on a national basis, as seen in the adjacent chart however across the regions there were slightly more regions showing increases than falls.

There were 16 regions reporting year-on-year rises, with significant increases (over 20%) seen in 10 regions. The largest increases were in Taranaki (68%), Wairarapa (40%), Hawkes Bay (34%) and Gisborne (31%)

Only 3 regions reported lower new listings than October last year with Northland being the region to report the highest fall off of 17.4% when compared to October 2011.

 

 

Regional Summary – Inventory

The inventory of unsold homes on the market eased in October, rising 9% from September to 33 weeks of stock, and shows the market re-balancing.

This re-balancing is however not occurring in the two major markets of Canterbury and Auckland where the inventory continues to remain low.

Five regions (Taranaki and West Coast) showed increases in inventory of homes on the market taking them above their respective long-term average. In addition four other regions (Central North Island, Southland, and Otago) sit close to their respective long term averages indicating a more balanced market.

Market sentiment continues to favour sellers in the remaining 10 regions, with the greatest strain being felt in the 3 regions which are marked in dark blue, which includes the main metro areas of Auckland, and Canterbury, which remain under pressure from low listings as measured against sales activity.

 

Lifestyle

New lifestyle property listings had another boost across the country in October, rising a further 18% when compared to September. A total of 1,121 listings came onto the market, showing an increase of 12% when compared to October last year. The truncated mean asking price for these listings was up by 7% as compared to the recent 3-month average to a record high asking price of $689,375 (up 13% when compared to October 2011). This record high was reflected across 4 regions in New Zealand (Northland, West Coast, Canterbury, and Central North Island).

 

Apartments

New listings for apartments in October were up 1.5% when compared to September, with 484 being brought to the market (on a year-on-year basis listings were up 9%). The truncated mean asking price of new apartment listings fell slightly to $398,121 in October from $399,489 in September, but was still up 8% on the recent 3-month average.

The Auckland apartment market followed the national trend with 300 new listings coming onto the market, up 7.1% when compared to October last year. The truncated mean asking price of new listings in Auckland rose again to $382,303 (October) from $366,057 (September) representing a 9.8% increase on the prior 3 months.

 

For Media Enquiries, please contact: Paul McKenzie, 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 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 450,000 unique browsers, with over 115,000 of those visiting from countries outside of NZ.

In addition Realestate.co.nz receives over 25% of all traffic to property listings from mobile devices, including their iPhone and Android applications. To date these applications have been downloaded by over 117,000 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 5,000 listings for all types of farms and agricultural land as well as over 11,000 lifestyle properties.

Prime Commercial is a specialist website presenting the most comprehensive selection of commercial property for purchase or lease on the market across NZ. At this time it features over 27,000 listings for all types of properties – retail, commercial, industrial and investment properties.

Prime Business is a specialist website presenting the most comprehensive selection of businesses for sale on the market across NZ. At this time it features over 4,300 listings for all types of businesses – retail, tourism, wholesale as well as franchise opportunities.

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 October 2012 can be downloaded here (1.5MB pdf document). Additionally the raw data is accessible here as an Excel spreadsheet enabling anyone to analyse the raw data and establish any trends or observations.

Usage rights are governed under attribution to the source of the data being Realestate.co.nz. The next NZ Property Report for November 2012 will be published on this website on Monday 3rd December 2012 at 9am.

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

4

NZ Property Report – September 2012

Posted on: October 1st, 2012 | Posted in Featured, NZ Property Report, Uncategorized

The September 2012 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 2012 is published below and is available for download (1.5MB) and distribution.

Summary of the market – September 2012

The property market has now fully entered its traditional spring period, an active time in the market with new listings appearing as the weather improves. After finishing winter strongly, the market is indicating that we will continue to see good levels of activity in the market in the lead up to the end of the year.

The start of spring has seen steady levels of new listings coming onto the market, falling in-line with the levels of listings seen in September last year (with a 7.6% increase on August, bringing the market over 11,500 new listings).

Inventory levels across the country remain low, and the market remains a firm sellers market across 15 of NZ’s 19 regions, and overall stocks of unsold houses fell slightly to 30.5 weeks of inventory (long term average = 40 weeks). Auckland is the most affected by low inventory levels, with stocks of unsold houses falling to a new low of 17.4 weeks of inventory, well below the long-term average of 32 weeks.

The property market continues to show signs of confidence and heightened activity. The confidence amongst sellers bringing their properties onto the market stabilised in September, with the truncated mean asking price steadying at $429,312.

 

Asking Price

The seasonally adjusted truncated mean asking price for listings in September fell slightly. The September figure of $429,312 was down just 0.3% year-on-year on a seasonally adjusted basis as compared to September last year.

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

 

New Listings

The level of new listings coming onto the market in September increased from August with 11,514 listings in the month – up from the 10,365 in August (7.6% increase). Seasonal trends of new spring listings remains true, showing a small 0.3% increase in listings when compared to September last year.

On a 12 month moving average basis a total of 130,915 new listings have come onto the market since October 2011 as compared to 125,102 in the prior 12 month period, this represents a rise of just 4.7%.

 

Inventory

The level of unsold houses on the market at the end of September (44,063) remained stable, when compared to August (44,291) as measured on a seasonally adjusted basis. The inventory as measured in terms of equivalent weeks of sales fell slightly last month to 30.5 weeks last month. Auckland showed another new record low number of unsold houses in September with levels falling to 9,567 or just 17.5 equivalent weeks of sales (Auckland long term average = 32 weeks)

 

Regional Summary – Asking price expectations

The national (seasonally adjusted) truncated mean asking price expectation among sellers fell slightly in September by 0.3% to $429,312.

In the main centres, both Wellington and Canterbury saw increases in September, with Wellington increasing 3% to $447,388. The asking price in Auckland witnessed a slight fall in September (down 1.8% to $574,798).

In total 10 regions reported asking price increases, and 4 regions saw rises greater than 5%. The most significant rises were seen in the Coromandel, Central North Island, Taranaki, West Coast and Nelson regions, with Nelson showing the largest increases, up 10% to $455,705. Of the 9 regions witnessing asking price falls on a seasonally adjusted basis there was just 1 reporting a fall greater than 5% with Manawatu / Wanganui seeing a fall of 7.4%.

 

Regional Summary – Listings

Overall listings volume was steady on a national basis, however across the regions there were slightly more regions showing increases than falls.

There were 11 regions reporting year-on-year rises with Southland reporting an increase of 26.6%, and Marlborough seeing the largest increase of listings (up 38.5%).

8 regions reported lower new listings than September last year with Central Otago / Lakes being the region to report the highest fall off of 35.2% when compared to September 2011.

Canterbury continues to see new listings fall again compared last year and remains under pressure to meet buyer demand.

 

Regional Summary – Inventory

Market sentiment continues to favour sellers nationally with inventory of unsold houses on the market remaining well below long term average based on equivalent rate of sale.

Two regions (Taranaki and West Coast) showed increases in inventory of homes on the market taking them above their respective long-term average. In addition three other regions (Central North Island, Southland, and Otago) sit close to their respective long term averages indicating a more balanced market.

These 5 regions aside, the remaining 14 regions all remain seller’s markets with the greatest strain being felt in the 4 regions which are marked in dark blue which includes the main metro areas of Auckland, and Canterbury, which remain under pressure from low listings as measured against sales activity.

 

Lifestyle

Lifestyle property listings had a boost across the country in September, rising by 29% when compared to August. A total of 951 listings came onto the market, showing an increase of 8.3% when compared to September last year. The truncated mean asking price for these listings was up by 1.8% as compared to the recent 3-month average to $649,343. When measured against September last year the asking price is up 8.3%

 

Apartments

Listings for apartments in September were down 9.8% when compared to August, with 477 being brought to the market (on a year-on-year basis listings were down 3%). The truncated mean asking price of new apartment listings rose to $399,489 in September from $349,192 in August, representing an increase of 10.2% on the recent 3-month average.

The Auckland apartment market followed the national trend with 264 new listings coming onto the market, down 11.7% when compared to September last year. The truncated mean asking price of new listings in Auckland rose to $366,057 (September) from $334,130 (August) representing a 5.5% increase on the prior 3 months.

 

For Media Enquiries, please contact: Paul McKenzie, 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 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 450,000 unique browsers, with over 110,000 of those visiting from countries outside of NZ.

nzFarms is a specialist website presenting the most comprehensive selection of farms and agricultural businesses on the market across NZ. At this time it features around 5,000 listings for all types of farms and agricultural land as well as over 11,000 lifestyle properties.

Prime Commercial is a specialist website presenting the most comprehensive selection of commercial property for purchase or lease on the market across NZ. At this time it features over 27,000 listings for all types of properties – retail, commercial, industrial and investment properties.

Prime Business is a specialist website presenting the most comprehensive selection of businesses for sale on the market across NZ. At this time it features over 4,300 listings for all types of businesses – retail, tourism, wholesale as well as franchise opportunities.

The web business of Realestate.co.nz site is the most comprehensive real estate web operation in NZ, currently hosting over 110,000 listings, covering this portfolio of residential property for sale and rent, commercial property for sale and lease, rural properties and farms, as well as businesses for sale. With a subscriber base of over 1,000 offices, the company represents over 95% of all listings from licensed real estate agents in NZ.

The full NZ Property Report for September 2012 can be downloaded here (1.5MB pdf document). Additionally the raw data is accessible here as an Excel spreadsheet enabling anyone to analyse the raw data and establish any trends or observations.

Usage rights are governed under attribution to the source of the data being Realestate.co.nz. The next NZ Property Report for October 2012 will be published on this website on Thursday 1st November 2012 at 1pm.

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

2

NZ Property Report – August 2012

Posted on: September 6th, 2012 | Posted in Featured, NZ Property Report

The August 2012 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 – August 2012 is published below and is available for download (1.7MB) and distribution.

Summary of the market – August 2012

The property market finished winter strongly and is showing all the signs of gearing up for a strong Spring season. The market is still firmly parked as a sellers market, with inventory levels across the country remaining low. Good levels of new listings have started to come onto the market, with a 10% increase on July, bring to the market over 10,300 new listings.

The next 3 months usually represents the peak season for house sales, and the current indication is that we will continue to see good levels of activity in the market in the lead up to the end of the year.

The property market continues to show signs of confidence and heightened activity. The confidence amongst sellers bringing their properties onto the market stabilized in August, with the truncated mean asking price rising slightly to $430,443 when compared to the last 3 months. This slight rise in asking price was noticeable in 12 of the 19 regions, with Auckland pushing a new high of $585,482.

 

Asking Price

The seasonally adjusted truncated mean asking price for listings in August rose slightly. The August figure of $430,443 was up just 0.3% on a seasonally adjusted basis from July. It represents a 1.7% year-on-year growth in the asking price as compared to August last year.

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

 

New Listings

 

The level of new listings coming onto the market in August increase from June with 10,365 listings in the month – up from the 9,411 in June. This represents a 6.7% increase on a seasonally adjusted basis.

On a 12 month moving average basis a total of 130,878 new listings have come onto the market since September 2011 as compared to 124,544 in the prior 12 month period, this represents a rise of just 5.1%.

 

Inventory

The level of unsold houses on the market at the end of August (44,291) was down slightly as compared to July (44,729) as measured on a seasonally adjusted basis. The inventory as measured in terms of equivalent weeks of sales barely changed last month to 30.9 weeks last month. Auckland showed a new record low number of unsold houses in August with levels falling to 9858, or just 18 equivalent weeks of sales (Auckland long term average = 32 weeks)

 

Regional Summary – Asking price expectations

The national (seasonally adjusted) truncated mean asking price expectation among sellers rose slightly in August by 0.3% to $430,443.

Across the 19 regions of the country asking prices showed a significant range of variances. The star of the months was Auckland, reporting a 1.8% increase and hit a new record seasonally adjusted average asking price of $585,482. The asking price in the other main centres of Wellington & Canterbury witnessed a fall last in August, with Canterbury showing the lowest asking price since January this year (down 4.8% to $374,732).

In total 12 regions reported asking price increases with Northland the largest riser up 8.4% to $388,790. Of the 7 regions witnessing asking price falls on a seasonally adjusted basis there were 3 reporting falls greater than 5% with the biggest falls seen in Taranaki (down 6.7% to $280,560) and the Central North Island (down 6.1% to $325,982).

 

Regional Summary – Listings

 

Listings started to flow back into the market last month

Overall listings volume was steady on a national basis, however across the regions there were more regions showing increases than falls.

There were 16 regions reporting year-on-year rises with Central North Island, Gisborne, Taranaki, Wairarapa, and Otago reporting increases of over 20%, with Wairarapa seeing the largest increase of listings (up 40.1%).

Just 3 regions reported new listings lower than August last year with Bay of Plenty being the region to report the highest fall off of 15.4% when compared to August 2011.

Canterbury saw new listings fall again compared to August last year and remains under pressure to meet buyer demand.

 

Regional Summary – Inventory

Market sentiment still favours sellers nationally with inventory of houses on the market remaining well below long term average based on equivalent rate of sale.

Two regions (Taranaki and Southland) showed increases in inventory of homes on the market taking them above their respective long-term average. In addition three other regions (Central North Island, Nelson, and Otago) sit close to their respective long term averages indicating a more balanced market.

These 5 regions aside, the remaining 14 regions all remain seller’s markets with the greatest strain being felt in the 3 regions which are marked in dark blue which includes the main centres of Auckland and Canterbury which remain under pressure from low listings as measured against sales activity.

 

Lifestyle

Lifestyle property listings remained low in August. A total of 737 listings came onto the market, down slightly by 3% year-on-year but up 4.7% as compared to July. The truncated mean asking price for these listings fell by just 0.8% as compared to the recent 3 month average to $638,698 and also fell 0.4% below the June level of $641,444.

Manawatu / Wanganui was the only region to record a record high for lifestyle listings of $533,671 (up 34.6% on August 2011). On average 67 new lifestyle listings a month are listed in the Manawatu / Wanganui region.

 

Apartments

Listings for apartments in August were up 16.3% when compared to July, with 529 being brought to the market, on a year-on-year basis listings were down 15.9%. The truncated mean asking price of new listings slipped again to $349,192 in August from $356,762 in July, representing a decrease of 5.6% on the recent 3 month average.

The Auckland apartment market followed the national trend with 385 new listings coming onto the market, up 19.2% on July 2012 and down 16.7% when compared to August last year. The truncated mean asking price of new listings in Auckland fell to $334,150 from $344,479 in July representing a 9.2% fall on the prior 3 months.

 

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 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 six of the largest real estate companies (50%).

The business operates a portfolio of websites all focused to specialist sectors of the real estate market:

Realestate.co.nz is the heart of the business and is focused to the residential property market. It features the most comprehensive selection of property for sale and rent across NZ. The website attracts a significant monthly audience of over 450,000 unique browsers, with over 110,000 of those visiting from countries outside of NZ.

nzFarms is a specialist website presenting the most comprehensive selection of farms and agricultural businesses on the market across NZ. At this time it features around 5,000 listings for all types of farms and agricultural land as well as over 11,000 lifestyle properties.

Prime Commercial is a specialist website presenting the most comprehensive selection of commercial property for purchase or lease on the market across NZ. At this time it features over 27,000 listings for all types of properties – retail, commercial, industrial and investment properties.

Prime Business is a specialist website presenting the most comprehensive selection of businesses for sale on the market across NZ. At this time it features over 4,300 listings for all types of businesses – retail, tourism, wholesale as well as franchise opportunities.

The web business of Realestate.co.nz site is the most comprehensive real estate web operation in NZ, currently hosting over 110,000 listings, covering this portfolio of residential property for sale and rent, commercial property for sale and lease, rural properties and farms, as well as businesses for sale. With a subscriber base of over 1,000 offices, the company represents over 95% of all listings from licensed real estate agents in NZ.

The full NZ Property Report for August 2012 can be downloaded here (1.7MB 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 2012 will be published on this website on Monday 1st October 2012 at 10am.

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

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NZ Property Report – July 2012

Posted on: August 7th, 2012 | Posted in Featured, NZ Property Report

The July 2012 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 96% 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 2012 is published below and is available for download (1.2MB) and distribution.


 

Summary of the market – July 2012

The month of July is the midpoint of winter, traditionally the lowest season for new properties coming onto the market. Winter generally represents just 22% of the total listings in the year, yet the same 3 months represent traditionally 24% of sales demonstrating a key factor in the continuing tight property market especially in the main centres of the country.

Set against this backdrop the level of new listings could be seen as a ray of good news as the total number stayed up and did not fall significantly, representing as they did a 5% year on year increase and bringing to the market over 9,400 new listings.

There is though no doubt that the message to sellers appears to be getting through when it comes to price expectations. The latest asking price level for July is up 3.7% as against last year. The latest sales prices as reported by REINZ in their stratified mean sales price for June was of a year-on-year increase of 5.3%. On this basis sellers appear to be realistic in pricing in to their asking price a smaller reflection of the current level of house price appreciation.

Across the country the level of inventory of property on-the-market remains low as measured against historical average. The next 3 months heading out of winter and into spring will see the seasonal increase in activity in both listings and sales. The key issue will be to what extent the rise in new listings can take any heat out of the tight property markets in the major centers and other pockets of property activity across the country

 

Asking Price

The seasonally adjusted truncated mean asking price for listings in July rose again following a slight dip in June. The July figure of $429,181 was up just 0.8% on a seasonally adjusted basis from June. It represents a 5% year-on-year growth in the asking price as compared to July last year. The trend as seen in the chart opposite continues to show strength in seller expectation on the back of low listings and strong demand in the main centers.

 

New Listings

The level of new listings coming onto the market in July barely changed from June with 9,411 listings in the month from the 9,588 in June. This represents a 1% decline on a seasonally adjusted basis. As such this level of growth year-on-year is not matching the pace of sales growth, which year-on-year is over 18%.

On a 12 month moving average basis a total of 130,633 new listings have come onto the market since August 2011 as compared to 124,228 in the prior 12 month period, this represents a rise of just 5.2%.

 

Inventory

The level of unsold houses on the market at the end of July (44,729) was barely changed as compared to June (44,787) as measured on a seasonally adjusted basis. The inventory as measured in terms of equivalent weeks of sales showed a slight rise from 29.8 last month to 31.0 weeks this month. This still leaves the level well above the long-term average of 40 weeks.

 

Regional Summary – Asking price expectations

The national (seasonally adjusted) truncated mean asking price expectation among sellers rose slightly in July by 0.8% to $429,181.

Across the 19 regions of the country asking prices showed a significant range of variances. The main 3 centres all showed rises with Auckland reporting a 3% increase marginally beaten by Wellington at 3.1%. Both of these centres though failed to set a new record high asking price, that was left to Canterbury which for the 3rd consecutive month set a new record at $393,433 up 0.9% from June on a seasonally adjusted basis.

In total 9 regions reported asking price rises with the Coromandel the largest riser up 8.6% to $421,153. Of the 10 regions witnessing asking price falls on a seasonally adjusted basis there were 4 reporting greater than 5% with Northland and Nelson reporting over 10% falls, the latter seeing a 16.8% fall.

 

Regional Summary – Listings

Overall listings volume was steady on a national basis, however across the regions there were more regions showing increases than falls.

There were 13 regions reporting year-on-year rises with Northland, Manawatu/Wanganui, Marlborough and West Coast all seeing increases of more than 20%.

Just 6 regions reported new listings lower than for July last year with Nelson being the region to report a fall off of 22% with just 165 listings reflecting the lowest level of new listings since the data reporting began at the start of 2007.

Of the main centres Auckland saw a healthy increase year-on-year of 10% whilst both Wellington and Canterbury saw new listings fall compared to July last year. The latter being a region continuing to be under pressure to meet buyer demand.

 

Regional Summary – Inventory

The market sentiment remains favouring sellers nationally with inventory of houses on the market below long term average based on equivalent rate of sale. However unlike in June when the picture was consistently in favour of sellers, some rebalancing has been seen.

Two regions (Taranaki and Wairarapa) showed increases in inventory of homes on the market taking them above their respective long-term average. In addition three other regions (Coromandel, Manawatu/Wanganui and Southland) sit close to their respective long term averages indicating a more balanced market.

These 5 regions aside, the remaining 14 regions all remain seller’s markets with the greatest strain being felt in the 6 regions which are marked in dark blue which includes the main centres of Auckland and Canterbury which remain under pressure from low listings as measured against sales activity.

 

Lifestyle

Lifestyle property listings fell in July. A total of 704 listings came onto the market, up 12% year-on-year but down 13% as compared to June. The truncated mean asking price for these listings fell just 1.1% as compared to the recent 3 month average to $641,44 however up 1.2% from the June level of $634,09.

Across the country, Central Otago Queenstown lakes recorded a new high for lifestyle listings of $1,593,000. Around 23 new lifestyle listings a month are listed in the region, this high represents a 20% increase in the prior record high set just 3 months ago in April at $1,313,516.

 

Apartments

Listings for apartments in July were nearly identical to June with 455 being brought to the market, on a year-on-year basis listings were up 2.1%. The truncated mean asking price of new listings slipped to $356,762 in July from $381,578 in June, representing a 94% year-on-year decrease and down 6% on the recent 3 month average.

The Auckland apartment market however was stronger with 323 new listings coming onto the market, up 10% on July last year and up 12% on the month of June. The truncated mean asking price of new listings fell to $344,479 from $362,550 in June representing a 6% fall on the prior 3 months.

 

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 10,000 new listings, the realestate.co.nz NZ Property Report provides the largest monthly sample report on the residential property market, as well as a more timely view of the property market than any other property report. The data is collated and analysed at the close of each month, and the Report is compiled for the 1st day of the following month. This provides a feedback mechanism as to the immediate state of the market, well in advance of sales statistics, which by the very nature of the selling process can reflect activity with a lag of between 2 and 4 months.

In analysing the details of the 9,411 new listings in the month of June, a total of 315 listings have been excluded due to anomalies. The land area of the property defines the categorisation of Lifestyle property. The criterion is a property having in excess of 0.3 hectares and being situated outside metropolitan areas.

 

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 six of the largest real estate companies (50%).

The business operates a portfolio of websites all focused to specialist sectors of the real estate market:

Realestate.co.nz is the heart of the business and is focused to the residential property market. It features the most comprehensive selection of property for sale and rent across NZ. The website attracts a significant monthly audience of over 400,000 unique browsers, with over 110,000 of those visiting from countries outside of NZ.

nzFarms is a specialist website presenting the most comprehensive selection of farms and agricultural businesses on the market across NZ. At this time it features around 5,000 listings for all types of farms and agricultural land as well as over 11,000 lifestyle properties.

Prime Commercial is a specialist website presenting the most comprehensive selection of commercial property for purchase or lease on the market across NZ. At this time it features over 27,000 listings for all types of properties – retail, commercial, industrial and investment properties.

Prime Business is a specialist website presenting the most comprehensive selection of businesses for sale on the market across NZ. At this time it features over 4,300 listings for all types of businesses – retail, tourism, wholesale as well as franchise opportunities.

The web business of Realestate.co.nz site is the most comprehensive real estate web operation in NZ, currently hosting over 110,000 listings, covering this portfolio of residential property for sale and rent, commercial property for sale and lease, rural properties and farms, as well as businesses for sale. With a subscriber base of over 1,000 offices, the company represents over 95% of all listings from licensed real estate agents in NZ.

 

The full NZ Property Report for July 2012 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 2012 will be published on this website on Saturday 1st September 2012 at 10am.

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