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NZ Property Report – September 2013

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

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

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

Summary of the market – September 2013

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


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

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

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

Asking Price


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

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

New Listings

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

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



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

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

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

Regional Summary – Asking price expectations

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

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

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

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


Regional Summary – Listings

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

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

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

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

Regional Summary – Inventory

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

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

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



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


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

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

For Media Enquiries, please contact:

Paul McKenzie, Marketing Manager, | +64 21 618 537

Or Phillip Dunn, Acting CEO, | +64 21 807 640


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

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

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

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

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

By Paul McKenzie, Marketing Manager,

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


Article Discussion

  1. In our office appraisals requested during September were well down on previous years and this will most likely mean a continuation of the low stock level environment right through to Christmas. Most of our recent sales have set street, area or category records and most have obtained multiple offers. There is a serious shortage of stock in the Pt Chevalier, Westmere and Grey Lynn areas which most likely will push prices up another 5% to 10% over the summer months. We have hundreds of buyers registered and we could easily sell another 30 or 40 homes over the next three months if only more people were keen to list for sale!

  2. […] up 14%. At the same time the inventory of property for sale on the market as measured by the NZ Property Report slumped to just 11.5 weeks down from 17 weeks a year […]

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