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Archive for the ‘Property Pulse – Regional Market Report’ Category

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NZ Property Report – June 2013

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

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

Summary of the market – June 2013

Inventory of unsold houses drops to 6 year low

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

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

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

Asking Price

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

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

New Listings

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

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

Inventory

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

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

Regional Summary – Asking price expectations

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

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

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

Regional Summary – Listings

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

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

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

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

 

Regional Summary – Inventory

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

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

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

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

Lifestyle

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

Apartments

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

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

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

Notes:

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

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

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

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

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

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

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

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

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

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

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

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Property Pulse – July 2012

Posted on: August 22nd, 2012 | Filed in Featured, Property Pulse - Regional Market Report

On a regular basis we publish a factsheet for each region of the country as well as a national report to provide an insight to the key numbers that detail the health of the property market across the country.

These reports for the month of July covers all 16 provincial regions as well as reports covering the 3 main metropolitan regions of Auckland, Wellington and Christchurch. The Auckland report is divided up into each of the main metro areas (North Shore, Waitakere, Manukau as well as Auckland City).

Each factsheet provides the key numbers in table and chart form using the key statistics from the Real Estate Institute of NZ and Realestate.co.nz. This provides the number of property sales in the month, the median sales price for those property sales, the inventory of unsold properties on the market, as well as the number and the asking price expectation of new listings brought onto the market in the month.

 

 

Metropolitan Areas

Auckland Region

Auckland City

North Shore

Waitakere

Manukau

Wellington

Chistchurch

Provincial Areas

Northland

Coromandel

Waikato

Bay of Plenty

Central North Island

Hawkes Bay

Gisborne

Taranaki

Manawatu / Wanganui

Wairarapa

Nelson

Marlborough

West Coast

Otago

Queenstown Lakes

Southland

 

National Property Pulse factsheet – July 2012

The national property pulse factsheet for July 2012 is published using data from Realestate.co.nz and REINZ (Real Estate Institute of NZ).

Property sales across the country totaled 5,907 in the month showing a very small fall on a seasonally adjusted basis in July but at the same time representing a 20% increase as compared to a year ago. The inventory of unsold houses on the market rose slightly to 31 weeks reversing what had been a steady decline, the level is though well below the long term average of 40 weeks. This level of unsold properties on the market represents a very clear sellers market..

The stratified median house price for property sales in July was $380,425, which represents a 5% increase from July last year. There was a small fall from June which itself was a new record level for the country. The recent trend continues the steady increase for the past 18 months. The asking price expectation of new listings rose in July to $429,181 as measured on a seasonally adjusted basis, this represents a 4% increase from the asking price in July last year.

The level of new listings coming onto the market in July at 10,685 was down slightly on the June total of 10,794, but up 19% as compared to a year ago.

 

 

 

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Northland Property Pulse factsheet – July 2012

Posted on: August 22nd, 2012 | Filed in Northland Property Market Factsheet

The Northland region property pulse factsheet for July 2012 is published using data from Realestate.co.nz and REINZ (Real Estate Institute of NZ).

Property sales in Northland at 139 showed a fall on a seasonally adjusted basis in July however as compared to July 2011 sales are up 19%. The inventory of unsold houses on the market fell in July to 103 weeks of equivalent sales from 126 weeks in June, as compared to July last year inventory is down 35%. This places the level of inventory below the long-term average of 133 weeks of equivalent sales.

Median sales price for property sales in Northland at $295,000 is up 8% as compared to a year ago, although down slightly from June. The recent trend continues to see selling prices remain flat over the past year. The asking price expectation of new listings fell in July to $358,710 and was down 6% from the asking price in July last year.

The level of new listings coming onto the market in July rose strongly to 547, representing a 63% year-on-year growth.

The data indicates that the Northland region is generating a good level of property activity with sales showing growth, a strong level of new listings and a stable price level. The inventory whilst showing a fall in the month is adequate to match buyer demand with the supply of new listings from sellers.

 

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Auckland Region Property Pulse factsheet – July 2012

Posted on: August 22nd, 2012 | Filed in Auckland Property Market Factsheet

The Auckland region property pulse factsheet for July 2012 is published using data from Realestate.co.nz and REINZ (Real Estate Institute of NZ).

Property sales across the Auckland region totaled 2,264 in the month showing a rise on a seasonally adjusted basis. As compared to July last year sales are up a very strong 29%. The inventory of unsold houses across region at 18.9 weeks remains firmly well below the long-term average of 32 weeks of equivalent sales.

The stratified median house price at $532,100 rose 9% as compared to a year ago to reach a new high. Prices started to rise across the region in the beginning of 2011 where the price in January 2011 was $464,425 and have risen steadily since then to the new level of $532,100 a rise of 14%. The asking price expectation of new listings equally rose to $574,932 edging close the record level set in May and showing a year-on-year growth of 6%.

The level of new listings coming onto the market across the wider Auckland region in July at 3,667 were up 21% as compared to a year ago.

The data indicates that across the Auckland region the property market continues to show strong growth, demand for property is strong which has been the case for over the past 9 months, this matched to low inventory and strong selling price appreciation places the market firmly to the advantage of sellers who are able to influence the market direction through supply management.

 

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Auckland – North Shore Property Pulse – July 2012

Posted on: August 22nd, 2012 | Filed in Auckland Property Market Factsheet

The Auckland North Shore property pulse factsheet for July 2012 is published using data from Realestate.co.nz and REINZ (Real Estate Institute of NZ).

Property sales on the North Shore of Auckland totaled 460 in July identical to June, which on a seasonally adjusted basis showed a strong rise. As compared to July 2011 sales were up 26%. The inventory of unsold houses across the wider Auckland region at 18.9 weeks remains firmly well below the long-term average of 32 weeks of equivalent sales.

The median sales price for properties sold on the North Shore in July at $615,000 was up 12% from a year ago. The asking price expectation of new listings across the wider Auckland region rose in the month and recorded a 6% rise as compared to July last year to $574,932.

The level of new listings coming onto the market across the wider Auckland region in July at 3,667 were up 21% as compared to a year ago.

The data indicates that the North Shore of Auckland continues to show strong growth in the market, demand for property is strong which has been the case for over the past 9 months, this matched to low inventory and strong selling price appreciation places the market firmly to the advantage of sellers who are able to influence the market direction through supply management.

 

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Auckland – Waitakere Property Pulse factsheet – July 2012

Posted on: August 21st, 2012 | Filed in Auckland Property Market Factsheet

The Auckland – Waitakere property pulse factsheet for July 2012 is published using data from Realestate.co.nz and REINZ (Real Estate Institute of NZ).

Property sales in the Waitakere area of Auckland totaled at 329 in the month only just less than the total in June. On a seasonally adjusted basis sales were up on June and up a very significant 39% on July 2011. The inventory of unsold houses across the wider Auckland region at 18.9 weeks remains firmly well below the long-term average of 32 weeks of equivalent sales.

The median sales price for property in the Waitakere region of Auckland at $416,000 is up 7% as compared to a year ago. The asking price expectation of new listings across the wider Auckland region rose in the month and recorded a 6% rise as compared to July last year to $574,932.

The level of new listings coming onto the market across the wider Auckland region in July at 3,667 were up 21% as compared to a year ago.

The data indicates that the Waitakere region of Auckland continues to show strong demand which has been the case for over 18 months and especially in the past 7 months; this matched to low inventory and strong selling price appreciation places the market firmly to the advantage of sellers who are able to influence the market direction through supply management.

 

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Auckland – Central Property Pulse factsheet – July 2012

Posted on: August 21st, 2012 | Filed in Auckland Property Market Factsheet

The Auckland City property pulse factsheet for July 2012 is published using data from Realestate.co.nz and REINZ (Real Estate Institute of NZ).

Property sales within the City of Auckland totaled 741 in the month. This showed a fall on a seasonally adjusted basis in July but was up 22% on July 2011. The inventory of unsold houses across the wider Auckland region at 18.9 weeks remains firmly well below the long-term average of 32 weeks of equivalent sales.

The median sales price for property in Auckland City at $566,000 was up 9% as compared to July last year and up from the June level of $556,000. The asking price expectation of new listings across the wider Auckland region rose in the month and recorded a 6% rise as compared to July last year to $574,932.

The level of new listings coming onto the market across the wider Auckland region in July at 3,667 were up 21% as compared to a year ago.

The data indicates that the Auckland Central continues to show very strong demand which has been the case for over 18 months, this matched to low inventory and strong selling price appreciation places the market firmly to the advantage of sellers who are able to influence the market direction through supply management.

 

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Auckland – Manukau Property Pulse factsheet – July 2012

Posted on: August 21st, 2012 | Filed in Auckland Property Market Factsheet

The Auckland – Manukau property pulse factsheet for July 2012 is published using data from Realestate.co.nz and REINZ (Real Estate Institute of NZ).

Property sales in the Manukau region of Auckland totaled 398 in the month, up slightly on a seasonally adjusted basis and up a significant 28% as compared to July last year. The inventory of unsold houses across the wider Auckland region at 18.9 weeks remains firmly well below the long-term average of 32 weeks of equivalent sales.

The median sales at $493,00 was up 11% as compared to July last year and held up well as compared to June which recorded a sale price of $495,200. The asking price expectation of new listings across the wider Auckland region rose in the month and recorded a 6% rise as compared to July last year to $574,932.

The level of new listings coming onto the market across the wider Auckland region in July at 3,667 were up 21% as compared to a year ago.

The data indicates that the Manukau region continues to show strong demand which has been the case for over 18 months, this matched to low inventory and strong selling price appreciation places the market firmly to the advantage of sellers who are able to influence the market direction through supply management.

 

 

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Coromandel Property Pulse factsheet – July 2012

Posted on: August 21st, 2012 | Filed in Coromandel Property Market Factsheet

The Coromandel district property pulse factsheet for July 2012 is published using data from Realestate.co.nz and REINZ (Real Estate Institute of NZ).

Property sales in the Coromandel region totaled 42 in the month of July, this represented a rise on a seasonally adjusted basis and also showed a 5% rise as compared to a year ago. The inventory of unsold houses rose to 200 weeks of equivalent sales. This represents an 18% rise in inventory as compared to July last year and places current levels equal to the long term average.

Median sales price for property sold in the Coromandel in July at $312,500 a fall of just 1% as compared to a year ago and down from the prior month. The asking price expectation of new listings was down 1% as compared to a year ago at $421,153 but up significantly on the June level of $421,153.

The level of new listings coming onto the market in July at 209 was up 8% as compared to a year ago and up from June indicating a start of a seasonal rise as the market heads into Spring.

The data indicates that the Coromandel region is a fairly balanced market with inventory levels right on long-term average which means that neither buyers nor sellers have the upper hand. Sales activity is steady as are sales price, the key driver of the market in the coming months will be governed by the supply side of new listings matched to sellers asking price expectations.

 

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Waikato Property Pulse factsheet – July 2012

Posted on: August 21st, 2012 | Filed in Waikato Property Market Factsheet

The Waikato region property pulse factsheet for July 2012 is published using data from Realestate.co.nz and REINZ (Real Estate Institute of NZ).

Property sales in the Waikato region totaled 352 in the month. This reflected a fall as measured on a seasonally adjusted basis in July but was up 4% as compared to a year ago. The inventory of unsold houses fell to 35 weeks of equivalent sales still continues to see inventory remaining significantly below the long-term average of 48 weeks of equivalent sales.

Median sales price for properties sold across the whole of the Waikato / Bay of Plenty region at $305,100 was flat compared to a year ago, but down on the prior month. The asking price expectation of new listings rose 3% as compared to a year ago at $349,303, marginally down on the June figure of $352,462.

The level of new listings coming onto the market across the Waikato region in July at 670 was up 22% as compared to a year ago, but down as compared to June.

The data indicates that the Waikato region remains a clear sellers market with pressure in the supply of listings. The recent sales activity though appears to be slowing and this is probably constraining any inflationary pressure on prices which in the case of sales prices have not moved appreciably over the past 2 years.

 

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