MONTHLY PROPERTY REPORT

Transcription

1 MONTHLY PROPERTY REPORT 17 JULY 218 REINZ - Real Estate Institute of New Zealand Inc.

2 WINTER CHILL IMPACTS REAL ESTATE SALES VOLUMES, BUT NOT HOUSE PRICES BINDI NORWELL, REINZ CEO The winter chill has impacted real estate sales volumes across the country in June but has done little to halt price rises in most regions, 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 June the median price across the country rose by 5.7% to a record equal median of $56, up from $53, the same time last year. Additionally, the New Zealand excluding Auckland median price remained at a record equalling figure of $46, in June, up 7.% on June 217. However, Auckland s median price decreased by.7% year-on-year to $85, down from $856, last year. New Zealand s most expensive three territorial authorities are Auckland City with a median of $1,1,, North Shore City with a median of $975, and Queenstown Lake District with a median of $98,. Three regions saw record median prices during June Waikato (+11.7% to $525,), Wellington (+12.3% to $595,) and Marlborough (+11.4% to $44,). Additionally, regions with strong annual increases included Gisborne (+26.9% to $33,) and Hawke s Bay (+15.3% to $43,). However, the number of properties sold across the country decreased by 1.6% to 6,34, down from 6,131 in June 217. This was the result of significant decreases in sales volumes in 8 out of 16 regions and a 9.9% decrease in new property listings year-on-year. 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 $53, + 5.7% year-on-year NEW ZEALAND EX AUCKLAND $46, - up from $43, + 7.% year-on-year AUCKLAND $85, - down from $856, -.7% year-on-year NATIONAL Up.9%, up 5.2% on June 217 NEW ZEALAND EX AUCKLAND Up 1.3%, up 6.6% on June 217 AUCKLAND Up.5%, down 1.6% on June 217 NATIONAL $56, - the same as last month NEW ZEALAND EX AUCKLAND $46, - up from $455, + 1.1% since last month AUCKLAND $85, - up from $845,5 +.5% since last month NATIONAL 38-2 days longer than same month last year NEW ZEALAND EX AUCKLAND 37-1 day longer than the same month last year AUCKLAND 4-2 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 up from % year-on-year 3 REINZ Monthly Property Report

4 The Real Estate Institute of New Zealand (REINZ) Chief Executive Bindi Norwell says: While Jack Frost may have got his icy grip on sales volumes, he has not been able to extend this to prices as New Zealand s median price increased by 5.7% year-on-year. The lack of housing supply continues to put pressure on prices in the majority of regions across New Zealand, with 12 out of 16 regions seeing a price increase since June last year. Until we solve the supply issue, house prices are likely to continue rising, particularly as the OCR remains low and the banks continue dropping interest rates. Again, we re seeing this two-tier market across the country where prices are remaining stable in Auckland and Canterbury but rising in most other parts of the country, continues Norwell. From a volume perspective, we ve seen the usual winter slowdown impact the market. Sales volumes fell significantly year-on-year on the West Coast (-25.7%) which was the lowest sales count for 14 months, Waikato (-14.%) also the lowest sales count for 14 months, Wellington (-1.6%) the lowest number of properties sold for 5 months and Otago (-8.3%) the lowest sales count for 11 months. Despite this, there were some regions that saw a strong increase in sales including Hawke s Bay (+23.%), Tasman (+22.8%) and Manawatu/Wanganui (+14.1%), continues Norwell. 4 REINZ Monthly Property Report

5 A N N UA L MEDIAN PRICE NORTHLAND $45, 5.9% CHANGES BAY OF PLENTY $58, 4.% NATIONAL MEDIAN PRICE UP 5.7% TO $56, R AUCKLAND $85, -.7% WAIKATO $525, 11.7% GISBORNE $33, 26.9% MEDIAN DAYS TO SELL 38 TARANAKI $345, 3.% MANAWATU/WANGANUI $3, 7.1% TASMAN $571, -1.7% NELSON $49,.5% HAWKE S BAY $43, 15.3% WEST COAST $21, -8.7% MARLBOROUGH $44, R 11.4% R WELLINGTON $595, 12.3% SOUTHLAND $249, 8.3% CANTERBURY $434,5 -.1% OTAGO $415, 7.8% R RECORD MEDIAN PRICES INCREASED STABLE DECREASED 5 REINZ Monthly Property Report

6 Auctions Price Bands Auctions were used in 11.3% of all sales across the country in June, with 684 properties selling under the hammer this is down slightly from June 217, when 14.2% of properties (87) were sold via auction. For the fifth month in a row, Gisborne had the highest percentage of auctions across the country with 27% (or 15 properties) in the region sold under the hammer down from 32% (19 properties) in June 217. Auckland saw the second largest percentage of auctions on 21% (386 properties) down from 24% in June 217 (446 properties) and the Bay of Plenty on 12% (54 properties) down from 25% (1 properties) in June 217. The number of homes sold for less than $5, across New Zealand fell from 46.3% of the market (2,839 properties) in June 217 to 41.9% of the market (2,527 properties) in June 218 which is reflected by the overall increasing median price across the country. The number of properties sold in the $5, to $75, bracket increased from 26.5% in June 217 (1,622 properties) to 29.4% in June 218 (1,773 properties). At the top end of the market, properties sold for more than $1 million increased marginally from 13.3% of the market in June 217 (815 houses) to 14.4% of the market this year (868 houses). Inventory The number of properties available for sale nationally decreased by 3.8% from 23,57 to 22,65 a decrease of 92 properties compared to 12 months ago. This is the lowest level of inventory for 9 months (since September 217). Only 3 regions across New Zealand saw annual increases in inventory levels. For the fourth month in a row, Nelson saw the largest percentage increase in inventory levels with a 24.% annual increase (from 31 to 385), followed by Waikato (+9.9% - an additional 153 properties) and Canterbury (+2.6% - an additional 86 properties). Auckland s annual inventory decreased by 2.4% (from 8,56 to 8, fewer properties) the lowest level of inventory for 9 months. Regions with the biggest falls in inventory were: Gisborne down 28.7% Manawatu/Wanganui down 25.6% Southland down 22.2% West Coast down 17.9% Taranaki down 13.9%. Again, the Wellington region has had the lowest number of weeks inventory across the whole country with only 7 weeks inventory available to those looking to purchase in the area although this is up 1.4% on the same time last year. Inventory in the Hawke s Bay region continues to remain scarce with only 8 weeks inventory and Gisborne and Manawatu/Wanganui don t fare much better with only 9 weeks inventory each. 6 REINZ Monthly Property Report

7 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 6.7% from June 217 to a new record high of 2,561. The Auckland HPI increased.9% year-on-year to 2,883 showing that despite the annual decrease in median price the market is still in a strong position. Again, the only region not to experience an increase was Canterbury, which experienced a decrease of 1.1% year-on-year. This month the Gisborne/Hawke s Bay region had the highest annual growth rate of 14.%, followed by Otago and Southland in second equal place with both regions seeing annual growth rates of 1.7%. Days to sell The median number of days to sell a property nationally increased by 2 days from 36 days in June 217 to 38 days in June 218. For New Zealand excluding Auckland, the median days to sell increased by 1 day from 36 to 37. Auckland saw the median number of days to sell a property increase by 2 days to 4 days (up from 38 in June 217), but it remained the same as last month. Regions with the biggest decrease in the median number of days to sell were West Coast -68 (from 128 to 6), Gisborne -6 days (from 39 to 33) and Taranaki -2 (from 37 to 35). Regions with the biggest increase in the median number of days to sell were Southland +8 (from 31 to 39), Tasman +7 (from 33 to 4) and Waikato +6 (from 36 to 42). For further information, please contact Dee Crooks, Head of Communications at REINZ, on or PRICE DISTRIBUTION BREAKDOWN June 217 June 218 $1 million plus % % $75, to $999, % % $5, to $749,999 1, % 1, % Under $5, 2, % 2, % All Properties Sold 6,131 1.% 6,34 1.% NOTE TO EDITORS: * Statistics New Zealand Estimated resident population 217 figures: projections/subnationalpopulationestimates_mratjun17.aspx 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. 7 REINZ Monthly Property Report

8 SEASONALLY ADJUSTED SALES VOLUMES VOLUME CHANGE COMPARED TO MAY SEASONALLY ADJUSTED CHANGE VOLUME CHANGE COMPARED TO JUNE 217 SEASONALLY ADJUSTED CHANGE New Zealand -23.2% -5.4% -1.6% 1.5% NZ ex Akl -22.3% -4.9% -2.5%.4% Northland -2.3% -8.9% 2.2% 7.7% Auckland -25.% -6.9%.7% 3.8% Waikato -24.1% -1.7% -14.% -11.5% Bay of Plenty -2.8% -5.1% 6.9% 1.5% Gisborne -19.1% -1.5% -6.8% 2.1% Hawke s Bay.% 14.7% 23.% 25.3% Manawatu/Wanganui -16.% -1.7% 14.1% 17.2% Taranaki -3.6% 11.7% 12.7% 19.5% Wellington -2.7% -4.9% -1.6% -7.6% Nelson/Marlborough/Tasman -24.6% -4.9% 5.1% 1.6% Canterbury -29.5% -16.8% -7.7% -7.1% West Coast -58.1% -5.2% -25.7% -21.6% Otago -32.9% -3.7% -8.3% -3.1% Southland -18.% -.%.% 8.1% SEASONALLY ADJUSTED MEDIAN PRICE MEDIAN CHANGE COMPARED TO MAY SEASONALLY ADJUSTED CHANGE MEDIAN CHANGE COMPARED TO JUNE 217 SEASONALLY ADJUSTED CHANGE New Zealand.%.9% 5.7% 5.2% NZ ex Akl 1.1% 1.3% 7.% 6.6% Northland -5.1% -1.1% 5.9% 7.8% Auckland.5%.5% -.7% -1.6% Waikato 2.9% 2.9% 11.7% 11.% Bay of Plenty -1.6% -.1% 4.% 3.9% Gisborne 15.8% 14.2% 26.9% 23.7% Hawke s Bay.% 2.% 15.3% 15.3% Manawatu/Wanganui -1.6% -2.5% 7.1% 6.9% Taranaki -2.8%.7% 3.% 4.6% Wellington 2.9% 2.9% 12.3% 1.5% Nelson/Marlborough/Tasman 2.%.8% 2.2% 1.3% Canterbury -2.4% -.6% -.1%.5% West Coast -2.3% -5.% -8.7% -9.3% Otago -5.7% -2.8% 7.8% 7.6% Southland 3.8% 5.9% 8.3% 8.9% 8 REINZ Monthly Property Report

9 While the Auckland median has stabilised, we re seeing an increase in the number of 1 and 2 bedroom houses sold and a decrease in the number of 3 bedroom houses as people look to downsize or get a foot on the Auckland property market. First home buyers are still dominant at open homes, especially with properties under $7,. When the price goes above that mark, attendee numbers drop, as some may not qualify for loans above that price. We are also seeing lower listing numbers, mostly due to seasonal effects. Well marketed, newly listed properties continue to get good attendance at open homes and are selling quite quickly. It also means that more vendors are choosing to go for a priced strategy as this can be an effective approach to gain interest from buyers. Bindi Norwell REINZ CEO AUCKLAND REINZ REGIONAL COMMENTARY Compared to June 217 Median Price down.7% Sales Count up.7% Days to Sell increased 2 days Compared to May 218 Median Price up.5% Seasonally adjusted median price up.5% Sales Count down 25.% Seasonally adjusted sales count down 6.9% Days to Sell stayed the same. Our seasonally adjusted results tell us that, compared to what we expect when moving from May to June, the observed minute increase in median price was fractionally more than expected and the observed large decrease in sales count was slightly greater than expected. The current Days to Sell of 4 days is more than the 1-year average for June which is 34 days. The level of inventory available for sale currently sits at 21 weeks, the same as in June REINZ Monthly Property Report

10 AUCKLAND REGION TRENDS PRICE VOLUMES DAYS TO SELL OVERALL MEDIAN PRICE VOLUME SOLD Jun-18 May-18 Jun-17 Jun-18 May-18 Jun-17 Auckland City 975, 935, 1,2, Franklin District 667, 75, 615, Manukau City 792, 815, 837, North Shore City 1,1, 987,5 97, Papakura District 64, 682, 648, Rodney District 9, 9, 895, Waitakere City 765, 745, 775, Auckland Region 85, 845,5 856, 1,834 2,445 1,822 Vs May-18 Jun-17 Vs May-18 Jun-17 Auckland City 4.3% -2.7% -21.8% 1.2% Franklin District -5.4% 8.5% -26.5% 12.5% Manukau City -2.8% -5.4% -27.1% 4.1% North Shore City 2.3% 4.1% -31.1% -21.5% Papakura District -6.2% -1.2% -41.6% -34.% Rodney District.%.6% -17.4% 1.9% Waitakere City 2.7% -1.3% -2.7% 1.9% Auckland Region.5% -.7% -25.%.7% 1 REINZ Monthly Property Report

11 GRAPH COMMENTARY The trend in the median price has flattened over the past 18 months 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 11 REINZ Monthly Property Report

12 Auckland Region Days To Sell Auckland DTS Auckland Region House Price Index Auckland HPI 12 REINZ Monthly Property Report

13 The Northland market has experienced a strong June from both a price and volume perspective, and we continue to see buyers arriving from outside of the region. In Whangarei District, the median price remained strong with only a slight decrease from the record median last month, which is mainly caused by low listing numbers. The shortage of stock is predominantly around the first home buyer price range. Overall, demand is steady across all price brackets but strongest in the $35, to $45, range. Landlords appear to be selling because they don t want the added cost or responsibility once new legislation is implemented, which can create a good opportunity for first home buyers if the listing numbers in the low-mid range price brackets start to lift again. The demand and prices will likely remain steady for the remainder of winter, mainly because of the shortage of stock. Bindi Norwell REINZ CEO NORTHLAND REGIONAL COMMENTARY Compared to June 217 Median Price up 5.9% Sales Count up 2.2% Days to Sell increased 3 days Compared to May 218 Median Price down 5.1% Seasonally adjusted median price down 1.1% Sales Count down 2.3% Seasonally adjusted sales count down 8.9% Days to Sell increased 4 days. Our seasonally adjusted results tell us that, compared to what we expect when moving from May to June, the observed decrease in median price was a bit greater than expected and the observed large decrease in sales count was quite a bit greater than expected. The current Days to Sell of 5 days is considerably less than the 1-year average for June which is 62 days. The level of inventory available for sale currently sits at 29 weeks, one week more than in June REINZ Monthly Property Report

14 NORTHLAND REGION TRENDS PRICE VOLUMES DAYS TO SELL OVERALL MEDIAN PRICE VOLUME SOLD Jun-18 May-18 Jun-17 Jun-18 May-18 Jun-17 Far North District 45, 385, 445, Kaipara District 446,5 55, 34, Whangarei District 469, 475, 47, Northland Region 45, 474, 425, Vs May-18 Jun-17 Vs May-18 Jun-17 Far North District 5.2% -9.% -2.3% -24.4% Kaipara District -18.8% 31.3% -45.2% 43.8% Whangarei District -1.3% 15.2% -11.6% 17.6% Northland Region -5.1% 5.9% -2.3% 2.2% 14 REINZ Monthly Property Report

15 GRAPH COMMENTARY The trend in median price has been increasing at a slower rate over the past few months compared to the prior year, 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 eased. The House Price Index has had moderate 12 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 15 REINZ Monthly Property Report

16 Northland Region Days To Sell Northland DTS Northland Region House Price Index Northland HPI 16 REINZ Monthly Property Report

17 The Waikato market remains buoyant at the start of winter, and there were many properties across the region with multiple offers made. First home buyers are competing against investors as there is a good number of affordable properties available. Most of the sales are for properties in the $4, - $7, price bracket. While the number of residential properties sold is fewer compared to last year, the region did experience a record median price of $525, for the month. We are also seeing that vendors are more confident now that prices have been strong for some months and that they are expecting a bit more in terms of price. The market will most likely remain in this positive trend throughout the rest of winter. Areas with a high density of holiday homes are seeing the traditional winter cool down in listing numbers and we expect that the stock will pick up in a month or two when the warmer weather comes. Philip Searle REINZ Regional Director WAIKATO REGIONAL COMMENTARY Compared to June 217 Median Price up 11.7% Sales Count down 14.% Days to Sell increased 6 days Compared to May 218 Median Price up 2.9% Seasonally adjusted median price up 2.9% Sales Count down 24.1% Seasonally adjusted sales count down 1.7% Days to Sell stayed the same. Our seasonally adjusted results tell us that, compared to what we expect when moving from May to June, the observed increase in median price was larger than expected and the observed decrease in sales count was greater than expected. The current Days to Sell of 42 days is less than the 1-year average for June which is 5 days. The level of inventory available for sale currently sits at 18 weeks, two and a half weeks more than in June REINZ Monthly Property Report

18 WAIKATO REGION TRENDS PRICE VOLUMES DAYS TO SELL OVERALL MEDIAN PRICE VOLUME SOLD Jun-18 May-18 Jun-17 Jun-18 May-18 Jun-17 Hamilton City 56, 545, 52, Hauraki District 37, 385, 32, Matamata-Piako District 44, 455, 45, Otorohanga District - 31, 32, South Waikato District 2, 245, 19, Taupo District 49, 462,5 38, Thames-Coromandel District 575, 59, 63, Waikato District 555, 535, 522, Waipa District 555, 525, 49, Waitomo District 2, 28, 26, Waikato Region 525, 51, 47, Vs May-18 Jun-17 Vs May-18 Jun-17 Hamilton City 2.8% 7.7% -27.2% -12.3% Hauraki District -3.9% 15.6% -25.8% -4.2% Matamata-Piako District -3.3% -2.2% -31.3% -34.% Otorohanga District South Waikato District -18.4% 5.3% -39.6% -32.6% Taupo District 5.9% 28.9% -9.9% 7.9% Thames-Coromandel District -2.5% -8.7% -2.5% -18.4% Waikato District 3.7% 6.3% -5.3% -6.9% Waipa District 5.7% 13.3% -28.6% -16.7% Waitomo District -3.8% -2.9% 62.5%.% Waikato Region 2.9% 11.7% -24.1% -14.% 18 REINZ Monthly Property Report

19 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 slight 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 19 REINZ Monthly Property Report

20 Waikato Region Days To Sell Waikato DTS Waikato Region House Price Index Waikato HPI 2 REINZ Monthly Property Report

21 The majority of the Bay s growth in June has come from Rotorua and Whakatane as they were the only areas to see increases in both median price and sales volume. Additionally, Rotorua District saw a new record median price of $44,. Inventory levels continue to fall in the Bay of Plenty region which makes any new stock a very popular commodity. Despite the low listing numbers, the region is still active, and we continue to have plenty of multi offers. However, with low inventory levels, it does affect the overall sales volumes. Philip Searle REINZ Regional Director BAY OF PLENTY REINZ REGIONAL COMMENTARY Compared to June 217 Median Price up 4.% Sales Count up 6.9% Days to Sell increased 3 days Compared to May 218 Median Price down 1.6% Seasonally adjusted median price down.1% Sales Count down 2.8% Seasonally adjusted sales count down 5.1% Days to Sell decreased 1 day. Our seasonally adjusted results tell us that, compared to what we expect when moving from May to June, the observed increase in median price was fractionally higher than expected and the observed large decrease in sales count was greater than expected. The current Days to Sell of 44 days is less than the 1-year average for June which is 57 days. The level of inventory available for sale currently sits at 13 weeks, half a week less than in June REINZ Monthly Property Report

22 BAY OF PLENTY REGION TRENDS PRICE VOLUMES DAYS TO SELL OVERALL MEDIAN PRICE VOLUME SOLD Jun-18 May-18 Jun-17 Jun-18 May-18 Jun-17 Kawerau District - 329, 195, Opotiki District - 228, 294, Rotorua District 44, 385,5 355, Tauranga City 655, 66, 66, Western Bay of Plenty District 651, 595, 627, Whakatane District 435, 48, 421, Bay of Plenty Region 58, 589,7 557, Vs May-18 Jun-17 Vs May-18 Jun-17 Kawerau District Opotiki District Rotorua District 14.1% 23.9% -22.6% 18.5% Tauranga City -.8% -.8% -16.6% 11.8% Western Bay of Plenty District 9.4% 3.7% -18.6% -12.7% Whakatane District -9.4% 3.3% -31.5% 19.4% Bay of Plenty Region -1.6% 4.% -2.8% 6.9% 22 REINZ Monthly Property Report

23 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 slight 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 23 REINZ Monthly Property Report

24 Bay of Plenty Region Days To Sell BOP DTS Bay of Plenty Region House Price Index BOP HPI 24 REINZ Monthly Property Report

25 The Gisborne region saw some very strong results from a price perspective and the market continues to be very active in the first month of winter with most properties receiving multiple offers. We see buyers in all price brackets, and first home buyers still have affordable options to choose from, assuming they have their lending sorted. We also see a strong interest from out of town buyers competing with locals who know the area, especially around investment properties. Local owner/occupiers are selling and buying up. Vendors have adjusted their expectations and different marketing strategies has seen properties that have been listed for longer sell with multiple offers. The active market has created an all time low in listing numbers, but we are expecting to see an increase in stock numbers from August onwards. Philip Searle REINZ Regional Director GISBORNE REGIONAL COMMENTARY Compared to June 217 Median Price up 26.9% Sales Count down 6.8% Days to Sell decreased 6 days Compared to May 218 Median Price up 15.8% Seasonally adjusted median price up 14.2% Sales Count down 19.1% Seasonally adjusted sales count down 1.5% Days to Sell decreased 11 days. Our seasonally adjusted results tell us that compared to what we expect when moving from May to June, the observed increase in median price was much greater than expected and the observed decrease in sales count was larger than expected. The current Days to Sell of 33 days is much less than the 1-year average for June which is 45 days. The level of inventory available for sale currently sits at 9 weeks, five weeks less than in June REINZ Monthly Property Report

26 GISBORNE REGION TRENDS PRICE VOLUMES DAYS TO SELL OVERALL MEDIAN PRICE VOLUME SOLD Jun-18 May-18 Jun-17 Jun-18 May-18 Jun-17 Gisborne District 33, 285, 26, Gisborne Region 33, 285, 26, Vs May-18 Jun-17 Vs May-18 Jun-17 Gisborne District 15.8% 26.9% -19.1% -6.8% Gisborne Region 15.8% 26.9% -19.1% -6.8% 26 REINZ Monthly Property Report

27 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 has had strong growth over the past three months and boasts the highest percentage movement over the past 12 months. Gisborne Region Median Price 35, 3, 25, 2, 15, 1, Gisborne Median Price Gisborne Region Sales Volumes Gisborne Volumes 27 REINZ Monthly Property Report

28 Gisborne Region Days To Sell Gisborne DTS Gisborne/Hawke's Bay Region House Price Index Gisborne/Hawke's Bay HPI 28 REINZ Monthly Property Report

29 It has been a steady start to winter in the Hawke s Bay region, with all four districts in the region seeing both an annual increase in median price and sales volume which is not something we usually see across an entire region, especially in the cooler months. However, the increased sales volumes have meant that there is a gap in available stock. Interest levels remain high among first home buyers and investors, especially around the $3, - $5, price brackets. The current low stock levels make it harder to meet the demand and hopefully this will start to shift upwards within a month or two. It s also worth noting that the Central Hawke s Bay District had a record number of sales and the Hastings District has had the highest level of sales volumes since March last year. Bindi Norwell REINZ CEO HAWKE S BAY REGIONAL COMMENTARY Compared to June 217 Median Price up 15.3% Sales Count up 23.% Days to Sell increased by 2 days Compared to May 218 Median Price unchanged Seasonally adjusted median price up 2.% Sales Count unchanged Seasonally adjusted sales count up 14.7% Days to Sell decreased 1 day. Our seasonally adjusted results tell us that, compared to what we expect when moving from May to June, the observed stability in median price was in contrast to the small decrease that was expected and the observed stability in sales count was in contrast to the large decrease that was expected. The current Days to Sell of 29 days is considerably less than the 1-year average for June which is 45 days. The level of inventory available for sale currently sits at 8 weeks, one week less than in June REINZ Monthly Property Report

30 HAWKE S BAY REGION TRENDS PRICE VOLUMES DAYS TO SELL OVERALL MEDIAN PRICE VOLUME SOLD Jun-18 May-18 Jun-17 Jun-18 May-18 Jun-17 Central Hawke s Bay District 275, 237,5 215, Hastings District 456, 48, 36, Napier City 463, 482, 415, Wairoa District 135, 146, 11, Hawke s Bay Region 43, 43, 373, Vs May-18 Jun-17 Vs May-18 Jun-17 Central Hawke s Bay District 15.8% 27.9% 17.2% 47.8% Hastings District 11.8% 26.7% 1.7% 36.7% Napier City -3.9% 11.6% -12.5%.9% Wairoa District -7.5% 22.7% 18.% 133.3% Hawke s Bay Region.% 15.3%.% 23.% 3 REINZ Monthly Property Report

31 GRAPH COMMENTARY The median price trend is rising very strongly, and the sales volume trend is showing the first signs of increasing in years. The days to sell trend has been flat to slightly improving for over a year. The House Price Index for the Gisborne/Hawke's Bay has had strong growth over the past three months and boasts the highest percentage movement over the past 12 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 31 REINZ Monthly Property Report

32 Hawke's Bay Region Days To Sell Hawke's Bay DTS Gisborne/Hawke's Bay Region House Price Index Gisborne/Hawke's Bay HPI 32 REINZ Monthly Property Report

33 We are continuing to see a strong Taranaki market in terms of median price and sales volumes. Most buyers are local owner/occupiers looking to upgrade. Interestingly, first home buyer interest has dropped, which could be an effect of lower listing numbers, as we are in the colder months of the year. The current market conditions will probably remain in a similar state throughout the rest of the winter. Bindi Norwell REINZ CEO TARANAKI REGIONAL COMMENTARY Compared to June 217 Median Price up 3.% Sales Count up 12.7% Days to Sell decreased 2 days Compared to May 218 Median Price down 2.8% Seasonally adjusted median price up.7% Sales Count down 3.6% Seasonally adjusted sales count up 11.7% Days to Sell decreased 3 days. Our seasonally adjusted results tell us that, compared to what we expect when moving from May to June, the observed decrease in median price was fractionally larger than expected and the observed decrease in sales count much smaller than expected. The current Days to Sell of 35 days is less than the 1-year average for June which is 52 days. The level of inventory available for sale currently sits at 16 weeks, three weeks less than in June REINZ Monthly Property Report

34 TARANAKI REGION TRENDS PRICE VOLUMES DAYS TO SELL OVERALL MEDIAN PRICE VOLUME SOLD Jun-18 May-18 Jun-17 Jun-18 May-18 Jun-17 New Plymouth District 41, 418, 392, South Taranaki District 215, 225, 189, Stratford District 25, 255, 259, Taranaki Region 345, 355, 335, Vs May-18 Jun-17 Vs May-18 Jun-17 New Plymouth District -1.9% 4.6%.% 14.7% South Taranaki District -4.4% 13.5% -11.8% 9.8% Stratford District -2.% -3.5% -5.9% 6.7% Taranaki Region -2.8% 3.% -3.6% 12.7% 34 REINZ Monthly Property Report

35 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 has been fairly flat over the past 12 months. 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 35 REINZ Monthly Property Report

36 Taranaki Region Days To Sell Taranaki DTS Taranaki Region House Price Index Taranaki HPI 36 REINZ Monthly Property Report

37 The Manawatu/Wanganui market continues to be buoyant and is experiencing a strong market as there are a large number of buyers trying to find property and we have an extreme shortage of available properties. The demand is mainly seen in low to mid-range price brackets as buyers are predominately local first home buyers and local owner/occupiers trying to upgrade. In June, we experienced a continual decrease in residential listing inventory to a critical level in both Palmerston North and Fielding. Following last month s record high sales count, this month has seen the sales count fall when compared to May but increase when looking at the same time last year. Bindi Norwell REINZ CEO MANAWATU/ WANGANUI REGIONAL COMMENTARY Compared to June 217 Median Price up 7.1% Sales Count up 14.1% Days to Sell increased 2 days Compared to May 218 Median Price decreased 1.6% Seasonally adjusted median price down 2.5% Sales Count decreased 16.% Seasonally adjusted sales count down 1.7% Days to Sell increased 1 day. Our seasonally adjusted results tell us that, compared to what we expect when moving from May to June, the observed decrease in median price was in contrast with the increase that was expected and the observed decrease in sales count was slightly greater than expected. The current Days to Sell of 35 days is considerably less than the 1-year average for June which is 51 days. The level of inventory available for sale currently sits at 9 weeks, four weeks less than in June REINZ Monthly Property Report

38 MANAWATU/WANGANUI REGION TRENDS PRICE VOLUMES DAYS TO SELL OVERALL MEDIAN PRICE VOLUME SOLD Jun-18 May-18 Jun-17 Jun-18 May-18 Jun-17 Horowhenua District 29, 277, 292, Manawatu District 37, 346,5 355, Palmerston North City 39, 375, 363, Rangitikei District 217, 245, 195, Ruapehu District 238, 28, 98, Tararua District 183,5 19, 17, Whanganui District 236,5 235, 2, Manawatu/Wanganui Region 3, 35, 28, Vs May-18 Jun-17 Vs May-18 Jun-17 Horowhenua District 4.7% -.7% -1.9% -1.7% Manawatu District 6.8% 4.2% -9.5% 8.6% Palmerston North City 4.% 7.4% -18.6% 14.4% Rangitikei District -11.4% 11.3%.% 76.9% Ruapehu District 14.4% 142.9% -24.% -17.4% Tararua District -3.4% 7.9% -8.7% 68.% Whanganui District.6% 18.3% -22.6% 9.3% Manawatu/Wanganui Region -1.6% 7.1% -16.% 14.1% 38 REINZ Monthly Property Report

39 GRAPH COMMENTARY The median price trend is increasing strongly, with the volume trend showing signs of upward movement. The days to sell trend has started flattening. The House Price Index has had the second strongest increase over the past 3 months of all the regions along with a strong twelve month increase. Manawatu/Wanganui Region Median Price 35, 3, 25, 2, 15, Manawatu/Wanganui Median Price Manawatu/Wanganui Region Sales Volumes Manawatu/Wanganui Volumes 39 REINZ Monthly Property Report

40 Manawatu/Wanganui Region Days To Sell Manawatu/Wanganui DTS Manawatu/Wanganui Region House Price Index Manawatu/Wanganui HPI 4 REINZ Monthly Property Report

41 In the space of 21 months Wellington has gone from having a median price of $48, to a record median price of $595, highlighting the impact that the long-term listing shortage continues to have on the market. However, despite the continuation of a lack of stock, the market is still active and remains strong. Buyers are predominantly locals trying to secure their first home followed by owner/occupiers wanting to upgrade. The shortage of available rentals has led to an increase in investors as they see the current situation as an opportunity. This year, the start of winter feels more active compared to last year and this will most likely continue for a while longer. Mark Coffey REINZ Regional Director WELLINGTON REGIONAL COMMENTARY Compared to June 217 Median Price up 12.3% Sales Count down 1.6% Days to Sell stayed the same Compared to May 218 Median Price up 2.9% Seasonally adjusted median price up 2.9% Sales Count down 2.7% Seasonally adjusted sales count down 4.9% Days to Sell increased 2 days. Our seasonally adjusted results tell us that, compared to what we expect when moving from May to June, the observed increase in median price was greater than expected and the observed large decrease in sales count was greater than expected. The current Days to Sell of 31 days is less than the 1-year average for June which is 41 days. The level of inventory available for sale currently sits at seven weeks, one week more than in June REINZ Monthly Property Report

42 WELLINGTON REGION TRENDS PRICE VOLUMES DAYS TO SELL OVERALL MEDIAN PRICE VOLUME SOLD Jun-18 May-18 Jun-17 Jun-18 May-18 Jun-17 Carterton District 395, 375, 292, Kapiti Coast District 56, 54, 51, Lower Hutt City 515, 527, 472, Masterton District 332, 33, 29, Porirua City 536,5 613, 58, South Wairarapa District 554, 47, 325, Upper Hutt City 55, 511, 426, Wellington City 679, 738,8 665, Wellington Region 595, 578, 53, Vs May-18 Jun-17 Vs May-18 Jun-17 Carterton District 5.3% 35.3% 26.7% 5.6% Kapiti Coast District 3.7% 11.8% -1.% 2.% Lower Hutt City -2.3% 9.1% -17.% -17.% Masterton District.6% 14.5% -52.9% -33.3% Porirua City -12.5% -7.5% -45.9% -28.1% South Wairarapa District 17.9% 7.5% 47.1% 31.6% Upper Hutt City -1.2% 18.5% -48.5% -16.7% Wellington City -8.1% 2.% -13.5% -6.7% Wellington Region 2.9% 12.3% -2.7% -1.6% 42 REINZ Monthly Property Report

43 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 strong 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 43 REINZ Monthly Property Report

44 Wellington Region Days To Sell Wellington DTS Wellington Region House Price Index Wellington HPI 44 REINZ Monthly Property Report

45 This is the third winter of continued strong buyer interest in what is traditionally a slower time for the Nelson/Marlborough/Tasman region. Marlborough has seen a particularly strong June with a record median price of $44,. Multi offer situations are common, especially for low to mid-range priced properties. EQC and insurance are still proving to be a hindrance in deals. The low stock numbers create a market where sales are quick, as people are afraid to miss out. There is some movement amongst existing property owners, which helps a little to raise the stock levels. We are currently seeing more overseas investors (but not residents) in our market, many young KiwiSaver buyers and quite a lot of first home buyers with family support looking for properties. It appears that the market will continue to remain stable throughout the winter. Bindi Norwell REINZ CEO NELSON/ MARLBOROUGH/ TASMAN REGIONAL COMMENTARY Compared to June 217 Median Price up 2.2% Sales Count up 5.1% Days to Sell increased 2 days Compared to May 218 Median Price up 2.% Seasonally adjusted median price up.8% Sales Count down 24.6% Seasonally adjusted Sales Count down 4.9% Days to Sell stayed the same. Our seasonally adjusted results tell us that, compared to what we expect when moving from May to June, the observed small increase in median price was fractionally more than expected and the observed large decrease in sales count was greater than expected. The current Days to Sell of 35 days is less than the 1-year average for June which is 42 days. The level of inventory available for sale currently sits at 13 weeks, two and a half weeks less than in June REINZ Monthly Property Report

46 NELSON/MARLBOROUGH/ TASMAN REGION TRENDS PRICE VOLUMES DAYS TO SELL OVERALL MEDIAN PRICE VOLUME SOLD Jun-18 May-18 Jun-17 Jun-18 May-18 Jun-17 Nelson City 49, 511, 487, Marlborough District 44, 425, 395, Tasman District 571, 61, 581, Nel/Marl/Tas Region 496,5 487, 486, Vs May-18 Jun-17 Vs May-18 Jun-17 Nelson City -4.1%.5% -34.6% -2.9% Marlborough District 3.5% 11.4% -34.% -1.4% Tasman District -6.4% -1.7% 6.1% 22.8% Nel/Marl/Tas Region 2.% 2.2% -24.6% 5.1% 46 REINZ Monthly Property Report

47 GRAPH COMMENTARY The median price trend is gently increasing, although the volume trend has flattened after a decreasing trend. The days to sell trend is steady. The House Price Index for Tasman/Nelson/ Marlborough/West Coast has had basically no movement in the past three months. Nelson/Marlborough/Tasman Region Median Price 5, 45, 4, 35, 3, 25, Nelson/Marlborough/Tasman Median Price 35 Nelson/Marlborough/Tasman Region Sales Volumes Nelson/Marlborough/Tasman Volumes 47 REINZ Monthly Property Report

48 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 48 REINZ Monthly Property Report

49 The West Coast market is down year-on-year in price and volume with the onset of the winter months. There is a steady demand for vacant coastal blocks from out of towners. We have seen a slight increase in the number of investor enquiries, but the listing numbers have dropped by about 3% compared to the previous month, which already saw low listing numbers. We are still mainly seeing buyers who rely on realising their capital from their last property before purchasing, very few have pre-sold. The market will most likely remain slower than the start of the year over the winter and will most likely pick-up again towards spring. Bindi Norwell REINZ CEO WEST COAST REGIONAL COMMENTARY Compared to June 217 Median Price down 8.7% Sales Count down 25.7% Days to Sell decreased 68 days Compared to May 218 Median Price down 2.3% Seasonally adjusted median price down 5.% Sales Count down 58.1% Seasonally adjusted sales count down 5.2% Days to Sell decreased 27 days. Our seasonally adjusted results tell us that, compared to what we expect when moving from May to June, the observed decrease in median price contrasted with the expected increase and the observed gigantic decrease in sales count was a great deal larger than expected. The current Days to Sell of 6 days is more than the 1-year average for June which is 77 days. The level of inventory available for sale currently sits at 43 weeks, 27 weeks less than in June REINZ Monthly Property Report

50 WEST COAST REGION TRENDS PRICE VOLUMES DAYS TO SELL OVERALL MEDIAN PRICE VOLUME SOLD Jun-18 May-18 Jun-17 Jun-18 May-18 Jun-17 Buller District 154, 183, 166, Grey District 25, 23, 23, Westland District 225, 23, 345, West Coast Region 21, 215, 23, Vs May-18 Jun-17 Vs May-18 Jun-17 Buller District -15.8% -7.5% -76.% -5.% Grey District -1.9% -1.9% -45.8% -27.8% Westland District -2.2% -34.8% -46.2% 4.% West Coast Region -2.3% -8.7% -58.1% -25.7% 5 REINZ Monthly Property Report

51 GRAPH COMMENTARY The median price trend is gently increasing, although the volume trend has flattened after a decreasing trend. The days to sell trend is steady. The House Price Index for Tasman/Nelson/ Marlborough/West Coast has had basically no 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 51 REINZ Monthly Property Report

52 West Coast Region Days To Sell West Coast DTS Nelson/Marlborough/Tasman/West Coast House Price Index Nelson/Marlborough/Tasman/West Coast HPI 52 REINZ Monthly Property Report

53 June 218 This Canterbury winter market feels busier than last year in relation to enquiry, listing levels and open home numbers despite a fall in the median price and volume of sales. Buyer enquiries and viewing numbers are still at reasonable levels and there is no sense of urgency from buyers to make quick decisions. Auction outcomes appear steady with 4-5% of the auctions going under the hammer. The market looks to be stable for the next few months, and then it will likely go towards an even more active spring market with buyer enquiry continuing to increase. Hopefully listing numbers will remain strong throughout the rest of winter as well. 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 June 217 Median Price down.1% Sales Count down 7.7% Days to Sell decreased 1 day Compared to May 218 Median Price down 2.4% Seasonally adjusted median price down.6% Sales Count down 29.5% Seasonally adjusted sales count down 16.8% Days to Sell increased 1 day 53 REINZ Monthly Property Report Our seasonally adjusted results tell us that, compared to what we expect when moving from May to June, the observed decrease in median price was fractionally greater than expected and the observed large decrease in sales count was much greater than expected. The current Days to Sell of 38 days is slightly higher than the 1-year average for June which is 35 days. The level of inventory available for sale currently sits at 18 weeks, the same as in June 217.

54 CANTERBURY REGION TRENDS PRICE VOLUMES DAYS TO SELL OVERALL MEDIAN PRICE VOLUME SOLD Jun-18 May-18 Jun-17 Jun-18 May-18 Jun-17 Ashburton District 327, 332, 35, Christchurch City 43, 46, 445, Hurunui District 461,2 378, 415, Kaikoura District - 375, Mackenzie District 597, 595, 479, Selwyn District 595, 57, 58, Timaru District 365, 33, 35, Waimakariri District 441, 444,5 435, Waimate District 21, 237, 19, Canterbury Region 434,5 445, 435, 745 1,57 87 Vs May-18 Jun-17 Vs May-18 Jun-17 Ashburton District -1.5% -6.6% -43.6% -31.1% Christchurch City -6.5% -3.4% -31.4% -11.5% Hurunui District 22.% 11.1% -27.8% -18.8% Kaikoura District Mackenzie District.3% 24.6% -28.6% -44.4% Selwyn District 4.4% 2.6% -19.4% 74.4% Timaru District 1.6% 19.7% -28.6% -4.4% Waimakariri District -.8% 1.4% -12.6% -3.8% Waimate District -11.4% 1.5% -47.1% -35.7% Canterbury Region -2.4% -.1% -29.5% -7.7% 54 REINZ Monthly Property Report

55 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 decreased strongly over the past 3 months Canterbury Region Median Price 5, 45, 4, 35, 3, Canterbury Median Price Canterbury Region Sales Volumes Canterbury Volumes 55 REINZ Monthly Property Report

56 Canterbury Region Days To Sell Canterbury DTS Canterbury Region House Price Index Canterbury HPI 56 REINZ Monthly Property Report

57 Dunedin City The Dunedin City Central Ward saw a median price increase of 4.5% year-on-year to $375,. There is continued strong interest from first home buyers and a growing interest from investors which kept interest high in the low number of properties that came to the market. The low listing numbers kept sales numbers suppressed as we have seen in the past. First home buyers are quick to make decisions as they don t want to risk missing out on entering the property market and investors appear increasingly confident as interest rates are seen to be stable, continuing into the foreseeable future. A lack of listings and a decrease in business confidence are two factors that may influence the market in the coming months. Liz Nidd REINZ Regional Commentator OTAGO REGIONAL COMMENTARY Queenstown Lakes After a dip in median price in May, the Queenstown-Lakes market has seen a median price increase from $82, in May 218 to $98, in June. Overall, the market seems to be holding well. However, listings are still slow to come to the market. However, this winter we have seen more activity compared to last year as the market certainly slowed before and after the election. Gail Hudson REINZ Regional Director Compared to June 217 Median Price up 7.8% Sales Count down 8.3% Days to Sell stayed the same Compared to May 218 Median Price down 5.7% Seasonally adjusted median price down 2.8% Sales Count down 32.9% Seasonally adjusted sales count down 3.7% Days to Sell increased 1 day Our seasonally adjusted results tell us that, compared to what we expect when moving from May to June, the observed decrease in median price was larger than expected and the observed large decrease in sales count was a bit greater than expected. The current Days to Sell of 34 days is less than the 1-year average for June which is 44 days. The level of inventory available for sale currently sits at 1 weeks, the same as in June REINZ Monthly Property Report

58 OTAGO REGION TRENDS PRICE VOLUMES DAYS TO SELL OVERALL MEDIAN PRICE VOLUME SOLD Jun-18 May-18 Jun-17 Jun-18 May-18 Jun-17 Central Otago District 47, 469, 49, Clutha District 213, 19, 221, Dunedin City 395, 4, 359, Queenstown-Lakes District 98, 82, 866, Waitaki District 287,5 31, 261, Otago Region 415, 44, 385, Vs May-18 Jun-17 Vs May-18 Jun-17 Central Otago District.2% -4.1% -38.6% -41.3% Clutha District 12.1% -3.6% -23.3% -8.% Dunedin City -1.2% 9.8% -35.4% -13.5% Queenstown-Lakes District 1.7% 4.8% -35.7% 22.% Waitaki District -7.3% 1.2% -17.3% 4.9% Otago Region -5.7% 7.8% -32.9% -8.3% 58 REINZ Monthly Property Report

59 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 equal strongest growth in the past three months and the past 12 months. Otago Region Median Price 5, 45, 4, 35, 3, 25, 2, Otago Median Price Otago Region Sales Volumes Otago Volumes 59 REINZ Monthly Property Report

60 Otago Region Days To Sell Otago DTS Otago Region House Price Index Otago HPI 6 REINZ Monthly Property Report

61 Southland continues to see a positive and robust market with volumes tracking at similar levels as last year and prices holding up. With vendors expectations being more realistic compared to what it was two years ago, we are seeing a positive interest on most open homes and the properties will most likely sell. Our market has a cycle that keeps at a steady pace, with a natural flow of owner-occupier buyers who sell to upgrade or who downsize due to age. There are several large planned investment projects in the CBD area that will impact the market later in the year, but it is not certain when this will happen and to what extent it will affect the market. Bindi Norwell REINZ CEO SOUTHLAND REGIONAL COMMENTARY Compared to June 217 Median Price up 8.3% Sales Count stayed the same Days to Sell increased 8 days Compared to May 218 Median Price up 3.8% Seasonally adjusted median price up 5.9% Sales Count down 18.% Seasonally adjusted sales count stayed the same Days to Sell increased 2 days Our seasonally adjusted results tell us that, compared to what we expect when moving from May to June, 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 39 days is less than the 1- year average for June which is 43 days. The level of inventory available for sale currently sits at 13 weeks, one and a half weeks less than in June REINZ Monthly Property Report