Daily Archives: June 2, 2009

Where is Nelson in just released May 2009 Property Report

Yesterday the May 2009 Property Report was released by realestate.co.nz.

Continuing in almost a similar vein to last month, Nelson again shows some interesting results when compared to many other parts of the country.

GRAPHIC – NZ Property Report – May 2009 www.realestate.co.nz

Nelson had the second highest increase in asking prices tracked in the April 2009 report, and continues in that pattern in May 2009 by being just outside the top 5 at number 6, out of the 19 reporting regions.

GRAPHIC – NZ Property Report – May 2009 www.realestate.co.nz

In commenting on the critical factor of Inventory levels (after all supply & demand has such a bearing on price) the report displays that Nelson is one of 4 regions whose tightened supply swings the market sentiment towards the seller side.

The report said as much

At the other extreme the areas with the lowest levels of inventory are Wellington with 16 weeks, Taranaki – 20 weeks, with Nelson and Otago with 23 weeks apiece.

And in pointing out a tightening of available for sale properties the writer goes on…

Areas representing the tightest market in respect of current inventory as compared to long term averages would be Nelson, Wellington and Canterbury.

So when compared to May 2008 the amount of new listings was down by 182 or 29%.

One could say the displayed data, is consistent with continuing to validate our reasonably stable local Real Estate market, one that does, like it has for many decades (see here – further next paragraph), continues to display the sort of data set that is concordant with a location being a buyers desired choice when it comes to a place to call “home”.

If you would like to conduct a bit more research to see what I am talking about re Nelson standing out for many decades now in price history data, head on over to MOTU, go here to read or download “The Ups & Downs of NZ House Prices”.**

Gander at the Tables starting on Page 20, (especially Table 1 and 11-12) and just see where Nelson sits when equated to the rest of the country, and you’ll be able to see what I’m talking about.

And after watching Trulia CEO Pete Flint on this Forbes video interview, you just know that what realestate.co.nz is doing by providing this monthly report (& like many REINZ reports, for free unlike others) is increasing exactly the sort of real estate transparency talked about in the interview, and the sort of info / data that increasingly US first time home buyers are demanding.

** Hall, Viv; John McDermott and James Tremewan. 2006. “The Ups and Downs of New Zealand House Prices,” Motu Working Paper 06-03.