The Unconditional Blog

The impartial voice of the industry

 
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Wairarapa – Property Market Pulse factsheet – July 2010

Posted on: July 22nd, 2010 | Filed in Wairarapa Property Market Factsheet

My-Adobe-PDF-Files-iconThe Wairarapa region Property Market factsheet for July 2010 can be downloaded by clicking this icon.

Property sales in the Wairarapa fell significantly in June – down 44% from May on a seasonally adjusted basis. A total of 31 properties were sold in June. The first 6 months of 2010 has seen a total of 309 sales down 13.7% as compared to the first 6 months of 2009.

Wairarapa_property_sales_July_2010

Inventory of houses on the market in June continued to rise as a consequence of the slower sales. The level of inventory reached 115 weeks of equivalent sales. This level of inventory is considerably ahead of the long term average of 75 weeks. This would indicate that the market is favouring buyers at this time.

Wairarapa_inventory_of_properties_for_sale_July_2010

Property prices for the Wairarapa region is included in the broad Wellington regional median property price, in June this price was $405,000 up 8% on June 2009 price.

Wellington_region_property_prices_July_2010

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Wellington – Property Market Pulse factsheet – July 2010

Posted on: July 22nd, 2010 | Filed in Wellington Property Market Factsheet

My-Adobe-PDF-Files-iconThe Wellington region Property Market factsheet for July 2010 can be downloaded by clicking this icon.

Property prices in the Wellington region as measured on a stratified basis fell further in June to $401,100. This is the 4th consecutive month of price fall from $423,675 in February. As compared to a year ago prices are down 1.8%.

Wellington stratified house price Jul 2010

Property sales measured on a seasonally adjusted basis increased by 9.7% from May. There was a total of 490 property sales in the month. In the first half of 2010 a total of 3,137 properties have been sold, down 9.6% on the same period in 2009.

Wellington_property_sales_July_2010

Inventory of houses on the market leveled off in June following the fall in May. The current level of 23 weeks of equivalent sales is close to the long term average in the region of 21 weeks.

Wellington_inventory_of_properties_for_sale_July_2010

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.

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West Coast – Property Pulse Market factsheet – July 2010

Posted on: July 22nd, 2010 | Filed in West Coast Property Market Factsheet

My-Adobe-PDF-Files-icon

The West Coast district Property Market factsheet for July 2010 can be downloaded by clicking this icon.

Property sales on the West Coast enjoyed a significant increase in June rising a seasonally adjusted 72% with sales of 36 properties up from 29 in May. The first half of 2010 has seen sales of 169 as compared to 178 in the same period last year – a fall of 5%.

West Coast property sales July 2010

Inventory of houses though rose again in June despite the upturn in sales. The June inventory of houses on the market equated to 161 weeks of sales, this followed a significant fall in inventory seen in May from a record peak in April. 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.

West coast region inventory July 2010

Property prices for the West Coast are included in the broad Canterbury / West Coast regional median property price, in June this price was $325,000 up 10.2% on June 2009 price.

Canterbury West Coast median house prices July 2010

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Marlborough – Property Market Pulse factsheet – July 2010

Posted on: July 22nd, 2010 | Filed in Marlborough Property Market Factsheet

My-Adobe-PDF-Files-iconThe Marlborough region Property Market factsheet for July 2010 can be downloaded by clicking this icon.

Property sales in the Marlborough region remained steady on a seasonally adjusted basis with a 5.4% increase from May to June. A total of 52 properties were sold in June compared to 67 in June last year. In the first half of 2010 a total of 368 properties were sold down 24.4% on the same period in 2009.

Marlborough property sales July 2010

The level of inventory of houses on the market in June rose following the sharp fall in May. The inventory as measured on the equivalent weeks of sales rose from 67 to 69 weeks. This level of inventory is significantly higher than the long term average of 46 weeks. This would indicate that the market is favouring buyers.

Marlborough inventory of properties for sale July 2010

Property prices for the Marlborough region are included in the broad Nelson / Marlborough regional median property price, in June this price was $347,250 up 4% on the median price in June 2009.

Nelson Marlborough property prices July 2010

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Nelson – Property Market Pulse factsheet – July 2010

Posted on: July 22nd, 2010 | Filed in Nelson Property Market Factsheet

My-Adobe-PDF-Files-iconThe Nelson region Property Market factsheet for July 2010 can be downloaded by clicking this icon.

Property sales in the Nelson region took a sharp adjustment in June. Following on from strong sales in past 4 months the seasonally adjusted sales fell 28% in June. There were 98 sales in June compared to 158 in May. The first half of 2010 has seen 796 sales compared to 884 in the same 6 month period of 2009.

Nelson property sales July 2010

Despite the fall off in sales the inventory of properties on the market in June fell again from May. In June the inventory of houses on the market was 26 weeks down from 29 weeks of equivalent sales in May. This level of inventory is now below the long term average of 28 weeks. This would indicate that the market is fairly well balanced with if anything a favourable position for property sellers.

Nelson inventory of properties for sale July 2010

Property prices for the Nelson are included in the broad Nelson / Marlborough regional median property price, in June this price was $347,250 up 4% on June 2009.

Nelson Marlborough property prices July 2010

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Canterbury – Property Pulse Market factbook – July 2010

Posted on: July 22nd, 2010 | Filed in Canterbury Property Market Factsheet

My-Adobe-PDF-Files-iconThe Canterbury Property Market factsheet for July 2010 can be downloaded by clicking this icon.

Property prices based on the stratified pricing model for Christchurch rose in June to $349,595 from $339,530 in May. Compared to June 2009 prices are up 7.8%.

Christchurch stratified house price Jul 2010

Across the Canterbury region property sales remain subdued on a seasonally adjusted basis up just 4.4% from May. There were 674 sales in June as compared to 697 in May. Sales for the first half of 2010 at 4,178 reflect an 18% lower level than the same period on 2009.

Canterbury property sales July 2010

Inventory of houses on the market fell again in June from the May level of 36 weeks of equivalent sales to 35 weeks in June; this figure is close to the long term average in the region of 31 weeks.

Canterbury inventory of property on the market July 2010

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.

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Otago – Property Market Pulse factsheet – July 2010

Posted on: July 22nd, 2010 | Filed in Otago Property Market Factsheet

My-Adobe-PDF-Files-iconThe Otago region Property Market factsheet for July 2010 can be downloaded by clicking this icon.

The median property price in Otago fell again in June from $230,000 in May to $227,500. As compared to a year ago prices in the region are up by 3.8%.

Otago region median property price Jul 2010

Property sales fell on a seasonally adjusted basis in June by 6.8% with 182 actual sales in the month. In the first half of 2010 total sales reached 1,237 as compared to 1,419 in the same first 6 months of 2009 – a fall of nearly 13%.

Otago House sales Jul 2010

The inventory of houses on the market fell again in June from the May inventory of 33. The June figure was 29 weeks of equivalent sales. This June inventory of 29 weeks is now approaching the long term average of 26 weeks. This would indicate that the market is now far more balanced than in the past few months with neither buyers nor sellers having the upper hand.

Otago inventory of property for sale Jul 2010

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Queenstown Lakes – Propert Market Pulse factsheet – July 2010

Posted on: July 22nd, 2010 | Filed in Queenstown Lakes Property Market Factsheet

My-Adobe-PDF-Files-iconThe Queenstown Lakes Property Market factsheet for July 2010 can be downloaded by clicking this icon.

Property prices in the Central Otago Lakes district slipped in June from $432,000 in May to $415,000. As compared to a year ago prices in the region are down by 5.4%.

Queenstown lakes district property prices July 2010

Property sales in the region rose significantly in June on a seasonally adjusted basis by 55%. There were 85 properties sold in June up from 67 in May. Despite the rise in June, total sales in the first 6 months of 2010 were down 3.5% with 496 property sales which compares to 514 in the first half of 2009.

Queenstown Lakes property sales Jul 2010

Inventory of houses on the market rose again in June following a dip in May, this despite the rise in sales volumes. In June the inventory level was 113 weeks of equivalent sales as compared to 97 weeks in May. This June level of inventory is still close to the long term average of 91 weeks. This would indicate that the market is fairly well balanced between buyers and sellers.

Queenstown lakes inventory of properties Jul 2010

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Southland – Property Market Pulse factsheet – July 2010

Posted on: July 22nd, 2010 | Filed in Southland Property Market Factsheet

My-Adobe-PDF-Files-iconThe Southland Property Market factsheet for July 2010 can be downloaded by clicking this icon.

The median property price in Southland fell sharply in June, from the may figure of $197,000, to $172,000. As compared to a year ago prices in the region are in the month down over 11%. This takes the current price close to the low of $165,000 in November 2008.

Southland median sales price July 2010

Property sales in the region fell 10% in June on a seasonally adjusted basis to 111 properties. The first half of 2010 has seen a total of 711 sales as compared to 842 in the same period in 2009 – a drop of 16%.

Southland seasonally adjusted sales July 2010

Inventory of houses on the market spiked upwards in June as a result of the sales decline. The June level of 44 weeks of equivalent sales compares to the 40 weeks in May. This June inventory of 44 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.

Southland inventory of properties for sale Jul 2010

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Historical mortgage approval data exposes deeper insight

Posted on: July 21st, 2010 | Filed in Buying / Selling a home, Money Matters

A post earlier this month “Mortgage approvals data adds to the stable of valuable property stats” examined the recent trend in mortgage approvals as released by the Reserve Bank matched to recent property sales data from REINZ.

A question posed in a comment on that article asked the question as to the history of mortgage approvals and sales to see if it were possible to see more clearly when extensive refinancing by people looking to take equity out of a property ceased as credit tightening occurred and property price appreciation ceased.

The great benefit of hosting an open communication through Unconditional is being able to listen and respond to questions from readers – this is a great case in point.

The chart below tracks the full history of mortgage approvals as published by the Reserve Bank matched to property sales going back to the beginning of 2004.

Mortgage approvals 2004 2010

The chart I think perfectly demonstrates the history of the NZ property market from the perspective of leveraging the equity in the family home to free up cash for either consumption (cars, holidays, boats etc) or residential investment deposits. Through 2004 right up to the end of 2005 the rate of growth of mortgage approvals grew faster than property sales. The scale on the left and right axis are different, during that period monthly approvals for refinance and new finance grew from just over 25,000 to over 40,000 per month whilst sales were of the order of 8,500 per month.

Through 2006 and 2007, the two measures of property sales and mortgage approvals tracked very closely in trend terms with still a significantly higher number of mortgage approvals.

Strangely the 2008 year saw property sales fall, whilst mortgage approvals remained steady – this was the period when interest rates were dropped successively in late 2008 in response to the global economic crisis. Moving right up to date the last 6 months has for the first time see the level of mortgage approvals drop significantly below the trend of sales, currently with the latest monthly sales of properties around 5,000 per month with mortgage approvals of around 22,000 per month.

Update 22nd July

At the request of Tim Harris, the chart below tracks the data of mortgage approvals and property sales by month as a variance % for each month vs. the same month in the prior year.

Mortgage_approvals_- variance

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