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Wellington Property Pulse factsheet – October 2011

Posted on: November 29th, 2011 | Filed in Wellington Property Market Factsheet

The Wellington region property pulse factsheet for October 2011 is published using data from Realestate.co.nz and REINZ (Real Estate Institute of NZ).

Property sales across the Wellington region at 508 in the month rose slightly on a seasonally adjusted basis in October and was up 11% as compared to a year ago. The inventory of unsold houses on the market rose to 23 weeks having fallen for the past few months, this takes it slightly above the long-term average of 22 weeks of equivalent sales.

The stratified mean sales price of properties sold in the Wellington region at $411,930 was flat as compared to a year ago but up from the prior month. The asking price expectation of new listings was down 4% as compared to a year ago at $439,369.

The level of new listings coming onto the market in October at 946 was up compared to September, but down 4% as compared to a year ago.

 

Article Discussion

  1. JohnB says:

    Alistair, your inventory of property is inventory as a proportion of a rate of sales, that is easy to understand, but what is a bit difficult is that as sales change, the denominator changes making it difficult to know if a good sales month is the cause, seasonality or that their is a change in inventory happening. I wonder if actual inventory as well may help? My chart of inventory for Wellington off the trademe site shows a very large increase – very much in ine with last year as your data sort of suggests, but the increase does not show in your presentation.
    see http://www.jonette.co.nz/market/listings-on-trademe/wellington-urban-summary.html

  2. John

    I appreciate the question – leads me to answer it by mapping the two data sets of actual inventory and inventory based on the equivalent rate of sales based on weekly sales. The chart shows a close correlation for the past few years.

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