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Asking price of homes remained at record levels during May

Posted on: June 13th, 2014 | Filed in Featured, NZ Property Report

Map1_Regional_map_of_asking_price_NZ_Property_Report_May2014The average asking price of homes remains at record levels, not only in Auckland but across the country.

The national average asking price of house sellers in May was $483,524, only marginally below the all time record set in March of $484,263. In Auckland, the average asking price was $685,246, practically the same as the new record set in April of $685,426.  In Wellington the average asking price in May was $453,850, while Canterbury came to $442,784.

Despite the strong prices sought by sellers, there are still plenty of Kiwis looking for homes to buy throughout the country.  Traffic to Realestate.co.nz has risen 50% over the last 12 months, showing that buyer interest hasn’t dissipated. And traffic from mobile devices specifically, including smartphones and tablets, has grown by 90% in the last year*.

Today, more than 40% of visitor traffic to Realestate.co.nz comes from a mobile device. On weekends, the mobile traffic component is even higher as savvy buyers stay informed by connecting to the property portal while out house hunting, at open homes and at auctions.

Map2_Regional_map_of_new_listings_NZ_Property_Report_May14The good news for buyers is that the available stock of houses for sale is steadily recovering from the historic low levels of August last year. There are currently more than 40,000 homes for sale across the country as at 31 May.

There were 10,745 new listings of houses for sale in May, which was a five per cent increase from April. New property listings remain at similar levels to the same time last year, though some regions experienced a drop. The Waikato, for instance, had 19% fewer new listings in May 2014 than the same month in 2013.

For Media Enquiries, please contact:

Paul McKenzie, National Marketing Manager, Realestate.co.nz | +64 21 618 537

A full copy to the Press Release is available here – download now.

*Site traffic increases based on Nielsen Market Intelligence, Mobile traffic increases based on Google Analytics May 2014

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.

Methodology The realestate.co.nz data 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 11,000 new listings, the realestate.co.nz data provides the largest monthly sample on the residential property market.

Seasonally adjustment The core data 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 Ltd is the official online property listing company of the New Zealand real estate industry, currently hosting over 100,000 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.  The raw property report 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.

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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