November 15th, 2010
REINZ (Real Estate Institute of NZ) officially released New Zealand wide home sales data/figures covering the month of October 2010 a few days ago.
Commenting on the very low volume of homes sold, the Institute report;
It is the first time residential property transactions have dipped below 4000 in October for more than a decade, or since the record low of 3,666 sales set in January 2010.
Although they begin their Press Release by saying “…..has been no traditional springtime rise in residential property sales so far this year” that is tempered a few paragraphs later by REINZ spokesman Peter Thompson in the following statement;
“The usual spring influx of listings has been late this year but activity is picking up now and the November figures should be better,”
Speaking from the Nelson “on the street perspective”, I’d have to say we are in exactly the same camp as he just described…..where activity has just started to build in the last 2 ~ 3 weeks.
CHART - REINZ - www.reinz.co.nz
Peter Thompson adds…… ”People planning to change houses appear to have held back on listing their current homes until they see what else is available and how the market is moving.”
Again I’d say hes pretty much on the money, mirroring local conditions…..with that statement too. The usual influx in numbers of cash buyers appears to be currently outnumbered by those who have a property to sell first.
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No one bedroom sales made the figures, and just the one 5 bedroom property showed up, which was transacted quite swiftly actually.
The Section Situation
Interestingly enough in such a low volume month, 6 section sales were confirmed…..although with the following days to sell ……. 1105 / 55 / 1245 / 95 / 412 / 101, it wasn’t anything to sing from the treetops about.
REINZ’s DATA COVERAGE DETAILs
The Nelson region covered by the above data encompasses the following Suburbs: Annesbrook, Atawhai, Bishopdale – Nelson City, Britannia Heights, Bryant Range, Enner Glynn, Hira, Kokorua, Maitai Valley, Maitlands, Marybank, Moana – Nelson, Monaco, Nayland, Nelson Airport, Nelson Central, Nelson East, Nelson South, Ngawhatu, Port Hills, Port Nelson, Saxton, Stoke, Tahunanui, The Brook, The Wood, Victory Square, Wakapuaka, Wakatu, Whangamoa
REINZ official October Statement re Nelson City 11/11/10 10am below;
Across the Nelson/Marlborough district the median price eased back to $320,000 from $330,000 in September and August and is the same as the October 2009 median. Residential property sales also fell back last month to 151 from 172 in September and are down on the 206 sales in October last year
In Nelson City the median price increased to $345,000 from $331,000 in September and is also up on the October 2009 median of $315,000. But sales volume fell from 71 in September to 59 last month, also less than the 93 in October last year
Moving forward, it may be that increasing debate will be cast over these monthly reported sales figures. Generally speaking, this info has been provided monthly by submission from Real Estate agencies around New Zealand, uploaded directly to the Real Estate Institute of NZ. This then allows the Institute to report these complied figures as monthly sales data.
Considering that its now no longer mandatory (not sure it ever was?) for NZ Real Estate agencies to continue to submit those monthly sales figures through to REINZ, folks may being to challenge the notion that these sales data figures still give an accurate measure of the volume of sales in a particular region. In the age of transparency its kind of unfortunate to see that it is foreseeable that this could happen.
SOURCE DATA – REINZ October 2010 Sales Figures