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NZ Property Report – August 2012

Posted on: September 6th, 2012 | Filed 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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Changes at Realestate.co.nz

Posted on: September 3rd, 2012 | Filed in Company News

Fairfax Moresby, Chairman of Realestate.co.nz, New Zealand’s leading property portal, announced today the departure of Alistair Helm, the Chief Executive Officer of Realestate.co.nz.

In making this announcement Mr Moresby acknowledged the significant part Mr Helm has played in the growth story of Realestate.co.nz, which Mr Helm was instrumental in developing, and thanked him for his important contribution since its establishment.

“Since establishment in 2005 the site has consistently grown both its traffic and market share to hold a very clear position as the most comprehensive website for real estate in New Zealand.  It is used by over 1,000 real estate offices to showcase their listings with a total viewing audience of over 400,000 unique visitors each month from within New Zealand and overseas as well as over 100,000 a month on the mobile platform. Alistair’s role in making the business what it is today has been significant.”

Mr Helm is leaving as a consequence of management restructure. As both the business itself, and online marketplace have matured, the Board sees now as the appropriate time to review both operational structure and resourcing of the company as it charts its new future.

The Board and shareholders are excited by the next stage for the company. The restructure will ensure that both the selling and buying public, and real estate industry, continue to have access to the very best online marketing available.

Enquiries to:

Fairfax Moresby

Chairman

Realestate.co.nz

Ph +64 21 990 123

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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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