MONTHLY PROPERTY REPORT

Transcription

1 MONTHLY PROPERTY REPORT 11 MAY 218 REINZ - Real Estate Institute of New Zealand Inc.

2 REAL ESTATE INDUSTRY SEES HIGHEST ANNUAL VOLUME INCREASE IN 23 MONTHS BINDI NORWELL, REINZ CEO The number of properties sold in April 218 across New Zealand increased by 6.6% compared to the same time last year, the highest year-on-year increase the real estate industry has seen in 23 months 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. In April, 6,368 houses were sold across the country in comparison to 5,973 in April 217. However, the number of properties sold in New Zealand excluding Auckland increased by 8.4% year-on-year (from 4,163 in April 217 to 4,514 in April 218) due to the sales increase in the Auckland market being a more moderate 2.4% increase (from 1,81 sales in April 217 to 1,854 house sales in April 218). Regions with the largest increase in sales year-on-year were: West Coast up 5.% from 22 sales to 33 the highest number of sales for the month of April in 5 years Southland up 36.1% from 119 sales to 162 Marlborough up 3.8% from 65 sales to 85 Nelson up 3.1% from 73 sales to 95 Manawatu/Wanganui up 22.7% from 326 sales to 4. Bindi Norwell, Chief Executive at REINZ says: The last time there was an annual increase in the number of properties sold that was this strong, was in May 216. It s a pleasing result for the industry that we ve had 3 out of 4 months of 218 seeing positive year-on-year volume increases suggesting that the market is in a good position. Across the country, 12 out of 16 regions saw a year-on-year increase in the number of properties sold, with 7 of those regions experiencing double digit growth highlighting what a strong month April was. The only regions not to see an annual increase were Gisborne, Taranaki, Wellington and Otago this is likely down to the fact that all four regions saw a decrease in the availability of listings rather than being a result of a subdued market, 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 $55, - up from $54, + 1.9% year-on-year NEW ZEALAND EX AUCKLAND $46, - up from $435, + 5.7% year-on-year AUCKLAND $85, - down from $855, -.6% year-on-year NATIONAL Up.7%, up 2.3% on April 217 NEW ZEALAND EX AUCKLAND Up.7%, up 6.3% on April 217 AUCKLAND Up.4%, down.1% on April 217 NATIONAL $55, - down from $56, - 1.8% since last month NEW ZEALAND EX AUCKLAND $46, - same as last month AUCKLAND $85, - down from $88, - 3.4% since last month NATIONAL 36-2 days longer than same month last year NEW ZEALAND EX AUCKLAND 35-2 days longer than same month last year AUCKLAND 37-2 days 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 29 - up from % year-on-year 3 REINZ Monthly Property Report

4 The Real Estate Institute of New Zealand (REINZ) Chief Executive Bindi Norwell says: Prices increased in 14 out of 16 regions across New Zealand showing the continued demand for good properties particularly as listings continue to remain low in many parts of the country. The only exceptions to the price increases were Auckland and Canterbury down.6 and.9% respectively but these are only very small decreases and actually suggest that these markets have stabilised now. House prices across NZ continue to climb The median house price for New Zealand rose 1.9% in April 218 to $55, up from $54, in April 217 and median prices for New Zealand excluding Auckland increased by 5.7% year-onyear to $46, the exact same figure as the previous month. Median prices for Auckland decreased marginally by.6% to $85, (down from $855, in April 217). The REINZ HPI which factors in changes within the property mix (e.g. price bands and house size), saw an increase of.9% year-on-year for Auckland, showing that prices are holding up in the region. April also saw three regions achieved record prices: Manawatu/Wanganui up 19.4% to $35, (up from $255,5) Nelson up 15.8% to $55, (up from $475,) Otago up 19.5% to $46, (up from $385,). Other regions that saw strong increases in price during April were Southland (up 19.% to $25,), Gisborne (up 14.3% to $32,) and Hawke s Bay (up 12.% to $431,25). 4 REINZ Monthly Property Report Looking at the price breakdown for the Auckland markets explains why the region experienced a decrease in median price. The number of properties sold for between $25k to $75k increased and the number of properties sold in the $75k and above brackets fell, thereby, bringing the overall median price down. This is why it s so important to look at the REINZ HPI in order to get a true understanding of what is actually happening in the market, she continues. It s positive to see more sales in the more affordable price brackets. We welcome the Minister of Housing s comments earlier this week which outlined that the building programme for KiwiBuild kicks in when the $2 billion Budget appropriation takes place on Budget day next week and that the Government would build 16, homes in the first three years of the KiwiBuild programme. The KiwiBuild programme will make a significant difference to housing affordability around the country, but these homes need to be built as quickly as possible to help first home buyers and those on low incomes to be able to get a foot on the property ladder, continues Norwell.

5 A N N UA L MEDIAN PRICE CHANGES -.6% 2.5% 8.3% 8.6% 14.3% 5.8% $35, R 19.4% 12.% 7.1% R $55, 15.8% 2.4% 3.1% 4.2% -.9% NATIONAL MEDIAN PRICE CHANGE YEAR-ON-YEAR: 19.% 19.5% R $46, UP 1.9% TO $55, 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 3.8% year-on-year to 2,76. The HPI for New Zealand excluding Auckland increased 6.6% from April 217 which equals the record high set last month of 2,546. The REINZ HPI showed that 11 out of 12 regions experienced an increase in their HPI over the past 12 months, highlighting the continued strength of the property market. The only region not to experience an increase was Canterbury, which experienced a minor decrease of.3% year-on-year nothing for the region to be concerned about. The Gisborne/Hawke s Bay region again had the highest annual growth rate at +14.7%, again followed by Manawatu/Wanganui in second place (+12.7%) and Southland in third place (+11.4%) highlighting the strength of these regions. 5 REINZ Monthly Property Report Days to sell The median number of days to sell a property nationally increased by 2 days from 34 days in April 217 to 36 days in April 218. This is 2 days more to sell a property than it took in March this year. Auckland saw the median days to sell a property increase by 2 days to 37 (up from 35 in April 217) and the same number of days as in March 218. Regions with the biggest decrease in the median number of days to sell were West Coast (-68 the lowest number of days to sell for the month of April for 5 years), Taranaki (-6 days) and Bay of Plenty (-2 days). Regions with the biggest increase in the median number of days to sell were Gisborne (+11 days), Marlborough and Southland (both +8 days) and Manawatu/Wanganui (+6 days).

6 Auctions Auctions were used in 13.2% of all sales across the country in April, with 843 properties selling under the hammer this is down from April 217, when 17.3% of properties were sold via auction showing that auctions are becoming a less popular method of sale across the country. For the third month in a row, Gisborne had the highest percentage of auctions across the country with more than half of all properties (57.6%) in the region sold under the hammer, followed by Auckland on 23.5% and the Bay of Plenty on 14.5%. In Auckland, 436 properties were sold by auction in April compared to 559 properties in April 217. Price Bands Between April 217 and April 218, the number of homes sold for less than $5, across New Zealand fell from 44.6% of the market (2,664 properties) to 43.1% of the market (2,747 properties) which is reflected by the overall increasing median price. The number of properties sold in the $5, to $75, bracket increased from 26.9% in April 217 to 28.3% in April 218. At the top end of the market, houses sold for more than $1 million decreased from 14.2% of the market in April 217 to 13.8% of the market this year. Inventory The number of properties available for sale nationally increased by a marginal 1.1% (from 25,988 to 26,269) compared to 12 months ago. This figure was again buoyed by inventory increases in Nelson (+19.9% - an additional 74 properties the largest annual inventory growth since January 29), Waikato (+9.2% - an additional 161 properties, the exact same increase as last month) and Canterbury (+8.2% - an additional 36 properties). The New Zealand excluding Auckland inventory level fell by.5% from 17,61 in April 217 to 16,975 in April 218. However, Auckland s annual inventory increase of 4.1% is the lowest annual increase since October 216. Regions with the biggest falls in inventory were: Southland down 16.2% Marlborough down 11.9% West Coast down 11.7% Manawatu/Wanganui down 1.8%. For further information, please contact Dee Crooks, Head of Communications at REINZ, on or PRICE DISTRIBUTION BREAKDOWN Highlighting the lack of inventory across the country, the Wellington region still has the lowest level of inventory across the whole country with only 8 weeks inventory available to those looking to purchase in the area. The Hawke s Bay again only has 9 weeks inventory; however, this is the first positive annual inventory change since July 214. NOTE TO EDITORS: April 217 April 218 $1 million plus % % $75, to $999, % % $5, to $749,999 1, % 1, % Under $5, 2, % 2, % All Properties Sold 5,973 1.% 6,368 1.% 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. 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. 6 REINZ Monthly Property Report

7 SEASONALLY ADJUSTED SALES VOLUMES VOLUME CHANGE COMPARED TO MARCH SEASONALLY ADJUSTED CHANGE VOLUME CHANGE COMPARED TO APRIL 217 SEASONALLY ADJUSTED CHANGE New Zealand -19.6% 1.6% 6.6% 2.3% NZ ex Akl -17.8% 1.1% 8.4% 4.% Northland -13.1% -1.7% 6.5% 1.9% Auckland -23.8%.3% 2.4% -1.2% Waikato -25.1% -5.9% 6.5% 1.1% Bay of Plenty -7.8% 6.9% 11.2% 5.7% Gisborne -21.3% -13.1% -4.8% -13.% Hawke s Bay -17.% 4.5% 5.3%.2% Manawatu/Wanganui -7.6% 3.8% 22.7% 16.5% Taranaki -25.4% -12.1% -6.7% -12.4% Wellington -2.4% 2.2% -2.2% -4.8% Nelson/Marlborough/Tasman -24.5% -1.3% 23.7% 17.8% Canterbury -17.7% 7.5% 13.4% 9.% West Coast -26.7%.2% 5.% 4.3% Otago -11.6%.5% -.8% -4.7% Southland -22.9%.4% 36.1% 21.6% SEASONALLY ADJUSTED MEDIAN PRICE MEDIAN CHANGE COMPARED TO MARCH SEASONALLY ADJUSTED CHANGE MEDIAN CHANGE COMPARED TO APRIL 217 SEASONALLY ADJUSTED CHANGE New Zealand -1.8%.7% 1.9% 2.3% NZ ex Akl.%.7% 5.7% 6.3% Northland.% -.4% 8.3% 6.3% Auckland -3.4%.4% -.6% -.1% Waikato -1.4% -1.4% 2.5% 2.6% Bay of Plenty -.9%.3% 8.6% 7.1% Gisborne -3.% -5.2% 14.3% 13.% Hawke s Bay -3.1% -3.2% 12.% 13.9% Manawatu/Wanganui 3.9% 4.3% 19.4% 2.3% Taranaki 6.4% 5.8% 5.8% 4.9% Wellington -5.3% -1.4% 3.1% 4.5% Nelson/Marlborough/Tasman.6% 3.6% 1.1% 11.% Canterbury -2.% -1.4% -.9% -.8% West Coast -2.% -12.4% 4.2% 3.4% Otago 14.1% 11.6% 19.5% 19.7% Southland 5.% 6.% 19.% 19.% 7 REINZ Monthly Property Report

8 Auckland continues to see strong interest from first home buyers, however, price remains an issue. The REINZ HPI and median house price remained stable, but vendors are reticent to list unless they have a genuine need to sell as buyers are slow to make decisions. The Auckland property market is showing signs of becoming more complex with different sales patterns within the region. For example, Franklin sees a steady demand, with moderate increases in sales, prices holding and a good listing base, whereas East Auckland is seeing a slowdown in auctions and open home attendees. Rodney continues to see an influx of out of town buyers looking to re-settle within the region as parts of Rodney are currently experiencing high growth in commercial building activity. Auckland s property market is always changing, but it is likely that there won t be any major changes to the current patterns until spring. Bindi Norwell REINZ CEO AUCKLAND REINZ REGIONAL COMMENTARY Compared to April 217 Median Price down 1% Sales Count up 2% Days to Sell increased 2 days Compared to March 218 Median Price down 3% Seasonally adjusted median price up.4% Sales Count down 24% Seasonally adjusted sales count up.3% Days to Sell unchanged. Our seasonally adjusted results tell us that, compared to what we expect when moving from March to April, the observed decrease in median price was what was expected and the observed decrease in sales count was what was expected. The current Days to Sell of 37 days is slightly more than the 1-year average for April which is 34 days. The level of inventory available for sale currently sits at 21 weeks, two weeks more than in April REINZ Monthly Property Report

9 AUCKLAND REGION TRENDS PRICE VOLUMES DAYS TO SELL OVERALL MEDIAN PRICE VOLUME SOLD Apr-18 Mar-18 Apr-17 Apr-18 Mar-18 Apr-17 Auckland City 925, 958, 96, Franklin District 715, 65, 65, Manukau City 82, 837, 83, North Shore City 958,8 1,8, 97, Papakura District 66, 685, 68, Rodney District 915, 852,5 84, Waitakere City 782, 78, 755, Auckland Region 85, 88, 855, 1,854 2,434 1,81 Vs Mar-18 Apr-17 Vs Mar-18 Apr-17 Auckland City -3.4% -3.6% -29.% 7.1% Franklin District 1.% 1.% -4.6% -19.2% Manukau City -2.% -1.2% -18.7% -3.1% North Shore City -11.2% -1.2% -22.2% -11.1% Papakura District -3.6% -2.9% -18.% -4.7% Rodney District 7.3% 8.9% -28.4% 11.6% Waitakere City.3% 3.6% -11.1% 23.5% Auckland Region -3.4% -.6% -23.8% 2.4% 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 It is evident that the colder weather has arrived in Northland as interest in holiday homes has tapered off. There are still plenty of people that are looking, and there were good sales volumes in April. Buyers from out of town still outnumber local buyers, and they are spread across the entire market range. Lower-priced stock remains more tightly held, especially under the $5, bracket. There is a good level of inquiries and offers on high-end stock, over the $7, bracket. If the out of town buyers continue to show interest, driven by Auckland sales, the Northland market will most likely remain strong in the coming months. Bindi Norwell REINZ CEO NORTHLAND REGIONAL COMMENTARY Compared to April 217 Median Price up 8.3% Sales Count up 6.5% Days to Sell unchanged Compared to March 218 Median Price unchanged Seasonally adjusted median price down.4% Sales Count down 13% Seasonally adjusted sales count down 2% Days to Sell decreased 4 days. Our seasonally adjusted results tell us that, compared to what we expect when moving from March to April, the observed stability in median price was what was expected and the observed decrease in sales count was a bit larger than expected. The current Days to Sell of 38 days is considerably less than the 1-year average for April which is 57 days. The level of inventory available for sale currently sits at 26 weeks, one week more than in April REINZ Monthly Property Report

13 NORTHLAND REGION TRENDS PRICE VOLUMES DAYS TO SELL OVERALL MEDIAN PRICE VOLUME SOLD Apr-18 Mar-18 Apr-17 Apr-18 Mar-18 Apr-17 Far North District 46, 416,5 395, Kaipara District 365, 58, 61, Whangarei District 445, 455, 425, Northland Region 455, 455, 42, Vs Mar-18 Apr-17 Vs Mar-18 Apr-17 Far North District 1.4% 16.5% -35.5% 5.3% Kaipara District -37.1% -4.2% 45.5% 3.2% Whangarei District -2.2% 4.7% -6.9% 8.% Northland Region.% 8.3% -13.1% 6.5% 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 breather after strong increases over the past few months to still be showing strong three month growth. 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 The Waikato first home buyer market is still very much driven by price. Rental investment has declined, as rental incomes have become less attractive and the Brightline extension is taken into account. There are signs of a lack of good listings, and people are being firmer on asking prices. The Waikato region includes areas that are driven by sales of holiday homes, such as the Thames-Coromandel District and these areas are experiencing the seasonal slow down as many people incorrectly think that winter is not the best time to sell their property. Other areas such as Taupo are still experiencing a steady investor market, where investors compete for good properties. The Waikato property market will most likely remain buoyant, apart from the slowdown of holiday homes due to seasonal effects. Philip Searle REINZ Regional Director WAIKATO REGIONAL COMMENTARY Compared to April 217 Median Price up 3% Sales Count up 7% Days to Sell increased 1 day Compared to March 218 Median Price down 1% Seasonally adjusted median price down 1% Sales Count down 25% Seasonally adjusted sales count down 6% Days to Sell increased 2 days. Our seasonally adjusted results tell us that, compared to what we expect when moving from March to April, the observed decrease in median price was a bit larger than expected and the observed decrease in sales count was larger than expected. The current Days to Sell of 38 days is less than the 1-year average for April which is 46 days. The level of inventory available for sale currently sits at 15 weeks, one week more than in April REINZ Monthly Property Report

17 WAIKATO REGION TRENDS PRICE VOLUMES DAYS TO SELL OVERALL MEDIAN PRICE VOLUME SOLD Apr-18 Mar-18 Apr-17 Apr-18 Mar-18 Apr-17 Hamilton City 56, 535, 532, Hauraki District 345, 42, 382, Matamata-Piako District 445, 45, 438, Otorohanga District 333, 3, 23, South Waikato District 26, 212, 22, Taupo District 425, 435, 42, Thames-Coromandel District 628, 65, 535, Waikato District 55, 492, 43, Waipa District 515, 531,5 55, Waitomo District 19, 16, 167, Waikato Region 53, 51, 49, Vs Mar-18 Apr-17 Vs Mar-18 Apr-17 Hamilton City 4.7% 5.2% -34.4% -3.8% Hauraki District -17.9% -9.8% -4.7% -15.8% Matamata-Piako District -1.1% 1.6% -39.3% 23.3% Otorohanga District 11.% 44.8%.% 4.% South Waikato District 22.6% 18.2% -22.2% 34.6% Taupo District -2.3% 1.2% -9.8% 1.7% Thames-Coromandel District -3.4% 17.4% -22.7% 15.4% Waikato District 2.6% 17.4% -14.7% 1.8% Waipa District -3.1% -6.4% -1.4% 11.3% Waitomo District 18.8% 13.8% 5.% 66.7% Waikato Region -1.4% 2.5% -25.1% 6.5% 17 REINZ Monthly Property Report

18 GRAPH COMMENTARY The trend in median price is showing the first signs of flattening having risen strongly for many months, with the trend in sales volume continuing 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 is continuing in a similar pattern as the previous month and is still showing strong numbers. The median house price is now at $57,, which is an increase of 8.6% compared to April 217 when the median house price was $525,. There are still more buyers in the middle of the market than there are listings. There is a good interest in the upper end of the market, with the majority of the out of town buyers being from Auckland. Buyers are becoming less negotiable, which makes negotiating more protracted. Rotorua is experiencing increased competition for listings. The competition for new stock is intense with more offers conditional upon house sales. Looking forward, the sales results for the end of Autumn will depend on listing numbers, especially with the increased interest from first home buyers. Philip Searle REINZ Regional Director BAY OF PLENTY REINZ REGIONAL COMMENTARY Compared to April 217 Median Price up 9% Sales Count up 11% Days to Sell decreased 2 days Compared to March 218 Median Price down 1% Seasonally adjusted median price up.3% Sales Count down 8% Seasonally adjusted sales count up 7% Days to Sell decreased 1 day. Our seasonally adjusted results tell us that, compared to what we expect when moving from March to April, the observed decrease in median price was what was expected and the observed decrease in sales count was smaller than expected. The current Days to Sell of 4 days is considerably less than the 1-year average for April which is 53 days. The level of inventory available for sale currently sits at 14 weeks, one week more than in April REINZ Monthly Property Report

21 BAY OF PLENTY REGION TRENDS PRICE VOLUMES DAYS TO SELL OVERALL MEDIAN PRICE VOLUME SOLD Apr-18 Mar-18 Apr-17 Apr-18 Mar-18 Apr-17 Kawerau District 173, 215, 167, Opotiki District 298, 342, 212, Rotorua District 425, 345, 34, Tauranga City 655, 65, 635, Western Bay of Plenty District 59, 6, 629, Whakatane District 415,5 369, 38, Bay of Plenty Region 57, 575, 525, Vs Mar-18 Apr-17 Vs Mar-18 Apr-17 Kawerau District -19.5% 3.6% 12.5% 5.% Opotiki District -12.9% 4.6% -12.5% -12.5% Rotorua District 23.2% 25.% -7.4% -3.4% Tauranga City.8% 3.1% -14.7% 11.1% Western Bay of Plenty District -1.7% -6.2% 32.1% 37.3% Whakatane District 12.6% 9.3% -11.6% 22.6% Bay of Plenty Region -.9% 8.6% -7.8% 11.2% 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 three months. 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 Strong auction sales over April in Gisborne has influenced sale prices. There is an increase in out of town investors with some locals selling out due to new initiatives from the government. In general, the Gisborne market was very similar to last month, with a slight increase in first home buyers which has been noticeable at open homes. The record high median house price we saw in March remains at a similar level, with a new median house price of $32,, which is a 3% decrease from last month. These numbers show a continued positive market, though the listings have started to show signs of slowing down due to the coming cold season, however, this is just following the typical trend. Philip Searle REINZ Regional Director GISBORNE REGIONAL COMMENTARY Compared to April 217 Median Price up 14% Sales Count down 5% Days to Sell increased 11 days Compared to March 218 Median Price down 3% Seasonally adjusted median price down 5% Sales Count down 21% Seasonally adjusted sales count down 13% Days to Sell increased 5 days. Our seasonally adjusted results tell us that, compared to what we expect when moving from March to April, the observed decrease in median price was in contrast to a small expected increase and the observed decrease in sales count was a quite a bit larger than was expected. The current Days to Sell of 37 days is less than the 1-year average for April which is 39 days. The level of inventory available for sale currently sits at 1 weeks, one week less than in April REINZ Monthly Property Report

25 GISBORNE REGION TRENDS PRICE VOLUMES DAYS TO SELL OVERALL MEDIAN PRICE VOLUME SOLD Apr-18 Mar-18 Apr-17 Apr-18 Mar-18 Apr-17 Gisborne District 32, 33, 28, Gisborne Region 32, 33, 28, Vs Mar-18 Apr-17 Vs Mar-18 Apr-17 Gisborne District -3.% 14.3% -21.3% -4.8% Gisborne Region -3.% 14.3% -21.3% -4.8% 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 flat. The House Price Index for the Gisborne/Hawke's Bay had a very slight negative movement this month but it is still 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 Even though the Hawke s Bay three months record high median price seems to have levelled off, April 218 figures are still showing a strong property market, with a 12% increase in the median house price compared to April 217. Another sign that Hawke s Bay continues to be buoyant is the 17% increase in the number of properties sold compared to last month and a 5.3% increase compared to the previous year. The number of days to sell stayed at the same level as April 217 at 32. It will be interesting to see how the market will continue to track over the next couple of months as there are few signs indicating any significant changes apart from perhaps the traditional seasonal adjustment. Bindi Norwell REINZ CEO HAWKE S BAY REGIONAL COMMENTARY Compared to April 217 Median Price up 12% Sales Count up 5% Days to Sell unchanged Compared to March 218 Median Price down 3% Seasonally adjusted median price down 3% Sales Count down 17% Seasonally adjusted sales count up 5% Days to Sell increased 5 days. Our seasonally adjusted results tell us that, compared to what we expect when moving from March to April, the observed decrease in median price was a touch larger than expected and the observed decrease in sales count was smaller than expected. The current Days to Sell of 32 days is considerably less than the 1-year average for April which is 44 days. The level of inventory available for sale currently sits at nine weeks, two weeks more than in April REINZ Monthly Property Report

29 HAWKE S BAY REGION TRENDS PRICE VOLUMES DAYS TO SELL OVERALL MEDIAN PRICE VOLUME SOLD Apr-18 Mar-18 Apr-17 Apr-18 Mar-18 Apr-17 Central Hawke s Bay District 3, 283, 227, Hastings District 41, 436, 398, Napier City 49, 486, 392, Wairoa District 11, 155, Hawke s Bay Region 431,25 445, 385, Vs Mar-18 Apr-17 Vs Mar-18 Apr-17 Central Hawke s Bay District 6.% 32.2% -24.1% 57.1% Hastings District -6.% 3.% -1.1% -4.9% Napier City.8% 25.% -2.9% 2.2% Wairoa District -29.% % - Hawke s Bay Region -3.1% 12.% -17.% 5.3% 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 remains stable with more listings available than during the summer months, although buyer activity in the upper bracket has slowed. Investors are still showing the same interest level as in March, and a similar pattern is true for first home buyers and owner occupiers. Buyers continue to be locals looking for a permanent home. Overall, the market mirrors what happened in the Taranaki property market at the same period last year with only minor changes. This steady market will probably continue up until the start of the winter. Bindi Norwell REINZ CEO TARANAKI REGIONAL COMMENTARY Compared to April 217 Median Price up 6% Sales Count down 7% Days to Sell decreased 6 days Compared to March 218 Median Price up 6% Seasonally adjusted median price up 6% Sales Count down 25% Seasonally adjusted sales count down 12% Days to Sell increased 3 days. Our seasonally adjusted results tell us that, compared to what we expect when moving from March to April, the observed increase in median price was larger than expected and the observed decrease in sales count was larger than expected. The current Days to Sell of 38 days is less than the 1-year average for April which is 46 days. The level of inventory available for sale currently sits at 16 weeks, one week less than in April REINZ Monthly Property Report

33 TARANAKI REGION TRENDS PRICE VOLUMES DAYS TO SELL OVERALL MEDIAN PRICE VOLUME SOLD Apr-18 Mar-18 Apr-17 Apr-18 Mar-18 Apr-17 New Plymouth District 428, 415, 391, South Taranaki District 19, 182, 185, Stratford District 277, 238, 235, Taranaki Region 365, 343, 345, Vs Mar-18 Apr-17 Vs Mar-18 Apr-17 New Plymouth District 3.1% 9.5% -14.8% -2.7% South Taranaki District 4.4% 2.7% -35.8% -1.5% Stratford District 16.4% 17.9% -58.3% -28.6% Taranaki Region 6.4% 5.8% -25.4% -6.7% 33 REINZ Monthly Property Report

34 GRAPH COMMENTARY The median price trend has continued to flatten after the recent upwards trajectory. The sales volume trend has been flat to slightly decreasing. The days to sell trend is flat to slightly improving. The House Price Index has had moderate increases over the past three months. 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 market is still hugely active, and the region set a new median house price with a 19.4% increase. The new median house prices is now $35, compared to $255,5 one year ago and a 3.9% increase compared to March this year when the median house price was $293,5. There is a strong demand for properties across the market and the shortage of available properties continues to drive the sellers market. We see a robust demand for first home type properties. The buyer pool is evenly split between local first home buyers and local owner occupiers looking for a permanent home. At this point, there are no indicators that the market will shift from its current course. Bindi Norwell REINZ CEO MANAWATU/ WANGANUI REGIONAL COMMENTARY Compared to April 217 Median Price up 19% Sales Count up 23% Days to Sell increased 6 days Compared to March 218 Median Price up 4% Seasonally adjusted median price up 4% Sales Count down 8% Seasonally adjusted sales count up 4% Days to Sell increased 4 days. Our seasonally adjusted results tell us that, compared to what we expect when moving from March to April, the observed increase in median price was larger than was expected and the observed decrease in sales count was smaller than expected. The current Days to Sell of 33 days is considerably less than the 1-year average for April which is 46 days. The level of inventory available for sale currently sits at 11 weeks, the same as in April REINZ Monthly Property Report

37 MANAWATU/WANGANUI REGION TRENDS PRICE VOLUMES DAYS TO SELL OVERALL MEDIAN PRICE VOLUME SOLD Apr-18 Mar-18 Apr-17 Apr-18 Mar-18 Apr-17 Horowhenua District 295, 292, 243, Manawatu District 31,75 358, 297, Palmerston North City 37, 359,7 343, Rangitikei District 212, 179, 19, Ruapehu District 224, 187,5 173, Tararua District 175, 162, 183, Whanganui District 25, 21, 215, Manawatu/Wanganui Region 35, 293,5 255, Vs Mar-18 Apr-17 Vs Mar-18 Apr-17 Horowhenua District 1.% 21.4% -6.7% 25.% Manawatu District -13.2% 4.6% -17.8% 2.8% Palmerston North City 2.9% 7.9% -1.1% 35.7% Rangitikei District 18.4% 11.6% 3.% 1.% Ruapehu District 19.5% 29.5%.% -12.5% Tararua District 8.% -4.6% -29.7% -13.3% Whanganui District -2.4% -4.7%.% 26.1% Manawatu/Wanganui Region 3.9% 19.4% -7.6% 22.7% 37 REINZ Monthly Property Report

38 GRAPH COMMENTARY The median price trend is increasing strongly, with the volume trend staying consistent. The days to sell trend has started to flatten. The House Price Index has had the strongest increase over the past month of all the regions with the second highest three and twelve month increases. 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 The Wellington property market is still very short of listings with more buyers than we can satisfy. There is a strong first home buyer interest up to the $55, level. Banks are tightening credit and appear to want to stress test buyers more than they have before. There is a good split between buyers at the moment, with 5% owner occupiers, 3% first home buyers and 2% investors. There will continue to be a lack of stock and the number of properties will probably stay at the same level. The strong first home buyer interest will likely continue a while longer. Mark Coffey REINZ Regional Director WELLINGTON REGIONAL COMMENTARY Compared to April 217 Median Price up 3% Sales Count down 2% Days to Sell increased 4 days Compared to March 218 Median Price down 5% Seasonally adjusted median price down 1% Sales Count down 2% Seasonally adjusted sales count up 2% Days to Sell increased 2 days. Our seasonally adjusted results tell us that, compared to what we expect when moving from March to April, the observed decrease in median price was slightly greater than expected and the observed decrease in sales count was slightly smaller than expected. The current Days to Sell of 31 days is less than the 1-year average for April which is 36 days. The level of inventory available for sale currently sits at eight weeks, one week more than in April REINZ Monthly Property Report

41 WELLINGTON REGION TRENDS PRICE VOLUMES DAYS TO SELL OVERALL MEDIAN PRICE VOLUME SOLD Apr-18 Mar-18 Apr-17 Apr-18 Mar-18 Apr-17 Carterton District 345, 42, 3, Kapiti Coast District 52, 527, 481, Lower Hutt City 515,495 52, 487, Masterton District 335, 325, 35, Porirua City 52, 64, 577, South Wairarapa District 441,5 378,5 485, Upper Hutt City 516, 535, 475, Wellington City 712, , 685, Wellington Region 558, 589, 541, Vs Mar-18 Apr-17 Vs Mar-18 Apr-17 Carterton District -17.9% 15.% -23.8% 6.7% Kapiti Coast District -1.3% 8.% -19.1% 12.% Lower Hutt City -.9% 5.9% -4.8% -12.2% Masterton District 3.1% 9.8% -51.5% -26.7% Porirua City -18.8% -1.% -21.% -1.5% South Wairarapa District 16.6% -9.% -15.% 13.3% Upper Hutt City -3.6% 8.6% -8.1% 49.1% Wellington City.2% 4.% -25.2% -7.4% Wellington Region -5.3% 3.1% -2.4% -2.2% 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 but is still decreasing. The days to sell trend remains flat to easing. The House Price Index has had a fairly strong 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 Nelson ends April with a new record median house price of $55, compared to $475, in April 217. That is a 15.8% increase compared to the previous year and an 8.9% increase compared to the previous month where the median house price was $55,. There is quite a high turn over of properties in the Nelson/Marlborough/ Tasman region due to the low stock levels. The market remains positive and is driven by demand. The urgency has slowed down, and buyers are qualified and ready to buy with subject to sale appearing a little more frequently. Nelson is still experiencing a keen interest from first home buyers, but other parts of the region are seeing a shift in the marketplace. There are around 3% fewer attendees at open homes and 3% fewer first home buyers compared to 12 months ago. However, there is a rise in investor numbers, with almost 5% more investors compared to April last year and 3% more compared to the previous month. Coming into winter off the back of a strong autumn could result in a third year of strong winter sales activity. Bindi Norwell REINZ CEO NELSON/ MARLBOROUGH/ TASMAN REGIONAL COMMENTARY Compared to April 217 Median Price up 1% Sales Count up 24% Days to Sell increased 4 days Compared to March 218 Median Price up 1% Seasonally adjusted median price up 4% Sales Count down 25% Seasonally adjusted down 1% Days to Sell increased 4 days. Our seasonally adjusted results tell us that, compared to what we expect when moving from March to April, the observed slight increase in median price was in contrast to the expected small decrease and the observed decrease in sales count was a touch larger than expected. The current Days to Sell of 34 days is less than the 1-year average for April which is 42 days. The level of inventory available for sale currently sits at 13 weeks, about the same as in April REINZ Monthly Property Report

45 NELSON/MARLBOROUGH/ TASMAN REGION TRENDS PRICE VOLUMES DAYS TO SELL OVERALL MEDIAN PRICE VOLUME SOLD Apr-18 Mar-18 Apr-17 Apr-18 Mar-18 Apr-17 Nelson City 55, 55, 475, Marlborough District 42, 44, 41, Tasman District 53, 57, 495, Nel/Marl/Tas Region 495, 492, 449, Vs Mar-18 Apr-17 Vs Mar-18 Apr-17 Nelson City 8.9% 15.8% -11.2% 3.1% Marlborough District 4.% 2.4% -29.8% 3.8% Tasman District -7.% 7.1% -33.3% 7.1% Nel/Marl/Tas Region.6% 1.1% -24.5% 23.7% 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 steady. The House Price Index for Tasman/Nelson/Marlborough/West Coast has had moderately strong positive movement in the past three months. 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 property market continues its pattern of volatility with the median house price increasing 4.2% compared to the same period last year, but it has decreased 2% compared to the previous month when it reached $215,. We see a considerable improvement in the number of days to sell compared to April 217 when it took 14 days to sell a property compared to 72 days in April 218, a decrease of 68%. We are also seeing the number of properties sold year-on-year increase, with 33 sales this year (compared to 22 last year) this is the highest number of sales for the month of April in 5 years. The West Coast property market continues to be a small market that is dependent on movements in the job market and so far, there have been a good influx of jobs this year, which flows on to the property market. If this continues for the coming months, the market will continue to track along. Bindi Norwell REINZ CEO WEST COAST REGIONAL COMMENTARY Compared to April 217 Median Price up 4% Sales Count up 5% Days to Sell decreased 68 days Compared to March 218 Median Price down 2% Seasonally adjusted median price down 12% Sales Count down 27% Seasonally adjusted sales count up.2% Days to Sell increased 8 days. Our seasonally adjusted results tell us that, compared to what we expect when moving from March to April, the observed decrease in median price was much larger than expected and the observed decrease in sales count was what was expected. The current Days to Sell of 72 days is less than the 1-year average for April which is 88 days. The level of inventory available for sale currently sits at 69 weeks, 3 weeks less than in April REINZ Monthly Property Report

49 WEST COAST REGION TRENDS PRICE VOLUMES DAYS TO SELL OVERALL MEDIAN PRICE VOLUME SOLD Apr-18 Mar-18 Apr-17 Apr-18 Mar-18 Apr-17 Buller District 142,522 18, 145, Grey District 15, 217,5 172, Westland District 195, 29, West Coast Region 172, 215, 165, Vs Mar-18 Apr-17 Vs Mar-18 Apr-17 Buller District -2.8% -1.7% -42.9%.% Grey District -31.% -12.8% -18.8% 62.5% Westland District -32.8% -.% - West Coast Region -2.% 4.2% -26.7% 5.% 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 steady. The House Price Index for Tasman/Nelson/Marlborough/West Coast has had moderately strong positive movement in the past three months. 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 April 218 The market is a typical Canterbury early winter market. There is still good interest, but agents are having to work smarter to put sales together. We are still seeing good enquiries across the price brackets, but especially in the lower end. With the market tracking on and with new rules for investors, there is more stock at the lower end to choose from. A substantial section of the market is first home buyers, and they are taking advantage of the choice at the moment. The open home attendances have quietened off since the first quarter of this year, but this is a typical pattern we see each year at this time. Looking forward, there will probably be a long winter market with the days stretching out and more pressure on prices from savvy buyers, but there is no expectation of a major change to our current steady market. 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 April 217 Median Price down 1% Sales Count up 13% Days to Sell unchanged Compared to March 218 Median Price down 2% Seasonally adjusted median price down 1% Sales Count down 18% Seasonally adjusted sales count up 8% Days to Sell decreased 1 day. 52 REINZ Monthly Property Report Our seasonally adjusted results tell us that, compared to what we expect when moving from March to April, the observed decrease in median price was a touch larger than expected and the observed decrease in sales count was smaller than expected. The current Days to Sell of 34 days is the same as the 1-year average for April. The level of inventory available for sale currently sits at 2 weeks, roughly three weeks more than in April 217.

53 CANTERBURY REGION TRENDS PRICE VOLUMES DAYS TO SELL OVERALL MEDIAN PRICE VOLUME SOLD Apr-18 Mar-18 Apr-17 Apr-18 Mar-18 Apr-17 Ashburton District 332, 315, 335, Christchurch City 447,5 46,5 456, Hurunui District 325, 392,25 48, Kaikoura District Mackenzie District 415, 385, 34, Selwyn District 568, 545, 55, Timaru District 345, 351,5 34, Waimakariri District 445, 44, 431, Waimate District 23, 225, 165, Canterbury Region 441, 45, 445, 827 1,5 729 Vs Mar-18 Apr-17 Vs Mar-18 Apr-17 Ashburton District 5.4% -.9% 2.% 11.6% Christchurch City -2.8% -2.% -2.3% 12.3% Hurunui District -17.1% -32.3% -52.2% 57.1% Kaikoura District Mackenzie District 7.8% 22.1% -61.5%.% Selwyn District 4.2% 3.3% -16.7% 29.3% Timaru District -1.8% 1.5% -17.6% -2.8% Waimakariri District 1.1% 3.2% -5.% 26.7% Waimate District -9.8% 23.% 57.1% 1.% Canterbury Region -2.% -.9% -17.7% 13.4% 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 not moved much over the past 12 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 The Dunedin property market continues to creep close to the $4, mark with median prices now at $398,. Price increases are being driven by properties in the old Mosgiel-Taieri ward which saw a 13.4% increase year-on-year to $58,. Motivated vendors are having the most impact on the market as they believe now is a favourable time to sell. Open homes are gathering more interest, as buyers currently have more choice. LVRs are still a major factor for first home buyers. There s no urgency from the banks to approve finance, as applications still take some time. There appears to be more buyers making cash offers and we are seeing a number of buyers who are cashed up with very little assistance required from banks and they are spread in the more active low-to-middle end of the market, while the high end is very slow. Dunedin City is in a very positive cycle at the moment and it is most likely that we haven t seen the end of it yet. Liz Nidd REINZ Regional Commentator Queenstown Lakes April 218 We are seeing an increase in first home buyers. Queenstown-Lakes seems to have returned to its stable pricing position following a slight dip in March, which is positive. Investors still remain few and far between. Generally, vendors think the market is better than it is, and buyers think it is worse than it is. So, the industry is working hard to find a common middle ground for vendors and buyers. Gail Hudson REINZ Regional Director OTAGO REGIONAL COMMENTARY Compared to April 217 Median Price up 2% Sales Count down 1% Days to Sell increased 4 days Compared to March 218 Median Price up 14% Seasonally adjusted median price up 12% Sales Count down 12% Seasonally adjusted sales count up 1% Days to Sell increased 1 day. Our seasonally adjusted results tell us that, compared to what we expect when moving from March to April, the observed increase in median price much larger than was expected and the observed decrease in sales count was a touch smaller than was expected. The current Days to Sell of 3 days is less than the 1-year average for April which is 39 days. The level of inventory available for sale currently sits at 1 weeks, one week more than in April REINZ Monthly Property Report

57 OTAGO REGION TRENDS PRICE VOLUMES DAYS TO SELL OVERALL MEDIAN PRICE VOLUME SOLD Apr-18 Mar-18 Apr-17 Apr-18 Mar-18 Apr-17 Central Otago District 59, 46, 455, Clutha District 232,5 215, 189, Dunedin City 398, 375, 345, Queenstown-Lakes District 95, 855, 943, Waitaki District 31, 292, 265, Otago Region 46, 43, 385, Vs Mar-18 Apr-17 Vs Mar-18 Apr-17 Central Otago District 28.3% 29.7% 28.6% 25.% Clutha District 8.1% 23.% -6.3% -11.8% Dunedin City 6.1% 15.4% -23.3% 3.1% Queenstown-Lakes District 11.1%.7% 3.7% -5.6% Waitaki District 6.2% 17.% -2.9% -25.% Otago Region 14.1% 19.5% -11.6% -.8% 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 The Southland property market continues to move along at a steady pace. The median house price rose by 19% compared to April 217. The new median house price is now $25, compared to $21, last year and $238, in March this year. There were 162 properties sold in April, which is a 36.1% increase compared to April 217 when 119 properties were sold. Most of the buyers are still locals who are looking for a new permanent home. We are seeing similar numbers of attendees at open homes, a similar number of investors and the same level of first home buyers as there has been during the year so far. The market is balanced and will probably continue on a steady course, the same as it has been doing for the last six months. Bindi Norwell REINZ CEO SOUTHLAND REGIONAL COMMENTARY Compared to April 217 Median Price up 19% Sales Count up 36% Days to Sell increased 8 days Compared to March 218 Median Price up 5% Seasonally adjusted median price up 6% Sales Count down 23% Seasonally adjusted sales count up.4% Days to Sell increased 12 days. Our seasonally adjusted results tell us that, compared to what we expect when moving from March to April, the observed increase in median price was in contrast to the small decrease that was expected and the observed decrease in sales count was what was expected. The current Days to Sell of 38 days is less than the 1-year average for April which is 42 days. The level of inventory available for sale currently sits at 14 weeks, 4 less than April REINZ Monthly Property Report