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

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Wellington – Property market pulse factsheet – June 2010

Posted on: June 24th, 2010 | Filed in Wellington Property Market Factsheet

Property prices based on the stratified pricing model fell in May to $403,925 from $409,205 in April. Compared to May 2009 prices are up 4.4%.

NZ Property market pulse factsheet - Wellington stratified price June 2010 Realestate.co.nz

Property sales fell significantly on a seasonally adjusted basis with 446 in May as compared to 549 in April. Sales for the first 5 months of 2010 reflect a 6% lower level than the same period on 2009.

NZ Property market pulse factsheet - Wellington sales June 2010 Realestate.co.nz

Inventory of houses on the market fell in May from the April level of 27 weeks of sale to 23 weeks, this figure is close to the long term average in the region of 21 weeks.

NZ Property market pulse factsheet - Wellington inventory June 2010 Realestate.co.nz

In overall terms the property market across Wellington continues to be steady with no significant advantage to either buyers or sellers, although sales volumes remain subdued.

The Wellington region – Property market pulse factsheet for June 2010 is available as a download pdf document.

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Nelson – Property market pulse factsheet – June 2010

Posted on: June 24th, 2010 | Filed in Nelson Property Market Factsheet, Uncategorized

Property sales in the Nelson region are certainly bucking the national trend showing on a seasonally adjusted basis three consecutive months of growth. In May on a seasonally adjusted basis there were 154 sales.

NZ Property market pulse factsheet - Nelson sales June 2010 Realestate.co.nz

This rise in sales showed directly in a decline in the inventory of houses on the market. In May the inventory fell from 34 weeks of equivalent sales in April to 29 weeks in May. This level of inventory is consistent with the long term average of 28 weeks. This would indicate that the market is fairly well balanced between buyers and sellers.

NZ Property market pulse factsheet - Nelson inventory June 2010 Realestate.co.nz

Property prices for the Nelson are included in the broad Nelson / Marlborough regional median property price, in May this price was $330,000 down very slightly by 0.1% on May 2009 price.

NZ Property market pulse factsheet - Nelson Marlborough price June 2010 Realestate.co.nz

The Nelson region – Property market pulse factsheet – June 2010 is available as a pdf download document.

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Marlborough – Property market pulse factsheet – June 2010

Posted on: June 24th, 2010 | Filed in Marlborough Property Market Factsheet

Property sales in the Marlborough region fell slightly in May on a seasonally adjusted basis. In May on a seasonally adjusted basis there were 61 sales as compared to 66 in April. The level of sales in 2010 lags the sales in 2009, in the first 5 months of 2010 total sales amounted to 276 as compared to 368 in 2009 – a 25% decline in sales.

NZ Property market pulse factsheet - Marlborough sales June 2010 Realestate.co.nz

The level of inventory of houses on the market in May fell from the peak in April. The inventory as measured on the equivalent weeks of sales fell from 82 weeks in April to 67 weeks in May. This level of inventory is significantly higher than the long term average of 46 weeks. This would indicate that the market is favouring buyers.

NZ Property market pulse factsheet - Marlborough inventory June 2010 Realestate.co.nz

Property prices for the Marlborough region are included in the broad Nelson / Marlborough regional median property price, in May this price was $330,000 down very slightly by 0.1% on May 2009 price.

NZ Property market pulse factsheet - Nelson Marlborough price June 2010 Realestate.co.nz

The Marlborough region – Property market pulse factsheet – June 2010 is available as a pdf download document

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Canterbury – Property market pulse factsheet – June 2010

Posted on: June 24th, 2010 | Filed in Canterbury Property Market Factsheet

Property prices based on the stratified pricing model for Christchurch dipped in May to $339,530 from $344,040 in April. Compared to May 2009 prices are up 4.2%.

NZ Property market pulse factsheet - Christchurch stratified price June 2010 Realestate.co.nz

Across the Canterbury region property sales remain subdued on a seasonally adjusted basis with 672 in May as compared to 692 in April. Sales for the first 5 months of 2010 reflect a 17% lower level than the same period on 2009.

NZ Property market pulse factsheet - Canterbury sales June 2010 Realestate.co.nz

Inventory of houses on the market fell in May from the April level of 42 weeks of sale to 36 weeks, this figure is close to the long term average in the region of 31 weeks.

NZ Property market pulse factsheet - Canterbury inventory June 2010 Realestate.co.nz

In overall terms the property market across the Canterbury region continues to be steady with a slight advantage to buyers, although sales volumes remain subdued.

The Canterbury region – Property market pulse factsheet for June 2010 is available as a pdf download document.

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Queenstown Lakes – Property market pulse factsheet – June 2010

Posted on: June 24th, 2010 | Filed in Queenstown Lakes Property Market Factsheet

Property prices in the Central Otago Lakes district remained stable in May at $432,000, up $2,500 on the April median price. As compared to a year ago prices in the region are up by just 1.1%.

NZ Property market pulse factsheet - Central Otago Lakes price June 2010 Realestate.co.nz

Property sales in the region fell in May with 69 sales as measured on a seasonally adjusted basis, as compared to 92 in April. The first 5 months of 2010 has seen a total of 372 sales down 6% on the same period in 2009.

NZ Property market pulse factsheet - Central Otago Lakes sales June 2010 - Realestate.co.nz

Inventory of houses on the market fell significantly in May from the peak of 126 weeks of equivalent sales in April to 97 weeks in May. This May inventory of 97 weeks of equivalent sales is pretty much in line with the long term average of 91 weeks. This would indicate that the market is fairly well balanced between buyers and sellers.

NZ Property market pulse factsheet - Queenstown lakes inventory June 2010 Realestate.co.nz

The Queenstown lakes region – Property market pulse factsheet for June 2010 is available as a pdf download document

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Otago – Property market pulse factsheet – June 2010

Posted on: June 24th, 2010 | Filed in Otago Property Market Factsheet

The median property price in Otago slipped in May at $230,000, from $235,500 in April. As compared to a year ago prices in the region are up by 4.5%.

Property market pulse factsheet - Otago price June 2010 Realestate.co.nz

Property sales in the region remained very steady as measured on a seasonally adjusted basis. The May figure of 222 compares to 219 in April and 225 in March, however this 3 month period is down 6% on the same period in 2009.

Property market pulse factsheet - Otago sales June 2010 Realestate.co.nz

Inventory of houses on the market fell significantly in May from the peak of 39 weeks of equivalent sales in April to 33 weeks in May. This May inventory of 33 weeks of equivalent sales remains high as compared to the long term average of 26 weeks. This would indicate that the market is still favouring buyers.

NZ Property market pulse factsheet Otago inventory June 2010 - Realestate.co.nz

The Otago region – Property market pulse factsheet for June 2010 is available as a pdf download document.

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West Coast – Property market pulse factsheet – June 2010

Posted on: June 24th, 2010 | Filed in West Coast Property Market Factsheet

Property sales on the West Coast slipped from 29 to 24 sales on a seasonally adjusted basis. The first 5 months of 2010 has seen sales of 116 down 11% on the same period in 2009.

NZ Property market pulse factsheet - West Coast sales June 2010 Realestate.co.nz

Inventory of houses on the market fell steeply in May. In April the inventory of houses on the market equated to 191 weeks of sales, this has fallen in May to 140 weeks. This level of inventory is considerably higher than the long term average of 99 weeks. This would indicate that the market is still firmly favouring buyers.

NZ Property market pulse factsheet - West Coast inventory June 2010 Realestate.co.nz

Property prices for the West Coast are included in the broad Canterbury / West Coast regional median property price, in May this price was $303,750 up 6.6% on May 2009 price.

NZ Property market pulse factsheet - Canterbury Westland price June 2010 Realestate.co.nz

The West Coast region – Property market pulse factsheet for June 2010 is available as a pdf download document

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Southland – Property market pulse factsheet – June 2010

Posted on: June 23rd, 2010 | Filed in Southland Property Market Factsheet

The median property price in Southland jumped in May at $197,000, from $185,000 in April. As compared to a year ago prices in the region are up by a significant 9.4%, the highest rate of increase in the country.

NZ Property market pulse - Southland price June 2010

Property sales in the region though remained steady, but subdued. As measured on a seasonally adjusted basis. The May figure of 123 compares to 135 in April and 125 in March, however this 3 month period is significantly down by 16% on the same period in 2009.

NZ Property market pulse factsheet - Southland_sales_June_2010

Inventory of houses on the market fell sharply in May from the peak of 52 weeks of equivalent sales in April to 40 weeks in May. This May inventory of 40 weeks of equivalent sales remains high as compared to the long term average of 26 weeks. This would indicate that the market is still favouring buyers.

NZ Property market pulse factsheet - Southland inventory June 2010

The Southland region – Property market pulse factsheet – June 2010 is available as a downloaded pdf document.

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Taking the property pulse of the market – March 2010

Property Pulse Realestate.co.nzYesterday was a chance to provide an update of the property market on the new regular slot on TV3 Business Breakfast. For those readers who were not up at 6.40am you can view the segment here on the TV3 website.

The summary covered the latest Real Estate Institute sales figures for January as well as latest data on website listings.

Sales

The sales in February totaled 5,029. Whilst up from the 3,666 properties sold in January, the seasonally adjusted sales were 4% down on February 2009 – itself down 18% from February 2008. The most recent 3 month period (Dec / Jan / Feb) totaled 13,652, this compared to 13,236 in the same period in 2008/9. At the peak of the market back in 2003/4 the total was more than double the current level at 26,910.

The chart below shows the period from 1993 to 2010 and tracks the sales for the same 3 month period each year of December, January and February.

NZ Property sales (Dec / Jan / Feb) 1992 to 2010

Sales Price

The Stratified median sales price for February as reported by the Real Estate Institute in association with the Reserve Bank rallied slightly in February from a slide which began in November last year. The figure of $362,150 as the chart below shows is still 4.9% below the peak of the market some 27 months ago. The resurgence of houses prices seen through 2009 when the price came within 2% of the peak has certainly lost steam.

Stratified price REINZ Feb 2010

Listings

The most recent NZ Property Report for February highlighted the rise in the inventory of unsold houses. A total over 15,000 new listings for houses for sale came onto the market in February – a 47% increase on the number in January. This new stocking adding to the existing stock took the total inventory to over 48 weeks up from 40 weeks in January.

Taking the latest pulse of the market looking at the flow of new listings coming onto the market – the fact is that March is going to be another month of significant activity with in all likelihood that another 15,000 listings hitting the market. The key question which will not be answered until the 16th April will be the level of sales of properties in March as recorded by the Real Estate Institute.

The next NZ Property Report for the month of March will be published on Thursday the 1st April (no April fools jokes OK!). It will actually mark the first anniversary of this report. All of the prior months reports are archived on the Unconditional website under NZ Property Report.

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Taking the property pulse of the market – February 2010

Property Pulse Realestate.co.nz Today was the start of a new regular slot on TV3 Business Breakfast for providing a mid month view of the property market. For those readers who were not up at 6.40am you can view the segment here on the TV3 website.

The key data presented in the report covers the latest Real Estate Institute sales figures for January as well as latest data on website listings.

Sales

The sales in January were very low. Just 3,666 properties were sold in the month. These sales were lower than many had anticipated, especially when compared to a year ago – a time you have to remember when the storm clouds of the recession were depressing all forms of consumer activity and confidence – in that month a year ago 3,706 properties were sold. So this placed January 2010 as the lowest month going back as far as 1992.

The chart below tracks the past 5 years and uses seasonally adjusted monthly sales data. The key periods of the past 5 years are highlighted to track the key events – STRONG MARKET 2005 – mid 2007, MARKET FALL mid 2007 – early 2008, FLAT MARKET in 2008, RESURGENCE AND FALL in 2009.

NZ Seasonally adjusted property sales 2010

On a seasonally adjusted basis the January 2010 sales volumes were not quite the lowest month, but they came pretty close.

Sales Price

The Stratified median sales price for January as reported by the Real Estate Institute in association with the Reserve Bank showed a further fall to a level of $360,687. Down from $366,500 in December which itself was a fall from November. The stratified median price as shown in the chart below is still some 5.3% below the market peak last seen in November 2007. The resurgence of houses prices seen through 2009 when the price came within 2% of the peak has certainly lost steam – certainly low sales volumes has the ability to apply a downward pressure on prices.

NZ Stratified house prices 2010

Listings

The most recent NZ Property Report for January highlighted the rise in the inventory of unsold houses from 34 weeks in December to 40 weeks in January. With this latest set of data reporting a further slowing of sales volumes added top which is a strong flow of new listings; that level of unsold inventory will likely rise again significantly for the February report – I suspect we will see a level around 48 weeks.

Taking the latest pulse of the market looking at the flow of new listings coming onto the market – the fact is that February is going to be the month which a lot of people have been expecting for a while – 18 days into this short month we have already seen over 9,500 new properties hit the market. To put this in context last February saw 12,164 new listings – we are seeing a daily rate of close to 700 and with 7 more business days we could see over 14,500 for the month.

The NZ Property Report for February will be published on Monday the 1st March on this site and will provide a national as well as regional view of the property market as seen from the perspective of new listings, asking price expectation and inventory of unsold houses.

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