February 2019 - New Zealand property-issued 1 March 2019 - Blog | realestate.co.nz
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New Zealand property February 2019 – issued 1 March 2019
overview
There has been more certainty in the New Zealand property market
compared to Australia this February. The smaller regions dominate
new asking price highs across the country.
“The New Zealand property market is in a good place Asking prices fell 2.8% to $675,727 compared to last
and there was a sense of relative stability during the month (January 2019), however there were regions
month of February”, says realestate.co.nz that were up and others down, which evened out the
spokesperson Vanessa Taylor. result across the country.
“Unlike the Australian situation, where there’s “This needs to be taken into context of a big January,
reportedly a long-term high in the number of when there was a record asking price, largely driven by
properties sitting on the market, that’s not the increases in the smaller regions,” says Vanessa.
case here in New Zealand,” she says.
“As a result, we are seeing a slight adjustment in
The total number of homes for sale nationally February, although four of the smaller regions still
in February 2019 was recorded all-time asking price highs in
26,850, marginally down
0.3% compared
“ The Central Otago-Lakes February (Waikato, Gisborne, Central North
Island and Manawatu / Wanganui).”
area climbed back up over
to the previous year. Five
the million dollar mark in Across the country there is an ongoing
years ago (February 2014)
February, leapfrogging the see-saw for the top spot in average asking
there were 41,731 homes
Auckland region’s average price between the Central-Otago Lakes
listed for sale nationally
region and the Auckland region.
as a comparison. asking prices once more. ” “The Central Otago-Lakes area has climbed
“We’ve been through the
back up over the million dollar mark in February,
heady days of frantic activity and uncertainty and
leapfrogging the Auckland region’s average asking
we have found our new normal,” says Vanessa.
prices once more,” says Vanessa.
“It’s characterised by a steady market, stable pricing
This is mainly due to some top-end properties hitting
and a pragmatic approach by buyers and sellers.”
the market in the Queenstown district.
“It’s a more stable environment where buyers and
NEW PROPERTY LISTINGS
sellers can have more certainty and realistic
Of the five main regions, only the Wellington region
expectations about what they can achieve in the
recorded an increase in new listings in February (up
current housing market,” says Vanessa Taylor.
6.9% compared to the previous year, representing 886
This level of stability and ongoing engagement new listings).
in the New Zealand property market is reflected in
In the smaller regions, new listings in Central-Otago
the 1,037,347 unique browsers on realestate.co.nz
Lakes were up 11.8% (to 209 listings) and the West
during February, up 18.6% up on the same period
Coast region was up 7.6% (totalling 71 new listings)
last year.
compared to the same time last year.
“It’s business as usual,” says Vanessa. “These numbers
Of the other smaller regions, 11 recorded decreases in
are consistent with summertime browsing, even
new listings in February compared with February 2018.
though it’s a shorter month.”
ALL-TIME ASKING PRICE HIGHS IN FOUR REGIONS
NATIONAL PICTURE
Once again, it was the smaller regions which
Nationally, real-time statistics from realestate.co.nz
dominated new records in average asking price highs.
show that compared to February 2018, there was a
6.5% fall in new listings (to 10,535 listings) and a drop The Gisborne region led the charge, with a 6.7%
of only 0.3% in total listings (to 26,850 listings) in increase in average asking price to $445,938
February 2019. compared to January 2019.This was followed by the Waikato region (the only “Back in November, we questioned whether the fall in
major region to hit a new record) with the average average asking prices in this region could have been
asking price reaching $609,771 in February, up 3.5% due to the impact of the Overseas Investment Act. Our
from the previous month. thinking is that the drop is either directly or indirectly
based on the significant number of high-end
The Manawatu/Wanganui region was up 1.4% to
Queenstown properties on the market in the month
$387,122, while Central North Island was up 1.2% to
leading up to the passing of the Bill.”
$498,380 compared to the prior month.
“It appears that the market has a life of its own, with a
CENTRAL OTAGO-LAKES TAKES THE LEAD
steady climb in asking prices over the past three
ONCE MORE IN AVERAGE ASKING PRICES.
months,” says Vanessa.
AUCKLAND REGION AVERAGE ASKING PRICES
LIFT BY A MERE $233. SALES RESULTS STABLE
Three months after the Auckland region took the Bindi Norwell, Chief Executive of the Real Estate
crown off Central Otago-Lakes as the most expensive Institute of New Zealand says: “The sales results we’ve
in terms of average asking prices, the South Island seen over the past few months point to the industry
region has bounced back again. being in a stable position, with a continued two-tiered
market. Auckland has been relatively flat for some time
The two regions were remarkable in their own right,
now, whilst some of the regions across New Zealand
says Vanessa.
have been experiencing strong growth.”
“For the first time since April 2016, the Auckland region
hardly changed compared to the previous month,
average asking prices lifted by a mere $233 in
February,” she says.
Auckland’s average asking price in February was
$960,715 compared to $960,482 in January 2019.
Vanessa Taylor
By contrast, Central-Otago Lakes leapt 7.5% to an
Spokesperson
average asking price of $1,010,021. realestate.co.nzAbout realestate.co.nz current average rates of sale if no new
properties were to be listed for sale. It provides
Dedicated only to property, realestate.co.nz is the
a measure of the rate of turnover in the market.
official website of the New Zealand real estate
industry. As a property listing site, the information • New listings are a record of all the new listings
it draws on for its property report is in real time. on realestate.co.nz for the relevant calendar
month. As realestate.co.nz reflects 97% of all
With the country’s most comprehensive selection properties listed through registered estate
of real estate listings, realestate.co.nz represents agents in New Zealand, this gives a
more than 97% of all residential, commercial representative view of the New Zealand
and rural properties currently marketed by real property market.
estate professionals.
• Demand: the increase or decrease in the number
Glossary of terms of views per listing in that region, taken over a
rolling three-month time frame, compared to the
Being the only provider of real estate data in real
same three-month time frame the previous year
time, realestate.co.nz offers valuable property
– including the current month.
market information not available from other sources.
• Seasonal adjustment is a method realestate.co.nz
• Average asking price is not a valuation. It is an uses to better represent the core underlying
indication of current market sentiment. trend of the property market in New Zealand.
Statistically, asking prices tend to correlate This is done using methodology from the
closely with the sales prices recorded in future New Zealand Institute of Economic Research.
months when those properties are sold. As it
• Truncated mean is the method realestate.co.nz
looks at different data, average asking prices
uses to provide statistically relevant asking
may differ from recorded sales data released at
prices. The top and bottom 10% of listings in
the same time.
each area are removed before the average is
• Inventory is a measure of how long it would calculated, to prevent exceptional listings from
take, theoretically, to sell the current stock at providing false impressions.property
asking price Property asking price for February 2019 $675,727
Compared to January 2019 -2.8%
The average asking price is calculated by taking every residential listing’s indicated asking price and dividing
it by the total number of properties.
Northland Coromandel
$616,812 $719,684
1.5% -0.7%
Auckland Bay of Plenty
$960,715 $672,410
0.0% 6.8%
Waikato
$609,771
3.5%
Central North Island
$498,380
1.2%
Taranaki
$401,311
-5.0%
Nelson & Bays
$634,865
Gisborne
-7.6%
$445,938
6.7%
West Coast
$283,051
Hawke’s Bay
-0.4%
$519,236
-1.3%
Central Otago/Lakes
$1,010,021 Manawatu/Wanganui
7.5% $387,122
Otago 1.4%
$423,917
Wairarapa
-3.3%
$470,548
Southland -1.4%
$327,915
-1.2% Wellington
$653,186
-0.6%
Marlborough
$513,699
3.0%
Canterbury
$500,081
-1.8%
Price change
> 5% < 5% 0 < 5% > 5%
Decrease Increase
Asking prices for new listing calculated as seasonally adjusted prices using X13 ARIMA methodology.property
new listings New property listings for February 2019 10,535
Compared to February 2018 -6.5%
New listings are properties that have been added to realestate.co.nz during the month. This is compared to
the number of new listings in the same month in the previous year.
Northland Coromandel
394 121
-20.4% -10.4%
Auckland Bay of Plenty
3,705 680
-9.9% -4.2%
Waikato
846
-0.1%
Central North Island
136
-4.2%
Taranaki
212
-10.5%
Nelson & Bays
200
Gisborne
-0.5%
48
-18.6%
West Coast
71
Hawke’s Bay
7.6%
282
-13.5%
Central Otago/Lakes
209 Manawatu/Wanganui
11.8% 494
-6.1%
Otago
320
Wairarapa
-5.6%
117
Southland -19.3%
238
-8.1% Wellington
886
6.9%
Marlborough
108
-10.7%
Canterbury
1,468
-4.4%
Listing change
> 20% < 20% 0 < 20% > 20%
Decrease Increase
Actual data of new listings.inventory
of listings
NZ inventory of listings for February 2019 17 weeks
Compared to Long Term Average (LTA) 29 weeks
Inventory means if no new listings were to come onto the market, all the existing properties in each region
would be sold within the number of weeks stated, based on historical trends.
Northland Coromandel
31 weeks 36 weeks
LTA: 90 LTA: 133
Auckland Bay of Plenty
22 weeks 13 weeks
LTA: 23 LTA: 39
Waikato
16 weeks
LTA: 34
Central North Island
16 weeks
LTA: 63
Taranaki
16 weeks
LTA: 25
Nelson & Bays
12 weeks
Gisborne
LTA: 24 10 weeks
West Coast LTA: 35
42 weeks Hawke’s Bay
LTA: 117 9 weeks
Central Otago/Lakes LTA: 30
22 weeks Manawatu/Wanganui
LTA: 66 11 weeks
Otago LTA: 32
9 weeks
Wairarapa
LTA: 22
18 weeks
Southland LTA: 69
11 weeks
LTA: 30 Wellington
8 weeks
LTA: 17
Marlborough
19 weeks
LTA: 40
Canterbury
18 weeks
LTA: 24
Market sentiment rating
Sellers Buyers
The inventory levels reflect the projected number of weeks to clear existing inventory of unsold homes on the market matched
to the Long Term Average (LTA) for the region based on 12 years of seasonally adjusted data.housing
stock Housing stock in February 2019 26,850
Compared to February 2018 -0.3%
The stock map shows the total number of residential dwellings that are for sale on the penultimate day
of the month.
Northland Coromandel
1,452 568
2.5% -14.4%
Auckland Bay of Plenty
10,234 1,630
6.7% -3.3%
Waikato
1,948
1.0%
Central North Island
402
-18.3%
Taranaki
694
8.2%
Nelson & Bays
432
Gisborne
1.8%
97
-32.0%
West Coast
440
Hawke’s Bay
-25.9%
526
6.8%
Central Otago/Lakes
663 Manawatu/Wanganui
15.5% 854
-21.9%
Otago
551
Wairarapa
-20.1%
314
Southland 18.7%
497
-20.1% Wellington
1,207
-4.4%
Marlborough
369
5.9%
Canterbury
3,973
-1.1%
Listing change
> 20% < 20% 0 < 20% > 20%
Decrease Increase
Stock data adjusted for multiple listings.For more information 0800 732 536 info@realestate.co.nz
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