REINZ - Real Estate Institute of New Zealand Inc. PROPERTY REPORT

Transcription

1 REINZ - Real Estate Institute of New Zealand Inc. M O N T H LY PROPERTY REPORT 17 APRIL 218

2 MARCH SEES RECORD HOUSE PRICES FOR NZ DRIVEN BY REGIONS. VOLUMES DOWN YEAR- ON-YEAR BINDI NORWELL, REINZ CEO The median house price for New Zealand rose 1.8% in March 218 to reach a new record high of $56, up from $55, in March 217 according to the latest data from the Real Estate Institute of New Zealand (REINZ), source of the most complete and accurate real estate data in New Zealand. Median prices for New Zealand excluding Auckland increased by 6.2% year-on-year to a record high of $46,. Additionally, three regions achieved record prices: Gisborne - up 17.9% to $33, (up from $28,) Hawke s Bay up 11.7% to $445, (up from $398,5) Wellington - up 1.% to $583, (up from $53,). Other regions that saw strong increases in price during March were Manawatu/Wanganui (up 12.3% to $292,) and Otago (up 11.1% to $45,5). Prices in Auckland fell 2.2% year-on-year to $88, but this was compared to March 217 which saw the region experience the record price of $9,. It s also due to the mix of properties sold - the under $75, price band had 4% more sales this March and the $75,-$2 million price band had 5% fewer sales. On a month-on-month basis, prices in Auckland increased 2.9%. The REINZ HPI demonstrated a 1.% increase indicating a more stable market. Bindi Norwell, Chief Executive at REINZ says: March was a very strong month from a price perspective with record prices achieved for New Zealand, New Zealand excluding Auckland, Gisborne, the Hawke s Bay and Wellington. Looking at the whole country, median house prices increased in 13 out of 16 regions the only regions not to experience an increase were Northland, Auckland and Taranaki. This is the third month in a row now that the Hawke s Bay has seen a record median price for the region. This increase has been driven by a high level of demand across the region which is driving prices up particularly in the Nelson Park Ward in Napier (+27.7%), Ruataniwha Ward in Central Hawke s Bay (+25.8%) and Heretaunga Ward in Hastings (+24.7%), she continues. As New Zealand s second largest city, Wellington continues to shine as an attractive place to live with much of the growth being driven by areas outside Wellington s CBD including South Wairarapa s Martinborough Ward (+57.4%), Porirua s Eastern Ward (+48.%), Carterton District Ward (+27.3%) and Upper Hutt City Ward (+25.6%), continues Norwell. 2 REINZ Monthly Property Report

3 KEY DATA SUMMARY MEDIAN HOUSE PRICE YEAR-ON-YEAR SEASONALLY ADJUSTED MEDIAN HOUSE PRICE MEDIAN HOUSE PRICE MONTH-ON-MONTH MEDIAN DAYS TO SELL NATIONAL $56, - up from $55, + 1.8% year-on-year NEW ZEALAND EX AUCKLAND $46, - up from $433, + 6.2% year-on-year AUCKLAND $88, - down from $9, -2.2% year-on-year NATIONAL Down 2.2%, up 1.9% on March 217 NEW ZEALAND EX AUCKLAND Up.1%, up 5.9% on March 217 AUCKLAND Down 3.6%, down 2.4% on March 217 NATIONAL $56, - up from $53, + 5.7% since last month NEW ZEALAND EX AUCKLAND $46, - up from $45, + 2.2% since last month AUCKLAND $88, - up from $855, + 2.9% since last month NATIONAL 34-1 day longer than same month last year NEW ZEALAND EX AUCKLAND 33-2 days longer than same month last year AUCKLAND 36-1 day longer than same month last year REINZ HOUSE PRICE INDEX NATIONAL up from % year-on-year NEW ZEALAND EX AUCKLAND up from % year-on-year AUCKLAND up from % year-on-year 3 REINZ Monthly Property Report

4 Volumes down for March The number of properties sold in March across New Zealand fell by 9.9% when compared to the same time last year with 7,768 properties sold in comparison to 8,622 in March 217 which saw the highest month for sales volume in 217. The number of properties sold in Auckland during March decreased by 12.% year-on-year with 2,386 sold in comparison to 2,712 in March 217 again off the back of a high comparative figure. However, there were some strong regional increases in the number of properties sold yearon-year including: West Coast up 18.9% from 37 sales to 44 the highest number of sales for the month of March in 6 years Gisborne up 8.7% from 69 sales to 75 - the highest sales count since May 216 Nelson up 7.1% from 99 to 16 Taranaki up 3.1% from 196 sales to 22 Marlborough up 2.7% from 113 sales to 116 the highest sales count since May 216. Real Estate Institute of New Zealand (REINZ) Chief Executive Bindi Norwell says: Volumes were down across the country 9.9% year-on-year and while at face value this looks like a low number, however, March 217 was an extremely strong month in terms of the number of properties sold. March 217 saw the highest number of properties sold of any month in 217. Whilst the seasonally adjusted figure was also down by 7.8% year-on-year, this is just one month s worth of data following two solid months of sales, so we re not overly concerned about this month s volume, says Norwell. Again, we ve seen a number of the regions post stronger results than some of the major centres, highlighting the buoyant economies in these areas, she concludes. Regions with the largest year-on-year decline were Otago (-19.1%), Wellington (-17.7%) and Manawatu/Wanganui (-14.7%). 4 REINZ Monthly Property Report

5 A N N UA L MEDIAN PRICE CHANGES -2.2% 5.5% -.3% 7.1% -7.3% 17.9% R $33, 11.7% R $445, 12.3% 4.6% 3.8% 1.% R $583, 6.3% 7.5%.2% NATIONAL MEDIAN PRICE CHANGE YEAR-ON-YEAR: 5.2% 11.1% UP 1.8% TO $56, R R RECORD MEDIAN PRICES INCREASED/DECREASED REINZ House Price Index The REINZ House Price Index for New Zealand, which measures the changing value of property in the market, increased 4.2% year-on-year to 2,71 a new record high. The HPI for New Zealand excluding Auckland increased 7.2% from March 217 to a new high of 2,546 and Auckland s HPI increased 1.% to a new high of 2,99 for the same period. The REINZ HPI showed that 1 out of 12 regions experienced an increase in their HPI and all of those 1 regions saw a new high in March, highlighting the strength of the property market. Regions with the highest growth year-on-year were Gisborne/Hawke s Bay +14.1%, Manawatu/Wanganui and Southland both on +11.4%, and Tasman/Nelson/Marlborough/ West Coast up by 1.1%. Days to sell The median number of days to sell a property nationally increased by 1 day from 33 days in March 217 to 34 days in March 218. This is 1 days fewer to sell a property than it took in February this year. Auckland saw the median days to sell a property increase by 1 day to 36 (up from 35 in March 217) but down from 49 days in February 218. Regions with the biggest decrease in the median number of days to sell were Southland (-5 days, the lowest number of days to sell in 16 months), Gisborne (-3 days) and Taranaki (-3 days). Regions with the biggest increase in the median number of days to sell were Otago (+6 days to 3), Nelson (+5 days to 27), Northland (+3 to 42) and Wellington (+3 to 29). 5 REINZ Monthly Property Report

6 Auctions Auctions were used in 16% of all sales across the country in March, with 1,225 properties selling under the hammer. This is down slightly from March 217, when 19% of properties were sold via auction. Gisborne again saw the highest percentage of auctions across the country with 31% of properties in the region sold under the hammer, followed by Auckland on 29% and the Bay of Plenty on 16%. In Auckland, 698 properties were sold by auction in March compared to 957 properties in March 217. Inventory The number of properties available for sale nationally increased by a marginal 1.% (from 26,742 to 27,18) compared to 12 months ago. This figure was buoyed by inventory increases in Nelson (+13.5% - an additional 54 properties), Waikato (+9.% - an additional 161 properties) and Auckland (+6.% - an additional 546 properties). A decrease in inventory in 11 regions saw the New Zealand excluding Auckland level of inventory fall by 1.5% from 17,716 in March 217 to 17,446 in March 218 highlighting the effect Auckland had on the overall picture. Regions with the biggest falls in inventory were: Southland down 15.3% West Coast down 13.4% Wellington down 9.1% Taranaki down 8.7% Manawatu/Wanganui down 7.4%. Highlighting the lack of inventory across the country, the Wellington region only has 7 weeks inventory available to those looking to purchase in the area and the Hawke s Bay only has 9 weeks inventory. Price Bands Between March 217 and March 218, the number of homes sold for less than $5, across New Zealand fell from 44.2% of the market (3,81 properties) to 41.9% of the market (3,255 properties) which is reflected by the overall increasing median price. Interestingly, the exact same number of properties sold for between $2 million and $2.99 million in March 218 and March 217 (158 properties sold in this price bracket), and just one fewer property sold for in excess of $3 million (64 sales) when compared to the same time last year (65 sales). For further information, please contact Dee Crooks, Head of Communications at REINZ, on or NOTE TO EDITORS: The monthly REINZ residential sales reports remain the most recent, complete and accurate statistics on house prices and sales in New Zealand. They are based on actual sales reported by real estate agents. These sales are taken as of the date that a transaction becomes unconditional, up to 5:pm on the last business day of the month. Other surveys of the residential property market are based on information from Territorial Authorities regarding settlement and the receipt of documents by the relevant Territorial Authority from a solicitor. As such, this information involves a lag of four to six weeks before the sale is recorded. PRICE DISTRIBUTION BREAKDOWN March 217 March 218 $1 million plus 1, % 1, % $75, to $999,999 1, % 1, % $5, to $749,999 2, % 2, % Under $5, 3, % 3, % Seasonal adjustment is a statistical technique that attempts to measure and remove the influences of predictable seasonal patterns to reveal how the market changes over time. All Properties Sold 8,622 1.% 7,768 1.% 6 REINZ Monthly Property Report

7 SEASONALLY ADJUSTED SALES VOLUMES VOLUME CHANGE COMPARED TO FEBRUARY SEASONALLY ADJUSTED CHANGE VOLUME CHANGE COMPARED TO MARCH 217 SEASONALLY ADJUSTED CHANGE New Zealand 18.8% -6.1% -9.9% -7.8% NZ ex Akl 1.% -3.7% -8.9% -7.% Northland 2.6% -2.5% -5.2% -3.5% Auckland 45.1% -8.9% -12.% -9.9% Waikato 17.6% 2.8%.7% 3.8% Bay of Plenty 16.6% -4.1% -1.1% -9.1% Gisborne 19.% 1.2% 8.7% 9.8% Hawke s Bay 13.4% -2.5% -11.2% -8.5% Manawatu/Wanganui 1.2% -7.6% -14.7% -14.6% Taranaki 7.4% -1.9% 3.1% 7.8% Wellington 6.4% -14.3% -17.7% -17.2% Nelson/Marlborough/Tasman 12.6% -1.% 2.6% 3.7% Canterbury 13.5% -7.% -7.7% -7.5% West Coast -4.3% -2.8% 18.9% 17.5% Otago -3.3% -8.7% -19.1% -16.6% Southland 18.7% -3.6% -6.9% -.7% SEASONALLY ADJUSTED MEDIAN PRICE MEDIAN CHANGE COMPARED TO FEBRUARY SEASONALLY ADJUSTED CHANGE MEDIAN CHANGE COMPARED TO MARCH 217 SEASONALLY ADJUSTED CHANGE New Zealand 5.7% -2.2% 1.8% 1.9% NZ ex Akl 2.2%.1% 6.2% 5.9% Northland -2.2% -1.9% -.3%.5% Auckland 2.9% -3.6% -2.2% -2.4% Waikato 1.% -1.% 5.5% 6.6% Bay of Plenty 4.9%.8% 7.1% 7.8% Gisborne 6.5% 9.3% 17.9% 2.3% Hawke s Bay.2% 1.9% 11.7% 1.5% Manawatu/Wanganui 1.9% -.1% 12.3% 1.7% Taranaki -1.% -2.7% -7.3% -8.% Wellington 6.% 2.7% 1.% 8.6% Nelson/Marlborough/Tasman 1.6% -1.3% 5.5% 5.7% Canterbury.6% -1.1%.2%.4% West Coast 19.4% 15.5% 7.5% 7.8% Otago 1.4% 2.2% 11.1% 1.6% Southland.8% -.2% 5.2% 5.7% 7 REINZ Monthly Property Report

8 March 218 The Auckland market remains steady, with prices holding up but at a more moderated level. Those who approach the market with good prior knowledge and a realistic sale price are achieving good results. We are still experiencing a rise in interest from first home buyers, especially for properties under the $7, price mark. The Rodney District is experiencing an upswing in interest around permanent homes with most buyers being from outside the Rodney region. The bigger change in Auckland is the decreasing investor numbers. There are now an estimated 5% fewer investors in the Auckland market when compared to March last year. Many are cautious about investing due to the uncertainty of the impact of new governmental rules. Auckland remains a stable market with less peaks and troughs. With an increase in stock levels there will still be good opportunities ahead for buyers. Bindi Norwell REINZ CEO AUCKLAND R E I N Z R E G I O N A L C O M M E N TA R Y Compared to March 217 Median Price down 2% Sales Count down 12% Days to Sell increased 1 day Compared to February 218 Median Price up 3% Seasonally adjusted median price down 4% Sales Count up 45% Seasonally adjusted sales count down 9% Days to Sell decreased 13 days. 8 REINZ Monthly Property Report Our seasonally adjusted results tell us that, compared to what we expect when moving from February to March, the observed increase in median price was smaller than expected and the observed increase in sales count was a bit smaller than expected. The current Days to Sell of 36 days is slightly more than the 1year average for March which is 33 days. The level of inventory available for sale currently sits at 18 weeks, one week less than in March 217.

9 AUCKLAND REGION TRENDS PRICE VOLUMES DAYS TO SELL OVERALL MEDIAN PRICE VOLUME SOLD Mar-18 Feb-18 Mar-17 Mar-18 Feb-18 Mar-17 Auckland City 96, 96, 1,25, ,3 Franklin District 65, 655, 65, Manukau City 837, 84, 89, North Shore City 1,7, 991, 1,75, Papakura District 685, 62, 668, Rodney District 855, 875, 85, Waitakere City 78, 77, 785, Auckland Region 88, 855, 9, 2,386 1,644 2,712 Vs Feb-18 Mar-17 Vs Feb-18 Mar-17 Auckland City.% -6.3% 7.7% -12.9% Franklin District -.8% 7.4% 47.2% -.9% Manukau City -.4% -6.% 39.% -2.3% North Shore City 8.% -.5% 33.3% -19.8% Papakura District 1.5% 2.5% 17.1% 15.7% Rodney District -2.3%.6% 41.2% 2.% Waitakere City 1.3% -.6% 25.2% -5.3% Auckland Region 2.9% -2.2% 45.1% -12.% 9 REINZ Monthly Property Report

10 GRAPH COMMENTARY The trend in the median price has flattened over the past year with the volume trend recently flattening from a falling trend. The days to sell trend continues to ease. The House Price Index is remaining fairly steady, remaining effectively the same as 12 months ago. Auckland Region Median Price 95, 9, 85, 8, 75, 7, 65, 6, 55, 5, 45, Auckland Median Price Auckland Region Sales Volumes 4, 3,5 3, 2,5 2, 1,5 1, 5 Auckland Volumes 1 REINZ Monthly Property Report

11 Auckland Region Days To Sell Auckland DTS Auckland Region House Price Index Auckland HPI 11 REINZ Monthly Property Report

12 The trend of strong interest from the local buyer pool at open homes is holding in the Northland region. The highest levels of interest have been seen from owner occupiers looking for new permanent homes. However, actual buyers are split between locals and people from out of town. Additionally, there has been an increase in buyer focus towards $9, plus properties in areas such as Kerikeri, while the lower and middle-range price bracket has started to slow down. Investor interest has moderated by about 3% when compared to March 217. Overall, the Northland market is steady with the median price remaining around the low to mid $4, mark for a number of months now and things are expected to stay this way for a few more months. Bindi Norwell REINZ CEO NORTHLAND REGIONAL COMMENTARY Compared to March 217 Median Price down.3% Sales Count down 5% Days to Sell increased 3 days Compared to February 218 Median Price down 2% Seasonally adjusted median price down 2% Sales Count up 3% Seasonally adjusted sales count down 3% Days to Sell decreased 12 days. Our seasonally adjusted results tell us that, compared to what we expect when moving from February to March, the observed decrease in median price was a bit larger than expected and the observed increase in sales count a bit smaller than expected. The current Days to Sell of 42 days is considerably less than the 1-year average for March which is 66 days. The level of inventory available for sale currently sits at 26 weeks, the same as in March REINZ Monthly Property Report

13 NORTHLAND REGION TRENDS PRICE VOLUMES DAYS TO SELL OVERALL MEDIAN PRICE VOLUME SOLD Mar-18 Feb-18 Mar-17 Mar-18 Feb-18 Mar-17 Far North District 45, 45, 38, Kaipara District 58, 45, 585, Whangarei District 455, 45, 427, Northland Region 44, 45, 441, Vs Feb-18 Mar-17 Vs Feb-18 Mar-17 Far North District -1.% 6.6% 1.1% -6.5% Kaipara District 28.9% -.9% -25.9% -37.5% Whangarei District 1.1% 6.4% 4.% 4.% Northland Region -2.2% -.3% 2.6% -5.2% 13 REINZ Monthly Property Report

14 GRAPH COMMENTARY The trend in median price is fairly flat over the past few months, with the trend in sales volume starting to flatten out from a previously falling trend. The days to sell trend has flattened out and has slightly increased. The House Price Index has had a fairly strong increase over the past few months to reach a new high. Northland Region Median Price 5, 45, 4, 35, 3, 25, 2, 15, 1, 5, Northland Median Price Northland Region Sales Volumes Northland Volumes 14 REINZ Monthly Property Report

15 Northland Region Days To Sell Northland DTS Northland Region House Price Index Northland HPI 15 REINZ Monthly Property Report

16 There is still significant local interest from first home buyers across the Waikato region, however, for many, prices are still forcing first home buyers to wait. Thus, we see more properties being sold in the middle price brackets rather than the lower bracket. On top of that, there has also been a shortage of lower priced properties, which are usually sought after by people trying to get a foot into the market or for a second home. We re still seeing people selling up in the large centres and a looking for lifestyle change that they can t get in the big cities. Well marketed properties are achieving good results and we are still seeing good auction turnouts and results. There is a significant number of multi offers coming through. Vendors are tending to meet the market conditions with prices being adjusted accordingly. While interest rates remain attractive and with continuing interest from Auckland buyers, there is no indication that the market will change over the coming months. March 218 Philip Searle REINZ Regional Director WAIKATO REGIONAL COMMENTARY Compared to March 217 Median Price up 6% Sales Count up 1% Days to Sell increased 2 days Compared to February 218 Median Price up 1% Seasonally adjusted median price down 1% Sales Count up 18% Seasonally adjusted sales count up 3% Days to Sell decreased 7 days. Our seasonally adjusted results tell us that, compared to what we expect when moving from February to March, the observed increase in median price was a bit smaller than expected and the observed increase in sales count was slightly larger than expected. The current Days to Sell of 36 days is less than the 1-year average for March which is 46 days. The level of inventory available for sale currently sits at 15 weeks, the same as in March REINZ Monthly Property Report

17 WAIKATO REGION TRENDS PRICE VOLUMES DAYS TO SELL OVERALL MEDIAN PRICE VOLUME SOLD Mar-18 Feb-18 Mar-17 Mar-18 Feb-18 Mar-17 Hamilton City 535, 522, 54, Hauraki District 42, 34, 383, Matamata-Piako District 445, 46, 429, Otorohanga District 3, 28, 225, South Waikato District 212, 27, 179, Taupo District 435, 418,25 4, Thames-Coromandel District 65, 59, 54, Waikato District 51, 55, 474, Waipa District 531,5 57, 495, Waitomo District 16, 27,5 145, Waikato Region 51, 55, 483, Vs Feb-18 Mar-17 Vs Feb-18 Mar-17 Hamilton City 2.5% -1.1% 18.2% 2.4% Hauraki District 23.5% 9.7% 92.9% -3.6% Matamata-Piako District -3.3% 3.7% 66.7% 15.4% Otorohanga District 7.1% 33.3% 16.7% -41.7% South Waikato District 2.4% 18.4% 21.6% 18.4% Taupo District 4.% 8.7% -3.2% -11.5% Thames-Coromandel District 1.2% 2.4% 9.% -7.6% Waikato District -7.3% 7.6% 34.% 28.6% Waipa District -6.8% 7.4% 4.1% -6.1% Waitomo District -22.9% 1.3%.%.% Waikato Region 1.% 5.5% 17.6%.7% 17 REINZ Monthly Property Report

18 GRAPH COMMENTARY The trend in median price is continuing to rise, with the trend in sales volume starting to flatten out from a falling trend. The days to sell trend is easing. The House Price Index has shown a moderate increase over the past few months. Waikato Region Median Price 55, 5, 45, 4, 35, 3, 25, 2, Waikato Median Price Waikato Region Sales Volumes Waikato Volumes 18 REINZ Monthly Property Report

19 Waikato Region Days To Sell Waikato DTS Waikato Region House Price Index Waikato HPI 19 REINZ Monthly Property Report

20 The Bay of Plenty market remains strong in the higher value range and the increasing interest from first home buyers is continuing. The higher number of first home buyers is affecting the auction clearance rates. Agents are seeing more deals are being done with a longer due diligence covering everything from finance to toxicology reports. Overseas interest has dropped off and the few buyers still in the category are mostly expat buyers. The total sales volume has increased compared with February, despite similar stock levels as March 217, indicating more sales across all price brackets. There is no indication of any major changes in the following months. Philip Searle REINZ Regional Director BAY OF PLENTY REINZ REGIONAL COMMENTARY Compared to March 217 Median Price up 7% Sales Count down 1% Days to Sell remained the same Compared to February 218 Median Price up 5% Seasonally adjusted median price up 1% Sales Count up 17% Seasonally adjusted sales count down 4% Days to Sell decreased 13 days. Our seasonally adjusted results tell us that, compared to what we expect when moving from February to March, the observed increase in median price was slightly larger than expected and the observed increase in sales count was a bit smaller than expected. The current Days to Sell of 41 days is considerably less than the 1-year average for March which is 54 days. The level of inventory available for sale currently sits at 15 weeks, one week less than in March REINZ Monthly Property Report

21 BAY OF PLENTY REGION TRENDS PRICE VOLUMES DAYS TO SELL OVERALL MEDIAN PRICE VOLUME SOLD Mar-18 Feb-18 Mar-17 Mar-18 Feb-18 Mar-17 Kawerau District 215, 272, 153, Opotiki District 342, 45, 25, Rotorua District 345, 375, 353, Tauranga City 65, 628, 628, Western Bay of Plenty District 65, 6, 6, Whakatane District 369, 445, 365, Bay of Plenty Region 58, 553, 541, Vs Feb-18 Mar-17 Vs Feb-18 Mar-17 Kawerau District -21.% 4.5% 33.3% 14.3% Opotiki District -24.% 36.8% -38.5% -27.3% Rotorua District -8.% -2.3% 36.% -1.4% Tauranga City 3.5% 3.5% 19.9% -5.9% Western Bay of Plenty District.8%.8% -1.2% -2.9% Whakatane District -17.1% 1.1% 7.5% -2.4% Bay of Plenty Region 4.9% 7.1% 16.6% -1.1% 21 REINZ Monthly Property Report

22 GRAPH COMMENTARY The trend in median price is continuing to rise strongly, albeit at a slightly lesser rate than before. The trend in sales volume has flattened out from a falling trend. The days to sell trend is now easing slightly. The House Price Index has seen moderate growth over the past quarter. Bay of Plenty Region Median Price 6, 55, 5, 45, 4, 35, 3, BOP Median Price Bay of Plenty Region Sales Volumes BOP Volumes 22 REINZ Monthly Property Report

23 Bay of Plenty Region Days To Sell BOP DTS Bay of Plenty Region House Price Index BOP HPI 23 REINZ Monthly Property Report

24 The Gisborne market remains buoyant and shows no sign of slowing down. While March ended with a new record median price of $33,, we re still seeing high levels of interest from first home buyers, particularly those looking to use their KiwiSaver fund to help get them across the threshold into their first home. Additionally, we re still seeing significant interest from people based in Auckland, Tauranga and Hamilton looking at the Gisborne market as a potential relocation opportunity. Auctions continue to prove popular in the region and most agencies are seeing good clearance rates too which is positive. Philip Searle REINZ Regional Director GISBORNE REGIONAL COMMENTARY Compared to March 217 Median Price up 18% Sales Count up 9% Days to Sell decreased 3 days Compared to February 218 Median Price up 7% Seasonally adjusted median price up 9% Sales Count up 19% Seasonally adjusted sales count up 1% Days to Sell decreased 12 days. Our seasonally adjusted results tell us that, compared to what we expect when moving from February to March, the observed increase in median price was in contrast to a small expected decrease and the observed increase in sales count was a touch larger than was expected. The current Days to Sell of 32 days is less than the 1-year average for March which is 41 days. The level of inventory available for sale currently sits at 13 weeks, one week more than in March REINZ Monthly Property Report

25 GISBORNE REGION TRENDS PRICE VOLUMES DAYS TO SELL OVERALL MEDIAN PRICE VOLUME SOLD Mar-18 Feb-18 Mar-17 Mar-18 Feb-18 Mar-17 Gisborne District 33, 31, 28, Gisborne Region 33, 31, 28, Vs Feb-18 Mar-17 Vs Feb-18 Mar-17 Gisborne District 6.5% 17.9% 19.% 8.7% Gisborne Region 6.5% 17.9% 19.% 8.7% 25 REINZ Monthly Property Report

26 GRAPH COMMENTARY The median price trend is increasing with the volume trend fairly level. The days to sell trend is now flat to slightly improving. The House Price Index for the Gisborne/Hawke's Bay region had a relatively modest positive movement this month compared to prior months but it still is the top mover in the past three and twelve months. Gisborne Region Median Price 35, 3, 25, 2, 15, 1, Gisborne Median Price Gisborne Region Sales Volumes Gisborne Volumes 26 REINZ Monthly Property Report

27 Gisborne Region Days To Sell Gisborne DTS Gisborne/Hawke's Bay Region House Price Index Gisborne/Hawke's Bay HPI 27 REINZ Monthly Property Report

28 For the third month in a row the Hawke s Bay region has hit a new record median house price - this time with an 11.7% increase to $445, compared to $398,5 12 months ago. Buyers are mainly local owner occupiers looking to step up. Of the total number of buyers, 25% are from out of town and roughly 2% are investors. There has been more people attending open homes this month compared to March 217 given the high level of demand in the region. One change we ve seen is a decline in investors buying long term rentals. April and May will probably track along at a similar pace, with the hope of more properties being released to the market so that the listing stock increases. Bindi Norwell REINZ CEO HAWKE S BAY REGIONAL COMMENTARY Compared to March 217 Median Price up 12% Sales Count down 11% Days to Sell decreased 2 days Compared to February 218 Median Price up % Seasonally adjusted median price up 2% Sales Count up 13% Seasonally adjusted sales count down 3% Days to Sell decreased 2 days. Our seasonally adjusted results tell us that, compared to what we expect when moving from February to March, the observed minute increase in median price was a touch larger than expected and the observed increase in sales count was a bit smaller than expected. The current Days to Sell of 27 days is considerably less than the 1-year average for March which is 42 days. The level of inventory available for sale currently sits at nine weeks, one week less than in March REINZ Monthly Property Report

29 HAWKE S BAY REGION TRENDS PRICE VOLUMES DAYS TO SELL OVERALL MEDIAN PRICE VOLUME SOLD Mar-18 Feb-18 Mar-17 Mar-18 Feb-18 Mar-17 Central Hawke s Bay District 283, 285, 225, Hastings District 432,5 448, 47, Napier City 486, 48,5 42, Wairoa District 14, 27, 135, Hawke s Bay Region 445, 444, 398, Vs Feb-18 Mar-17 Vs Feb-18 Mar-17 Central Hawke s Bay District -.7% 25.8% 45.% 38.1% Hastings District -3.5% 6.3%.9% -16.3% Napier City 1.1% 15.7% 21.1% -16.1% Wairoa District -48.1% 3.7% 11.1% 25.% Hawke s Bay Region.2% 11.7% 13.4% -11.2% 29 REINZ Monthly Property Report

30 GRAPH COMMENTARY The median price trend is rising very strongly, although the sales volume trend continues to ease slightly. The days to sell trend has been flat for over a year. The House Price Index for the Gisborne/Hawke's Bay region had a relatively modest positive movement this month compared to prior months but it still is the top mover in the past three and twelve months. 45, Hawke's Bay Region Median Price 4, 35, 3, 25, 2, Hawke's Bay Median Price 35 Hawke's Bay Region Sales Volumes Hawke's Bay Volumes 3 REINZ Monthly Property Report

31 Hawke's Bay Region Days To Sell Hawke's Bay DTS Gisborne/Hawke's Bay Region House Price Index Gisborne/Hawke's Bay HPI 31 REINZ Monthly Property Report

32 The Taranaki residential property market is buoyant with a good level of stock which has resulted in an increased of number of sales. The median house price has gone down slightly from February, now sitting at $343, compared to $346, properties were sold in March and most buyers are owner occupiers from the local area looking for a new home. The banks appear to be allowing selected purchasers more leeway in their deposit requirements. The steady market will most likely continue throughout the second quarter. Bindi Norwell REINZ CEO TARANAKI REGIONAL COMMENTARY Compared to March 217 Median Price down 7% Sales Count up 3% Days to Sell decreased 3 days Compared to February 218 Median Price down 1% Seasonally adjusted median price down 3% Sales Count up 7% Seasonally adjusted sales count down 2% Days to Sell decreased 11 days. Our seasonally adjusted results tell us that, compared to what we expect when moving from February to March, the observed decrease in median price contrasted with the expected small increase and the observed increase in sales count was smaller than expected. The current Days to Sell of 35 days is less than the 1-year average for March which is 41 days. The level of inventory available for sale currently sits at 15 weeks, the same as March REINZ Monthly Property Report

33 TARANAKI REGION TRENDS PRICE VOLUMES DAYS TO SELL OVERALL MEDIAN PRICE VOLUME SOLD Mar-18 Feb-18 Mar-17 Mar-18 Feb-18 Mar-17 New Plymouth District 415, 385, 414, South Taranaki District 18, 223, 225, Stratford District 238, 25, 265, Taranaki Region 343, 346,5 37, Vs Feb-18 Mar-17 Vs Feb-18 Mar-17 New Plymouth District 7.8%.2% -1.6% -14.9% South Taranaki District -19.3% -2.2% 26.8% 48.6% Stratford District -4.8% -1.2% 26.3% 84.6% Taranaki Region -1.% -7.3% 7.4% 3.1% 33 REINZ Monthly Property Report

34 GRAPH COMMENTARY The median price trend has had a slight drop-off from the recent upwards trajectory. The sales volume trend has been flat to slightly decreasing. The days to sell trend is flat to slightly easing. The House Price Index had no movment last month and the smallest three month movement of the 12 regions measured. Taranaki Region Median Price 4, 35, 3, 25, 2, Taranaki Median Price Taranaki Region Sales Volumes Taranaki Volumes 34 REINZ Monthly Property Report

35 Taranaki Region Days To Sell Taranaki DTS Taranaki Region House Price Index Taranaki HPI 35 REINZ Monthly Property Report

36 The Manawatu/Wanganui region is continuing to see consistently good numbers of first home buyer enquiries. However, there are still many unsatisfied buyers with a shortage of available listings. Compared to last month, there was a small increase in investor numbers with the Reserve Bank s slightly relaxed LRV s helping this sector of the market. Vendors expectations have increased with the publicity around rising house prices and prices are still on the increase but remain affordable compared with other areas of New Zealand. The market is still very active with strong buyer enquiries, a continual shortage of listings and many agencies are reporting multiple offer presentations in the first week. There are no indicators that there will be any major changes to the market in the coming months, leading up to winter. Bindi Norwell REINZ CEO MANAWATU/ WANGANUI REGIONAL COMMENTARY Compared to March 217 Median Price up 12% Sales Count down 15% Days to Sell decreased 2 days Compared to February 218 Median Price up 2% Seasonally adjusted median price down % Sales Count up 1% Seasonally adjusted sales count down 8% Days to Sell decreased 11 days. Our seasonally adjusted results tell us that, compared to what we expect when moving from February to March, the observed increase in median price was about what was expected and the observed increase in sales count was much smaller than expected. The current Days to Sell of 29 days is considerably less than the 1-year average for March which is 44 days. The level of inventory available for sale currently sits at 11 weeks, three weeks less than in March REINZ Monthly Property Report

37 MANAWATU/WANGANUI REGION TRENDS PRICE VOLUMES DAYS TO SELL OVERALL MEDIAN PRICE VOLUME SOLD Mar-18 Feb-18 Mar-17 Mar-18 Feb-18 Mar-17 Horowhenua District 292, 28, 24, Manawatu District 348, 285, 299, Palmerston North City 362, 365, 32, Rangitikei District 179, 191, 236, Ruapehu District 187,5 145, 13, Tararua District 162, 228, 158, Whanganui District 21, 23, 194, Manawatu/Wanganui Region 292, 286,5 26, Vs Feb-18 Mar-17 Vs Feb-18 Mar-17 Horowhenua District 4.3% 21.7% 1.4% -18.5% Manawatu District 22.1% 16.4% -4.3% -15.4% Palmerston North City -.8% 13.1% 2.1% -12.1% Rangitikei District -6.3% -24.2% 5.3% 17.6% Ruapehu District 29.3% 44.2% -8.7% -19.2% Tararua District -28.9% 2.2% 68.2% -11.9% Whanganui District -8.7% 8.% -11.3% -2.4% Manawatu/Wanganui Region 1.9% 12.3% 1.2% -14.7% 37 REINZ Monthly Property Report

38 GRAPH COMMENTARY The median price trend is increasing strongly, with the volume trend slightly easing. The days to sell trend has started to flatten. The House Price Index has had a fairly strong increase over the past month and in fact this region has been one of the top three performers of all 12 regions over the past one, three and 12 months. Manawatu/Wanganui Region Median Price 35, 3, 25, 2, 15, Manawatu/Wanganui Median Price Manawatu/Wanganui Region Sales Volumes Manawatu/Wanganui Volumes 38 REINZ Monthly Property Report

39 Manawatu/Wanganui Region Days To Sell Manawatu/Wanganui DTS Manawatu/Wanganui Region House Price Index Manawatu/Wanganui HPI 39 REINZ Monthly Property Report

40 March 218 The Wellington region has hit a new record high median house price of $583,. We are seeing a nice spread of buyers in Wellington, with the number of first home buyers almost on par with owner occupiers. Most purchasers are still locals looking for a new home. March has been busy at the lower to mid-range price brackets and with housing stock still extremely low, purchasers are looking to move further out of the CBD as prices in the centre are high. There are more buyers than sellers, which is affecting the overall median price. The level of interest in the market and attendees at open homes is similar to previous months. With the shortage of listings there will probably continue to be more buyers than sellers leading up to the winter months. Mark Coffey REINZ Regional Director WELLINGTON R E G I O N A L C O M M E N TA R Y Compared to March 217 Median Price up 1% Sales Count down 18% Days to Sell increased 3 days Compared to February 218 Median Price up 6% Seasonally adjusted median price up 3% Sales Count up 6% Seasonally adjusted sales count down 14% Days to Sell decreased 4 days. 4 REINZ Monthly Property Report Our seasonally adjusted results tell us that, compared to what we expect when moving from February to March, the observed increase in median price was slightly greater than expected and the observed increase in sales count was much smaller than expected. The current Days to Sell of 29 days is less than the 1-year average for March which is 32 days. The level of inventory available for sale currently sits at seven weeks, two weeks less than in March 217.

41 WELLINGTON REGION TRENDS PRICE VOLUMES DAYS TO SELL OVERALL MEDIAN PRICE VOLUME SOLD Mar-18 Feb-18 Mar-17 Mar-18 Feb-18 Mar-17 Carterton District 42, 385, 33, Kapiti Coast District 527, 515, 492, Lower Hutt City 524, 498, 47, Masterton District 325, 35, 281, Porirua City 64, 641,25 546, South Wairarapa District 378,5 525, 38, Upper Hutt City 535, 465, 432, Wellington City 74,382 78, 66, Wellington Region 583, 55, 53, ,55 Vs Feb-18 Mar-17 Vs Feb-18 Mar-17 Carterton District 9.1% 27.3% -12.5% 5.% Kapiti Coast District 2.3% 7.1% 22.8%.9% Lower Hutt City 5.2% 11.5% -1.2% -22.9% Masterton District -7.1% 15.7% 4.6% -1.4% Porirua City -.2% 17.1% 58.8% -17.3% South Wairarapa District -27.9% -.4% 11.1% -41.2% Upper Hutt City 15.1% 23.7% 3.7% -17.5% Wellington City -.5% 6.7% -.6% -22.2% Wellington Region 6.% 1.% 6.4% -17.7% 41 REINZ Monthly Property Report

42 GRAPH COMMENTARY The trend in the median price is starting to show a slightly slower rate of increase, although the volume trend has flattened. The days to sell trend remains flat to easing. The House Price Index had a small increase this month leading to a moderate level of growth over the past three months. Wellington Region Median Price 6, 55, 5, 45, 4, 35, 3, Wellington Median Price Wellington Region Sales Volumes Wellington Volumes 42 REINZ Monthly Property Report

43 Wellington Region Days To Sell Wellington DTS Wellington Region House Price Index Wellington HPI 43 REINZ Monthly Property Report

44 The Nelson/Marlborough/Tasman market remains up-beat and positive driven by the same factors that have been in play for the last two years or so. There are strong levels of interest from first time buyers. From a vendor perspective, there is an awareness of the activity in the market and many choose to go for offers rather than deadline sales, and conditional sales have become more common. There are still overseas people that are buying, ahead of the residential restrictions coming into force. We are seeing slightly fewer cash buyers and also more conditional buyers who are not in the same rush to secure now than what they were 6-12 months ago. The market will most likely continue in the same spirit during the last of the Autumn months. Bindi Norwell REINZ CEO NELSON/ MARLBOROUGH/ TASMAN REGIONAL COMMENTARY Compared to March 217 Median Price up 6% Sales Count up 3% Days to Sell increased 1 day Compared to February 218 Median Price up 2% Seasonally adjusted median price down 1% Sales Count up 13% Seasonally adjusted down 1% Days to Sell decreased 14 days. Our seasonally adjusted results tell us that, compared to what we expect when moving from February to March, the observed increase in median price was a touch smaller than expected and the observed increase in sales count was also a touch smaller than expected. The current Days to Sell of 29 days is less than the 1-year average for March which is 36 days. The level of inventory available for sale currently sits at 14 weeks, about the same as in March REINZ Monthly Property Report

45 NELSON/MARLBOROUGH/ TASMAN REGION TRENDS PRICE VOLUMES DAYS TO SELL OVERALL MEDIAN PRICE VOLUME SOLD Mar-18 Feb-18 Mar-17 Mar-18 Feb-18 Mar-17 Nelson City 55, 515, 486, Marlborough District 44, 416,5 38, Tasman District 57, 53, 545, Nel/Marl/Tas Region 496, 488, 47, Vs Feb-18 Mar-17 Vs Feb-18 Mar-17 Nelson City -1.9% 3.8% -11.7% 7.1% Marlborough District -3.% 6.3% 27.5% 2.7% Tasman District 7.5% 4.6% 36.4% -2.2% Nel/Marl/Tas Region 1.6% 5.5% 12.6% 2.6% 45 REINZ Monthly Property Report

46 GRAPH COMMENTARY The median price trend is gently increasing, although the volume trend has been decreasing. The days to sell trend is easing. The House Price Index for Nelson/Marlborough/Tasman/West Coast had the strongest one month movement of all regions this month leading to a decent 12 month movement. Nelson/Marlborough/Tasman Region Median Price 5, 45, 4, 35, 3, 25, Nelson/Marlborough/Tasman Median Price Nelson/Marlborough/Tasman Region Sales Volumes Nelson/Marlborough/Tasman Volumes 46 REINZ Monthly Property Report

47 Nelson/Marlborough/Tasman Region Days To Sell Nelson/Marlborough/Tasman DTS Nelson/Marlborough/Tasman/West Coast House Price Index Nelson/Marlborough/Tasman/West Coast HPI 47 REINZ Monthly Property Report

48 The West Coast has seen a bounce back in March after a dip in the market during February. The median house price is now $215, compared to the $18, we saw in February. The number of days to sell has also adjusted back to last year s levels of 64 days. The West Coast is still dependent on people coming for seasonal work and this effects the property market. If work opportunities are available, we will tend to see the market continue along up until the winter months when it might slow down. Bindi Norwell REINZ CEO WEST COAST REGIONAL COMMENTARY Compared to March 217 Median Price up 8% Sales Count up 19% Days to Sell increased 2 days Compared to February 218 Median Price up 19% Seasonally adjusted median price up 16% Sales Count down 4% Seasonally adjusted sales count down 21% Days to Sell decreased 41 days. Our seasonally adjusted results tell us that, compared to what we expect when moving from February to March, the observed increase in median price was much larger than expected and the observed decrease in sales count was in contrast to the large increase that was expected. The current Days to Sell of 64 days is less than the 1-year average for March which is 73 days. The level of inventory available for sale currently sits at 44 weeks, 58 weeks less than in March REINZ Monthly Property Report

49 WEST COAST REGION TRENDS PRICE VOLUMES DAYS TO SELL OVERALL MEDIAN PRICE VOLUME SOLD Mar-18 Feb-18 Mar-17 Mar-18 Feb-18 Mar-17 Buller District 18, 15, 165, Grey District 217,5 18, 176, Westland District 29, 225, West Coast Region 215, 18, 2, Vs Feb-18 Mar-17 Vs Feb-18 Mar-17 Buller District 2.% 9.1% 17.6% 11.1% Grey District 2.8% 23.6% -11.1% 6.7% Westland District 28.9% % - West Coast Region 19.4% 7.5% -4.3% 18.9% 49 REINZ Monthly Property Report

50 GRAPH COMMENTARY The median price trend is gently increasing, although the volume trend has been decreasing. The days to sell trend is easing. The House Price Index for Nelson/Marlborough/Tasman/West Coast had the strongest one month movement of all regions this month leading to a decent 12 month movement. West Coast Region Median Price 5, 45, 4, 35, 3, 25, 2, 15, 1, 5, West Coast Median Price West Coast Region Sales Volumes West Coast Volumes 5 REINZ Monthly Property Report

51 West Coast Region Days To Sell West Coast DTS Nelson/Marlborough/Tasman/West Coast House Price Index Nelson/Marlborough/Tasman/West Coast HPI 51 REINZ Monthly Property Report

52 March 218 There is a reasonable level of stock coming on to the Canterbury market, with some of it being investors looking at getting rid of older homes due to the new Healthy Home requirements for landlords. Open home numbers have quietened off from February across the board (price bracket wise), but we are still seeing a healthy number of attendees. Buyers are very price sensitive, so anything over priced is taking a longer time to sell. Auction success rates across all companies are sitting at 5% or less under the hammer. It is still a good way to test the market though. Investors are not featuring strongly compared to 12 months ago, this is especially visible in Christchurch. The overall market in Christchurch is solid. Vendors are realistic, but most are not in a hurry to sell. With listings starting to show signs of slowing down, the prices are holding firm. The end of the Autumn is looking like it is going to continue in a similar pattern as it has been for the first quarter of 218. Jim Davis REINZ Regional Director CANTERBURY R E G I O N A L C O M M E N TA R Y Compared to March 217 Median Price up.2% Sales Count down 8% Days to Sell increased 2 days Compared to February 218 Median Price up 1% Seasonally adjusted median price down 1% Sales Count up 14% Seasonally adjusted sales count down 7% Days to Sell decreased 15 days. 52 REINZ Monthly Property Report Our seasonally adjusted results tell us that, compared to what we expect when moving from February to March, the observed increase in median price was a touch less than expected and the observed increase in sales count was less than expected. The current Days to Sell of 35 days is more than the 1-year average for March which is 33 days. The level of inventory available for sale currently sits at 19 weeks, roughly the same as in March 217.

53 CANTERBURY REGION TRENDS PRICE VOLUMES DAYS TO SELL OVERALL MEDIAN PRICE VOLUME SOLD Mar-18 Feb-18 Mar-17 Mar-18 Feb-18 Mar-17 Ashburton District 315, 37, 339, Christchurch City 46, 452,5 468, Hurunui District 392,25 435, 352, Kaikoura District - 48, 38, Mackenzie District 38, 456, 45, Selwyn District 549, 56, 565, Timaru District 351,5 335, 335, Waimakariri District 44, 453, 456, Waimate District 225, 225, 25, Canterbury Region 45, 447,5 449, ,73 Vs Feb-18 Mar-17 Vs Feb-18 Mar-17 Ashburton District -14.9% -7.2% -39.4% -38.5% Christchurch City 1.7% -1.7% 18.1% -3.5% Hurunui District -9.8% 11.4% 13.% 53.3% Kaikoura District Mackenzie District -16.7% -6.2% -41.2% -23.1% Selwyn District -2.% -2.8% 3.7%.% Timaru District 4.9% 4.9% 21.4% -15.8% Waimakariri District -2.9% -3.5% 4.4% -9.1% Waimate District.% 9.8% 16.7% -61.1% Canterbury Region.6%.2% 13.5% -7.7% 53 REINZ Monthly Property Report

54 GRAPH COMMENTARY The median price trend continues to flatten but is still increasing slightly. The sales volume trend has been fairly flat over the past six months. The days to sell trend continues to ease slightly. The House Price Index has had a moderate increase over the past three months. Canterbury Region Median Price 5, 45, 4, 35, 3, Canterbury Median Price Canterbury Region Sales Volumes Canterbury Volumes 54 REINZ Monthly Property Report

55 Canterbury Region Days To Sell Canterbury DTS Canterbury Region House Price Index Canterbury HPI 55 REINZ Monthly Property Report

56 Dunedin City March 218 The Dunedin market prices are still inching up towards the late $3, s and prices are strong across the market from small flats to spacious new homes. We are starting to see a seasonal slow down in listing numbers. The number of first home buyers remains the same as February, but there isn t quite the same urgency in the market. There are still plenty of buyers and they are prepared to wait for what they really want. Property that is well presented and where the owner has a realistic expectation will exceed the market value with multiple offers and a good sale price. We are seeing a shortage of rental properties, particularly in the range between $25 and $35 a week. Investors who have been biding their time, waiting for the market to cool have now started to show interest again as they see opportunities in the market. Looking forward we expect more of the same over the Winter period. Liz Nidd REINZ Regional Commentator OTAGO REGIONAL COMMENTARY Queenstown Lakes The median price for Queenstown Lakes is the lowest we ve seen in 7 months, but this is not entirely surprising given that investors have nearly disappeared from the market. Listings are in very short supply across the board, however there are slightly more first home buyers than in recent times. With Winter coming on fast this would usually be a quieter time for the area anyway, but the market is a little quieter than we would normally expect at this time of the year. Gail Hudson REINZ Regional Director Compared to March 217 Median Price up 11% Sales Count down 19% Days to Sell increased 6 days Compared to February 218 Median Price up 1% Seasonally adjusted median price up 2% Sales Count down 3% Seasonally adjusted sales count down 9% Days to Sell decreased 11 days. Our seasonally adjusted results tell us that, compared to what we expect when moving from February to March, the observed increase in median price was in contrast to the small decrease that was expected and the observed decrease in sales count was in contrast to the increase that was expected. The current Days to Sell of 3 days is less than the 1- year average for March which is 37 days. The level of inventory available for sale currently sits at 1 weeks, one week less than in March REINZ Monthly Property Report

57 OTAGO REGION TRENDS PRICE VOLUMES DAYS TO SELL OVERALL MEDIAN PRICE VOLUME SOLD Mar-18 Feb-18 Mar-17 Mar-18 Feb-18 Mar-17 Central Otago District 46, 499, 49, Clutha District 215, 223,5 185, Dunedin City 375, 373, 342, Queenstown-Lakes District 855, 913, 795, Waitaki District 33, 315, 262, Otago Region 45,5 4, 365, Vs Feb-18 Mar-17 Vs Feb-18 Mar-17 Central Otago District -7.8% 12.5% -2.8% -7.9% Clutha District -3.8% 16.2% -48.4% -5.% Dunedin City.5% 9.6% 11.1% -11.4% Queenstown-Lakes District -6.4% 7.5% -5.8% -21.4% Waitaki District -3.8% 15.6% -34.% -42.1% Otago Region 1.4% 11.1% -3.3% -19.1% 57 REINZ Monthly Property Report

58 GRAPH COMMENTARY The trend in the median price is increasing strongly, with the trend in sales volume slightly decreasing. The trend in days to sell is easing. The House Price Index for Otago has had the second strongest monthly increase leading to fairly good returns over the past three and 12 months. Otago Region Median Price 5, 45, 4, 35, 3, 25, 2, Otago Median Price Otago Region Sales Volumes Otago Volumes 58 REINZ Monthly Property Report

59 Otago Region Days To Sell Otago DTS Otago Region House Price Index Otago HPI 59 REINZ Monthly Property Report

60 Over the past 12 months there have been few changes to the Southland property market. A shortage of listings across the board has slowed the market down a little, as there could have been more sales with more houses listed. There is an even split of first home buyers and owner occupiers that are buying property and around 2% of the buyers are investors. Buyers are mainly locals that are relocating to new homes in the region. Southland is still seeing a good number of investor interest in the region. Looking ahead, there is no indication of any big changes to the parameters that affect the market, which should keep Southland on the steady course it is already on. Bindi Norwell REINZ CEO SOUTHLAND REGIONAL COMMENTARY Compared to March 217 Median Price up 5% Sales Count down 7% Days to Sell decreased 5 days Compared to February 218 Median Price up 1% Seasonally adjusted median price down % Sales Count up 19% Seasonally adjusted sales count down 4% Days to Sell decreased 1 days. Our seasonally adjusted results tell us that, compared to what we expect when moving from February to March, the observed increase in median price was roughly what was expected and the observed increase in sales count was smaller than was expected. The current Days to Sell of 26 days is less than the 1-year average for March which is 37 days. The level of inventory available for sale currently sits at 14 weeks, six weeks less than in March REINZ Monthly Property Report