March 2019 - New Zealand property-issued 4 April 2019 - Blog | realestate.co.nz
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New Zealand property March 2019 – issued 4 April 2019
overview
Auckland is on the cusp of a buyers’ market which has potential upsides
for both buyers and sellers. A modest fall in Auckland asking prices is
offset by increases in other regions. Wellington and four smaller regions
hit asking price highs since records began in 2007.
Real-time statistics from realestate.co.nz show that A lift in new property listings, an increase in total stock
the Auckland region is indicating a shift into a and relatively stable prices takes the pressure off.
buyers’ market. Data from March
We’ve seen that Kiwi’s passion
2019 shows a small fall in the
average asking price, more choice
“ A lift in new property for property is not slowing down,
listings, an increase in total with 1,135,945 unique browsers
of properties and homes taking
stock and relatively stable searching on realestate.co.nz
longer to sell.
“While these are the classic
prices takes the pressure off. ” during the month of March.
This is up 25.2% on March 2018.
indicators of a buyers’ market, it has potential upside
When looking at the past five years, the relatively
for both buyers and sellers.” says realestate.co.nz
stable price environment we have right now
spokesperson Vanessa Taylor.
is a stark contrast to the heady increases between
“That’s because sellers are also typically buyers 2015 and 2017.”
looking for their next home. In the same market,
“Less stress and more realistic expectations.”
buyers will be able to capitalise on lower asking
prices for their next move, as the majority are likely Auckland region – March average asking prices –
5 year review
to be trading up.”
Average Comparison to
The Auckland region’s average asking price fell 1.9% Year asking prices March previous year
in March to $942,232, when compared to the 2019 $942,232 Down $7,306
previous month. 2018 $949,538 Down $4,141
New listings in Auckland (4,363) were up 4.6% 2017* $953,679 Up $88,219
compared to March 2018, adding to the stock 2016 $865,460 Up $94,224
already listed for sale on realestate.co.nz. The total 2015 $771,236 Up $84,229
number of homes for sale (11,026) in this region in 2017* Auckland’s average asking price peaked to its all-time high in
December 2017 at $982,673.
March was up 15.2% on the same time last year.
“Falls in average asking prices could also possibly
The Auckland region accounted for nearly a third of
assist some first home buyers as these falls are
all new listings across the country. Nationally, the
across all price bands.”
number of new listings fell by 3.1% (to 12,102 homes)
compared with March 2018. “If people move up from their first to their second
home, it will free-up stock at the entry level.”
“Houses in Auckland are also taking longer to sell,”
says Vanessa. NATIONAL INCREASE IN AVERAGE ASKING
PRICES COUNTERBALANCE’S AUCKLAND’S FALL.
We’ve very much moved on from the pressure
FIVE REGIONS HIT ALL-TIME HIGHS, SINCE
cooker market which peaked in 2017.
RECORDS BEGAN IN 2007.
It was a time when buyers and sellers had to make
The March fall in Auckland’s average asking price has
snap decisions under enormous pressure, with the
been counter-balanced by increases in other regions
nightmare possibility of a stumble on the next rung
throughout New Zealand. These include record highs
of the property ladder, such as selling a home but
in the Wellington, Manawatu-Wanganui, Marlborough,
not able to purchase the next one because of the
Central North Island and Southland regions.
rise in prices in the interim.
The national average asking price for March stood at
In the current market, buyers and sellers can take
$677,746, representing a 0.3% increase compared to
a more considered approach to purchasing their
the prior month.
next home.“While this is a relatively small increase, it shows that The 944 fresh new listings brings the total number of
although the biggest region of Auckland has seen a homes for sale in the region to 1,286, with an average
backwards move in asking prices, there’s been asking price of $657,788.
enough happening across the rest of the country
“It’s been traditionally a tightly held market,
to counter-balance the overall impact.”
so breaking the mould in March was very positive
Average asking price – record highs for the capital.”
Average Increase month REINZ: NUMBER OF DAYS TO SELL A PROPERTY
Region asking price on month
HAS BEEN SLOWLY INCREASING IN SOME PARTS
Marlborough $536,146 Up 4.4%
OF THE COUNTRY
Central North Island $518,774 Up 4.1%
Bindi Norwell, Chief Executive of the Real Estate
Southland $336,226 Up 2.5%
Institute of New Zealand says: “We’ve seen this trend
Wellington $657,788 Up 0.7%
for a few months now where the number of days to
Manawatu-Wanganui $389,850 Up 0.7% sell a property has been slowly increasing in some
areas across New Zealand. This means some people
While not a record, the stand-out region in terms
are taking their time and undertaking their due
of a lift in average asking prices compared to the
diligence before purchasing a property.”
previous month was Taranaki, where asking prices
rose 9.1% to $437,871. “It’s also a good time for
vendors to review their pricing
WELLINGTON REGION COMES ALIVE
strategy so they can successfully
“A healthy injection of new listings which has
sell within this type of market,”
significantly built the region’s total stock levels,
she says.
coupled with a stable price environment, is very Vanessa Taylor
encouraging for home hunters who have been Spokesperson
long-starved for choice,” says Vanessa. 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 March 2019 $677,746
Compared to February 2019 0.3%
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
$619,766 $701,208
0.5% -2.6%
Auckland Bay of Plenty
$942,232 $671,431
-1.9% -0.1%
Waikato
$584,785
-4.1%
Central North Island
$518,774
4.1%
Taranaki
$437,871
9.1%
Nelson & Bays
$633,520
Gisborne
-0.2%
$380,042
-14.8%
West Coast
$258,220
Hawke’s Bay
-8.8%
$520,198
0.2%
Central Otago/Lakes
$1,012,234 Manawatu/Wanganui
0.2% $389,850
Otago 0.7%
$423,122
Wairarapa
-0.2%
$463,664
Southland -1.5%
$336,226
2.5% Wellington
$657,788
0.7%
Marlborough
$536,146
4.4%
Canterbury
$509,270
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 March 2019 12,102
Compared to March 2018 -3.1%
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
550 142
-4.5% -9.0%
Auckland Bay of Plenty
4,363 758
4.6% -14.8%
Waikato
1,002
3.9%
Central North Island
144
-5.3%
Taranaki
219
-23.4%
Nelson & Bays
226
Gisborne
-18.1%
98
-10.1%
West Coast
80
Hawke’s Bay
-10.1%
384
-0.8%
Central Otago/Lakes
209 Manawatu/Wanganui
-18.7% 507
-13.0%
Otago
361
Wairarapa
-20.1%
126
Southland -22.2%
252
5.4% Wellington
944
7.3%
Marlborough
131
-2.2%
Canterbury
1,606
-7.0%
Listing change
> 20% < 20% 0 < 20% > 20%
Decrease Increase
Actual data of new listings.inventory
of listings
NZ inventory of listings for March 2019 19 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
40 weeks 43 weeks
LTA: 90 LTA: 133
Auckland Bay of Plenty
26 weeks 14 weeks
LTA: 23 LTA: 39
Waikato
19 weeks
LTA: 34
Central North Island
19 weeks
LTA: 63
Taranaki
17 weeks
LTA: 25
Nelson & Bays
13 weeks
Gisborne
LTA: 24 11 weeks
West Coast LTA: 35
36 weeks Hawke’s Bay
LTA: 117 9 weeks
Central Otago/Lakes LTA: 30
24 weeks Manawatu/Wanganui
LTA: 65 10 weeks
Otago LTA: 32
9 weeks
Wairarapa
LTA: 22
16 weeks
Southland LTA: 68
12 weeks
LTA: 30 Wellington
8 weeks
LTA: 17
Marlborough
17 weeks
LTA: 40
Canterbury
20 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 March 2019 28,228
Compared to March 2018 4.5%
The stock map shows the total number of residential dwellings that are for sale on the penultimate day
of the month.
Northland Coromandel
1,569 572
10.1% -9.7%
Auckland Bay of Plenty
11,026 1,695
15.2% -3.5%
Waikato
2,172
11.9%
Central North Island
368
-18.9%
Taranaki
695
6.4%
Nelson & Bays
421
Gisborne
-6.4%
134
-17.3%
West Coast
439
Hawke’s Bay
-25.0%
558
6.0%
Central Otago/Lakes
671 Manawatu/Wanganui
12.4% 864
-19.6%
Otago
578
Wairarapa
-19.4%
292
Southland 13.5%
492
-15.8% Wellington
1,286
6.4%
Marlborough
391
15.2%
Canterbury
4,006
-1.9%
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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