MONTHLY PROPERTY REPORT

Transcription

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

2 LOWEST SALES VOLUMES IN 8 MONTHS A RESULT OF EXTREMELY LOW LISTINGS IN JULY BINDI NORWELL, REINZ CEO The low number of new listings in July has meant that the number of houses sold in New Zealand during September decreased by -3.% year-on-year. This was the lowest level number of properties sold since January this year, 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. The number of properties sold across the country fell from 5,674 in September 217 to 5,56 in September this year 168 fewer properties. This is the lowest for the month of September since September 211. For New Zealand excluding Auckland, the number of properties sold decreased by -3.3% 133 fewer properties when compared to September 217 (from 4,23 to 3,89). In Auckland, the number of properties sold decreased by -2.1% or 35 fewer properties, from 1,651 in September 217 to 1,616 in September 218. Bindi Norwell, Chief Executive at REINZ says: Traditionally there is a lag of about 6 weeks between significant movements in listings and sales results. With July s listings down by 5.4% year-on-year and an all-time low level of listings in seven regions, it s little wonder that September s sales volumes were so low. There simply weren t as many properties for sale resulting in a very quiet start to spring. Across the country 12 out of 16 regions saw a fall in volumes with 6 of those regions experiencing double-digit decreases. Regions with the largest annual decrease in sales volumes were: Northland: -21.9% (from 215 to fewer houses) the lowest since January 218 Gisborne: -21.7% (from 6 to fewer houses) the lowest since January 218 West Coast: -18.9% (from 37 to 3 7 fewer houses) the lowest since December 217. There were also some regions with strong annual increase in sales volumes including: Marlborough: +31.5% (from 54 to 71 an additional 17 houses) Southland: +22.3% (from 139 to 17 an additional 31 houses) Waikato: +9.1% (from 582 to 635 an additional 53 houses). However, with August and September s listing numbers up.1% and 11.7% respectively, it is expected that October and November s sales volumes will be much stronger particularly as people want to sell ahead of Christmas, 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 NATIONAL $556, - up from $525, + 5.9% year-on-year NEW ZEALAND EX AUCKLAND $466,75 - up from $43, + 8.5% year-on-year AUCKLAND $85, - same as September 217 NATIONAL Up.4%, up 5.4% on September 217 NEW ZEALAND EX AUCKLAND Up 1.1%, up 8.5% on September 217 AUCKLAND Up.3%, up.7% on September 217 NATIONAL $556, - up from $55, +1.1% since last month NEW ZEALAND EX AUCKLAND $466,75 - up from $455, +2.6% since last month AUCKLAND $85, - same as last month MEDIAN DAYS TO SELL NATIONAL 36-2 days longer than the same month last year NEW ZEALAND EX AUCKLAND 35-3 days longer than the same month last year AUCKLAND 39-2 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 Prices continue to grow in the regions with 4 regions achieving record prices While volumes were down around many parts of the country, the reverse was true from a price perspective, with 14 out of 16 regions experiencing an increase in median prices when compared to September last year. Of those 14 regions, 4 achieved record median prices and 1 region equalled a previous record median: Gisborne: +26.9% to $342,5 (up $72,5 from the same time last year) Nelson: +23.1% to $592, (up $111, from the same time last year) Manawatu/Wanganui: +18.9% to $321, (up $51, from the same time last year) Northland: +12.2% to $55, (up $55, from the same time last year) Hawke s Bay: +13.5% to $445, an equal record with August 218 (up $53, from the same time last year). Looking at the national picture, median house prices across New Zealand increased 5.9% year-on-year from $525, in September 217 to $556, in September 218. For New Zealand excluding Auckland, the median house price increased 8.5% annually from $43, to $466,75 a record high. Auckland s housing market has continued its now predictably stable pattern, with a median price of $85, the exact same price as September last year. There are now seven regions across New Zealand that have median prices in excess of the half a million-dollar mark with Northland the newest region to go over this level. Additionally, there are already three regions that have exceeded the $6, median mark and with Nelson s median sitting at $592, it may not be too far away until we have a fourth region edging over the $6, mark, points out Norwell. With our population growth and demand for properties continuing to exceed the supply of housing stock, prices are likely to continue increasing in the short to medium term. In fact, new research issued by AUT earlier this week suggested that at our current rate of supply we won t reach demand until the mid-to-late 22s. This means that price pressure could well be an issue for some time particularly in our more densely populated cities, says Norwell. Looking at the Auckland picture, we ve seen Auckland s median house price hover around the $85, mark for 18 months now this incredibly stable market is positive for first time buyers who are desperately saving to get a foot on the property ladder. However, it s also good for investors, buyers and sellers too, as it means that everyone knows what the market is doing there don t tend to be too many happy people when the market is particularly volatile, concludes Norwell. 4 REINZ Monthly Property Report

5 A N N UA L MEDIAN PRICE R CHANGES.5% NORTHLAND $55, 12.2% BAY OF PLENTY $55, NATIONAL MEDIAN PRICE UP 5.9% TO $556, AUCKLAND $85,.% WAIKATO $52, 8.3% R GISBORNE $342,5 26.9% MEDIAN DAYS TO SELL 36 TARANAKI $35, -2.8% MANAWATU/WANGANUI $321, R 18.9% TASMAN $61, 6.6% R NELSON $592, 23.1% HAWKE S BAY $445, R = 13.5% WEST COAST $2, -4.1% MARLBOROUGH $418, 5.8% WELLINGTON $594,5 8.6% SOUTHLAND $258, 13.9% CANTERBURY $445,5 3.2% OTAGO $42, 5.% R RECORD MEDIAN PRICES INCREASED STABLE DECREASED 5 REINZ Monthly Property Report

6 REINZ House Price Index The REINZ House Price Index for New Zealand, which measures the changing value of property in the market, increased 4.% year-on-year to 2,742 a new record high for the country. The HPI for New Zealand excluding Auckland increased 7.4% from September 217 to a new record high of 2,621. The Auckland HPI increased.4% yearon-year to 2,888. The REINZ HPI again saw 11 out of 12 regions experience an increase over the past 12 months, highlighting the continued strength of the property market. The only exception was Canterbury with a minor decrease of -.1% year-on-year. Days to sell The median number of days to sell a property nationally increased by 2 days from 34 to 36 when compared to September last year. For New Zealand excluding Auckland, the median days to sell increased on an annual basis by 3 days from 32 to 35. Auckland saw the median number of days to sell a property increase by 2 days to 39 days (up from 37 in September 217). This is the lowest median days to sell since April this year. This month the Gisborne region had the highest annual growth rate of 14.9%, followed by Manawatu/ Wanganui in second place with an annual growth rate of 14.6% and in third place was Otago with a 12.7% annual increase. Inventory The number of properties available for sale nationally increased by 5.2% from 21,727 to 22,847 an increase of 1,12 properties compared to 12 months ago. This is the highest level of inventory for 4 months. September saw 6 regions with an annual increase in inventory levels: Auckland: +17.7% from 7,429 to 8,74 an additional 1,311 properties Nelson: +16.% from 39 to 358 an additional 49 properties) Waikato: +11.3% from 1,481 to 1,648 an additional 167 properties Northland: +8.6% from 1,156 to 1,255 an additional 99 properties Canterbury: +8.2% from 3,228 to 3,493 an additional 265 properties Bay of Plenty: +1.2% from 1,335 to 1,351 an additional 16 properties Regions with the biggest falls in inventory were: Southland: -2.5% from 56 to fewer properties Manawatu/Wanganui: -19.6% from 916 to fewer properties West Coast: -16.5% from 563 to fewer properties Gisborne: -13.9% from 139 to fewer properties. Wellington again has the lowest level of inventory with 8 weeks inventory, followed by Hawke s Bay on 9 weeks and Gisborne and Otago with 1 weeks inventory available to prospective purchasers. 6 REINZ Monthly Property Report

7 Auctions Auctions were used in 14.5% of all sales across the country in September, with 798 properties selling under the hammer this is down slightly from September 217, when 14.8% of properties (798) were sold via auction. For the eighth month in a row, Gisborne had the highest percentage of auctions across the country with 42.6% (or 2 properties) in the region sold under the hammer up from 31.7% (19 properties) in September 217. Auckland saw the second largest percentage of auctions on 26.4% (426 properties) up marginally from 26.1% in September 217 (431 properties) this is the first annual increase in auctions for Auckland in 8 months. The Bay of Plenty maintained its spot of having the third highest level of auctions in the country with 19.4% (76 properties) sold under the hammer, down from 21.3% (86 properties) in September 217. Price Bands The number of homes sold for less than $5, across New Zealand fell from 46.8% of the market (2,654 properties) in September 217 to 41.4% of the market (2,282 properties) in September 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 25.9% in September 217 (1,472 properties) to 31.% in September 218 (1,78 properties). At the top end of the market, properties sold for more than $1 million increased ever so slightly from 13.4% in September 217 (758 houses) to 13.6% in September 218 (749 houses). PRICE DISTRIBUTION BREAKDOWN September 217 September 218 $1 million plus % % $75, to $999, % % $5, to $749,999 1, % 1,78 31.% Under $5, 2, % 2, % All Properties Sold 5,674 1.% 5,56 1.% For further information, please contact Dee Crooks, Head of Communications at REINZ, on or NOTE TO EDITORS: The monthly REINZ residential sales reports remain the most recent, complete and accurate statistics on house prices and sales in New Zealand. They are based on actual sales reported by real estate agents. These sales are taken as of the date that a transaction becomes unconditional, up to 5:pm on the last business day of the month. Other surveys of the residential property market are based on information from Territorial Authorities regarding settlement and the receipt of documents by the relevant Territorial Authority from a solicitor. As such, this information involves a lag of four to six weeks before the sale is recorded. 7 REINZ Monthly Property Report

8 SEASONALLY ADJUSTED SALES VOLUMES VOLUME CHANGE COMPARED TO AUGUST SEASONALLY ADJUSTED CHANGE COMPARED TO SEPTEMBER 217 VOLUME CHANGE SEASONALLY ADJUSTED CHANGE New Zealand -12.9% -1.8% -3.% 3.6% NZ ex Akl -13.4% -1.9% -3.3% 4.4% Northland -7.2% -4.% -21.9% -15.2% Auckland -11.7% -.5% -2.1% 3.9% Waikato -7.4% 4.% 9.1% 16.7% Bay of Plenty -1.1% 3.4% -3.% 5.7% Gisborne -17.5% -8.1% -21.7% -1.5% Hawke s Bay -12.6%.5% -5.3% 3.7% Manawatu/Wanganui -22.2% -8.3% -12.7% -5.% Taranaki -15.5% -2.5% -6.% -.7% Wellington -19.9% -7.6% -12.5% -5.9% Nelson/Marlborough/Tasman -13.2%.3% 5.7% 1.6% Canterbury -8.9% 2.% 4.4% 13.8% West Coast -31.8% -18.6% -18.9% -7.6% Otago -2.8% -9.4% -12.2% -6.% Southland -8.1% 9.6% 22.3% 31.4% SEASONALLY ADJUSTED MEDIAN PRICE MEDIAN CHANGE COMPARED TO AUGUST SEASONALLY ADJUSTED CHANGE COMPARED TO SEPTEMBER 217 MEDIAN CHANGE SEASONALLY ADJUSTED CHANGE New Zealand 1.1%.4% 5.9% 5.4% NZ ex Akl 2.6% 1.1% 8.5% 8.5% Northland 1.3% 5.8% 12.2% 1.9% Auckland.%.3%.%.7% Waikato -1.% -1.9% 8.3% 8.3% Bay of Plenty -2.2% -1.8%.5% 1.1% Gisborne 2.2% 5.3% 26.9% 25.5% Hawke s Bay.% 1.7% 13.5% 12.6% Manawatu/Wanganui 1.9% 1.% 18.9% 18.4% Taranaki 2.9% -2.3% -2.8% -1.2% Wellington.8% -1.6% 8.6% 9.3% Nelson/Marlborough/Tasman 3.9% 3.3% 14.9% 15.1% Canterbury 4.8% 2.3% 3.2% 2.8% West Coast -12.7% -14.3% -4.1% -3.3% Otago -2.3% -3.% 5.% 4.4% Southland 7.5% 8.3% 13.9% 15.6% 8 REINZ Monthly Property Report

9 The Auckland market continues on its stable trajectory that it has been on for some months now. With no major changes to market conditions anticipated, we expect that the market will stay the same for the next few months. Breaking Auckland s market down, we saw quite mixed results during September with the Albert-Eden- Roskill Ward experiencing a 24.6% price rise in the annual median price, whereas the Waitemata and Gulf Ward saw prices fall 21.3% annually showing how different the Auckland market is depending on which area you re looking at. There is less interest from first home buyers and fewer investors when compared to September but compared to the past few months we re starting to see interest levels rising from both first-time buyers and investors. With listings up significantly in September we expect a lift in volumes going forward. Bindi Norwell REINZ CEO AUCKLAND REINZ REGIONAL COMMENTARY Compared to September 217 Median Price is the same Sales Count down 2.1% Days to Sell increased 2 days Compared to August 218 Median Price is the same Seasonally adjusted median price up.3% Sales Count down 11.7% Seasonally adjusted sales count down.5% Days to Sell decreased 3 days. Our seasonally adjusted results tell us that, compared to what we expect when moving from August to September, the observed stability in median price was essentially what was expected and the observed large decrease in sales count was only fractionally more than expected. The current Days to Sell of 39 days is more than the 1-year average for September which is 33 days. The level of inventory available for sale currently sits at 23 weeks, four and a half weeks more than in September REINZ Monthly Property Report

10 AUCKLAND REGION TRENDS PRICE VOLUMES R RECORD MEDIAN PRICE DAYS TO SELL OVERALL MEDIAN PRICE VOLUME SOLD Sep-18 Aug-18 Sep-17 Sep-18 Aug-18 Sep-17 Auckland City 937, 935, 92, Franklin District 681, 669, 66, Manukau City 875, 86, 835, North Shore City 98, 919, 1,58, Papakura District 67, 676, 65, Rodney District 857,5 895, 84, Waitakere City 755, 78, 782, Auckland Region 85, 85, 85, 1,616 1,831 1,651 Vs Aug-18 Sep-17 Vs Aug-18 Sep-17 Auckland City.2% 1.8% -18.8% 1.9% Franklin District 1.8% 3.2% 6.8% 14.5% Manukau City 1.7% 4.8% -14.2% -2.1% North Shore City 6.6% -7.4% -2.3% 3.9% Papakura District -.9% 3.1% -1.3% -18.8% Rodney District -4.2% 2.1% -11.7% -9.2% Waitakere City -3.2% -3.5% -11.3% -1.6% Auckland Region.%.% -11.7% -2.1% 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 flat for the past year. The days to sell trend continues to ease. The House Price Index is remaining fairly steady, remaining effectively the same over the past two years. 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 continues to see good buyer demand, especially for 3-bedroom houses in the $35, - $5, range, where stock numbers have been very low. This demand has helped push the median price up to the record $55, experienced during September. Much of this price growth has been in the Whangarei District in areas such as Hikurangi-Coastal and Whangarei Heads Wards which have experienced annual price increases of 142.9% and 34.4% respectively. The sunnier spring weather has brought a welcomed rise in new listings (up 13.7%) and a big lift of open homes attendance. Banks continue to be cautious with lending. Investors have started to show interest again, however, they are careful and are mostly interested in fully insulated properties that don t need any maintenance ahead of the upcoming Healthy Homes legislation announcements. Bindi Norwell REINZ CEO NORTHLAND REGIONAL COMMENTARY Compared to September 217 Median Price up 12.2% Sales Count down 21.9% Days to Sell increased 9 days Compared to August 218 Median Price up 1.3% Seasonally adjusted median price up 5.8% Sales Count down 7.2% Seasonally adjusted sales count down 4.% Days to Sell decreased 1 day. Our seasonally adjusted results tell us that, compared to what we expect when moving from August to September, the observed increase in median price was greater than expected and the observed decrease in sales count was greater than expected. The current Days to Sell of 48 days is less than the 1-year average for September which is 55 days. The level of inventory available for sale currently sits at 33 weeks, four weeks more than in September REINZ Monthly Property Report

14 NORTHLAND REGION TRENDS PRICE VOLUMES R RECORD MEDIAN PRICE DAYS TO SELL OVERALL MEDIAN PRICE VOLUME SOLD Sep-18 Aug-18 Sep-17 Sep-18 Aug-18 Sep-17 Far North District R 499, 453, 49, Kaipara District 539, 51, 43, Whangarei District R 5, 458, 434, Northland Region 55, 458, 45, Vs Aug-18 Sep-17 Vs Aug-18 Sep-17 Far North District 1.2% 1.8% -8.5% -27.% Kaipara District 5.7% 25.3% 83.3% -21.4% Whangarei District 9.2% 15.2% -16.4% -18.6% Northland Region 1.3% 12.2% -7.2% -21.9% 14 REINZ Monthly Property Report

15 GRAPH COMMENTARY The trend in median price has been increasing at a slower rate over the past year compared to prior years, with the trend in sales volume having flattened out from a previously falling trend. The days to sell trend is easing. The House Price Index is continuing its increasing trend with the strongest 1 month and 3 month increases of all regions. 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 saw a buoyant start to spring, continuing in the same pace it has been for the whole of winter with no signs of slowing down. There was a 9% increase in the number of properties sold compared to 12 months ago and auctions are still doing well, contributing to a higher number of cash buyers and they are spread across the market. September showed a more balanced demand across all price ranges and finance is being approved in most cases. There are still plenty of multiple offers with first home buyers trying to secure good properties. There has been an increase of local buyers compared to last month and it is good to see more listings coming on as the demand is still strong. Taupo s affordability continues to attract investors and they are competing with first home buyers, which has caused the prices to go up. Other areas to record strong price rises during September were the Turangi-Tongariro, Putaruru and Otorohanga Wards. The Thames and Coromandel District, particularly in Mercury Bay, Whangamata and Pauanui have all started to show signs of coming into the more active period with spring. Overall, the Waikato market will likely have a very busy spring as interest in the region remains strong. Philip Searle REINZ Regional Director WAIKATO REGIONAL COMMENTARY Compared to September 217 Median Price up 8.3% Sales Count up 9.1% Days to Sell increased 4 days Compared to August 218 Median Price down 1.% Seasonally adjusted median price down 1.9% Sales Count down 7.4% Seasonally adjusted sales count up 4.% Days to Sell decreased 2 days. Our seasonally adjusted results tell us that, compared to what we expect when moving from August to September, the observed decrease in median price was in contrast to the expected small increase and the observed decrease in sales count was not as large as expected. The current Days to Sell of 38 days is less than the 1-year average for September which is 44 days. The level of inventory available for sale currently sits at 18 weeks, one and a half weeks more than in September REINZ Monthly Property Report

18 WAIKATO REGION TRENDS PRICE VOLUMES R RECORD MEDIAN PRICE DAYS TO SELL OVERALL MEDIAN PRICE VOLUME SOLD Sep-18 Aug-18 Sep-17 Sep-18 Aug-18 Sep-17 Hamilton City 549, 548, 533, Hauraki District 365, 365, 382, Matamata-Piako District R 474, 48, 438, Otorohanga District 353, - 339, 5-7 South Waikato District 23, 195, 185, Taupo District R 55, 455, 42, Thames-Coromandel District 64, 6, 585, Waikato District 56, 535, 442, Waipa District 55, 639, 545, Waitomo District R 252, 245, 172, Waikato Region 52, 525, 48, Vs Aug-18 Sep-17 Vs Aug-18 Sep-17 Hamilton City.2% 3.% -1.3% -6.2% Hauraki District.% -4.5% -28.6% 38.9% Matamata-Piako District -1.2% 8.2% 11.9% 34.3% Otorohanga District - 4.1% % South Waikato District 17.9% 24.3% -7.9% -18.6% Taupo District 11.% 2.2%.% 7.6% Thames-Coromandel District 6.7% 9.4% -33.7%.% Waikato District 4.7% 26.7% 7.5% 46.2% Waipa District -13.9%.9% 4.9% 6.4% Waitomo District 2.9% 46.5% 57.1% 83.3% Waikato Region -1.% 8.3% -7.4% 9.1% 18 REINZ Monthly Property Report

19 GRAPH COMMENTARY The median price trend has been steadily increasing over the past 15 months, with the trend in sales volume being flat over the past year. The days to sell trend is easing. The House Price Index has shown a steady increase over the past year, with indications over the past couple of months ot it flattening. 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 New listings attracted a lot of interest at first open home viewings in the Bay of Plenty market during September, as the market continues to see a positive flow forward. Interest was shown for properties in all price ranges, but the traditional spring rush hasn t quite kicked in yet. Investors are interested but cautious with upcoming changes to the Healthy Homes legislation. This creates opportunities for first home buyers, as the competition for the affordable homes eases off. The listing numbers slightly improved from last month s very low numbers and this will hopefully only be the start of a more active market with more vendors deciding to list their properties, as demand will continue to drive the market up until Christmas. Philip Searle REINZ Regional Director BAY OF PLENTY REINZ REGIONAL COMMENTARY Compared to September 217 Median Price up.5% Sales Count down 3.% Days to Sell increased 7 days Compared to August 218 Median Price down 2.2% Seasonally adjusted median price down 1.8% Sales Count down 1.1% Seasonally adjusted sales count up 3.4% Days to Sell increased 1 day. Our seasonally adjusted results tell us that, compared to what we expect when moving from August to September, the observed decrease in median price was larger than expected and the observed large decrease in sales count was smaller than expected. The current Days to Sell of 44 days is much less than the 1-year average for September which is 5 days. The level of inventory available for sale currently sits at 14 weeks, two weeks more than in September REINZ Monthly Property Report

22 BAY OF PLENTY REGION TRENDS PRICE VOLUMES R RECORD MEDIAN PRICE DAYS TO SELL OVERALL MEDIAN PRICE VOLUME SOLD Sep-18 Aug-18 Sep-17 Sep-18 Aug-18 Sep-17 Kawerau District 34, 185, Opotiki District 192,5 239, 24, Rotorua District 42, 39, 335, Tauranga City 632, 64, 625, Western Bay of Plenty District 55, 592, 6, Whakatane District 38, 478,31 46, Bay of Plenty Region 55, 562,5 547, Vs Aug-18 Sep-17 Vs Aug-18 Sep-17 Kawerau District 64.3% -.% - Opotiki District -19.5% -19.8% -12.5% 4.% Rotorua District 7.7% 25.4% -15.7% -2.6% Tauranga City -1.2% 1.1% -7.6% -11.4% Western Bay of Plenty District -7.1% -8.3% -36.4%.% Whakatane District -2.5% -17.4% 46.4% 28.1% Bay of Plenty Region -2.2%.5% -1.1% -3.% 22 REINZ Monthly Property Report

23 GRAPH COMMENTARY The trend in median price is continuing to rise strongly, albeit at a slightly lesser rate over the past 18 months than prior. The trend in sales volume has been stable over the past year. The days to sell trend is now easing slightly. The House Price Index has shown a slow steady increase over the past two years. 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 market saw a record median price achieved in September of $342,5 an increase of 26.9% when compared to the same period last year. This rise was driven by an increase in the percentage of properties priced from $5,- $999,. However, volumes were down 21.7% perhaps in part driven by a median asking price in the region of $42,. New listings remain scarce and there is only 1 weeks inventory available to the region, so unless more properties come to market in the next few months, we expect that demand will continue to push prices up in the foreseeable future. Philip Searle REINZ Regional Director GISBORNE REGIONAL COMMENTARY Compared to September 217 Median Price up 26.9% Sales Count down 21.7% Days to Sell increased 4 days Compared to August 218 Median Price up 2.2% Seasonally adjusted median price up 5.3% Sales Count down 17.5% Seasonally adjusted sales count down 8.1% Days to Sell decreased 5 days. Our seasonally adjusted results tell us that, compared to what we expect when moving from August to September, the observed increase in median price was in contrast to the expected decrease and the observed large decrease in sales count was quite a bit larger than expected. The current Days to Sell of 32 days is less than the 1-year average for September which is 35 days. The level of inventory available for sale currently sits at 1 weeks, two weeks less than in September REINZ Monthly Property Report

26 GISBORNE REGION TRENDS PRICE VOLUMES R RECORD MEDIAN PRICE DAYS TO SELL OVERALL MEDIAN PRICE VOLUME SOLD Sep-18 Aug-18 Sep-17 Sep-18 Aug-18 Sep-17 Gisborne District R 342,5 335, 27, Gisborne Region 342,5 335, 27, Vs Aug-18 Sep-17 Vs Aug-18 Sep-17 Gisborne District 2.2% 26.9% -17.5% -21.7% Gisborne Region 2.2% 26.9% -17.5% -21.7% 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 year. 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 The Hawke s Bay market continues to struggle with low listing numbers and there was only a 1% increase in new properties coming to market compared to August. Agents are trying to meet buyer interest in the region with very few available listings. Most of the interest is shown by locals, who know the region and they are interested in all price ranges. The median price for the region has held steady at the record equal of $445, held up by strong growth in Hastings and Napier. For the more affordable end of the market there is an even split between investors and first home buyers. If listing numbers increase, the upcoming period leading up to Christmas will be busy. Bindi Norwell REINZ CEO HAWKE S BAY REGIONAL COMMENTARY Compared to September 217 Median Price up 13.5% Sales Count down 5.3% Days to Sell increased by 7 days Compared to August 218 Median Price is the same Seasonally adjusted median price up 1.7% Sales Count down 12.6% Seasonally adjusted sales count up.5% Days to Sell increased by 7 days. Our seasonally adjusted results tell us that, compared to what we expect when moving from August to September, the observed stability in median price was in contrast to the expected small decrease and the observed large decrease in sales count was fractionally smaller than expected. The current Days to Sell of 35 days is less than the 1-year average for September which is 39 days. The level of inventory available for sale currently sits at 9 weeks, the same as in September REINZ Monthly Property Report

30 HAWKE S BAY REGION TRENDS PRICE VOLUMES R RECORD MEDIAN PRICE DAYS TO SELL OVERALL MEDIAN PRICE VOLUME SOLD Sep-18 Aug-18 Sep-17 Sep-18 Aug-18 Sep-17 Central Hawke s Bay District 292,5 31, 3, Hastings District 44, 4, 375, Napier City 482,5 495, 43, Wairoa District 2, 169, Hawke s Bay Region 445, 445, 392, Vs Aug-18 Sep-17 Vs Aug-18 Sep-17 Central Hawke s Bay District -5.6% -2.5% -21.7% 5.9% Hastings District 1.% 17.3% 7.% -1.7% Napier City -2.5% 12.2% -23.8% -2.4% Wairoa District 18.3% % - Hawke s Bay Region.% 13.5% -12.6% -5.3% 3 REINZ Monthly Property Report

31 GRAPH COMMENTARY The median price trend is rising very strongly, and the sales volume trend has been increasing over the past six months after years of decreasing. The days to sell trend has been stable for two years. The House Price Index for the Gisborne/Hawke's Bay has had strong growth over the past year. 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 While prices and volumes were down in September for the region, the Taranaki market experienced an increase of listings (up 4.6%) following the usual spring trend. First home buyers continue to be active in the market, but the lack of properties means it is difficult for them to compete on conditions and price. Open homes continue to see good attendance numbers, especially for anything new. Last month s lift in investor enquiry has dropped again and we are back to the levels we had in early winter. The overall demand is strong, and the lack of listings slows the momentum down but hopefully spring will bring more available properties to the market as there is plenty of interest. Bindi Norwell REINZ CEO TARANAKI REGIONAL COMMENTARY Compared to September 217 Median Price down 2.8% Sales Count down 6.% Days to Sell decreased 1 day Compared to August 218 Median Price up 2.9% Seasonally adjusted median price down 2.3% Sales Count down 15.5% Seasonally adjusted sales count down 2.5% Days to Sell increased 1 day. Our seasonally adjusted results tell us that, compared to what we expect when moving from August to September, the observed increase in median price was smaller than expected and the observed large decrease in sales count was a bit larger than expected. The current Days to Sell of 36 days is less than the 1-year average for September which is 43 days. The level of inventory available for sale currently sits at 14 weeks, four weeks less than in September REINZ Monthly Property Report

34 TARANAKI REGION TRENDS PRICE VOLUMES R RECORD MEDIAN PRICE DAYS TO SELL OVERALL MEDIAN PRICE VOLUME SOLD Sep-18 Aug-18 Sep-17 Sep-18 Aug-18 Sep-17 New Plymouth District 41, 432,5 4, South Taranaki District 22, 198, 25, Stratford District 272, 279, 225, Taranaki Region 35, 34, 36, Vs Aug-18 Sep-17 Vs Aug-18 Sep-17 New Plymouth District -5.2% 2.5% -12.5% -11.7% South Taranaki District 11.1% 7.3% -2.7% 2.2% Stratford District -2.5% 2.9% -17.6% 16.7% Taranaki Region 2.9% -2.8% -15.5% -6.% 34 REINZ Monthly Property Report

35 GRAPH COMMENTARY The median price trend continues the upwards trajectory it has been on for the past few years. The sales volume trend has been stable over the past 12 months. The days to sell trend has been improving over the past six months. The House Price Index has had a moderately strong decrease 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 region is experiencing a similar pattern to a number of regions across the country whereby prices are increasing from the same time last year, but volumes have fallen as a result of low levels of new properties coming to the market. Listings for the region have been down for a number of months now and total inventory is only 11 weeks down 16% on the same time last year. Hopefully October will see a lift in listings. First home buyers make up about half of all buyers in the region, similar to levels seen last September but also more recently. While days to sell increased by 1 day (up from 28 days in September 217), it is still one of only three regions to have a median number of days to sell of a property of less than 3 days. Bindi Norwell REINZ CEO MANAWATU/ WANGANUI REGIONAL COMMENTARY Compared to September 217 Median Price up 18.9% Sales Count down 12.7% Days to Sell increased 1 day Compared to August 218 Median Price increased 1.9% Seasonally adjusted median price increased 1.% Sales Count decreased 22.2% Seasonally adjusted sales count down 8.3% Days to Sell increased 3 days. Our seasonally adjusted results tell us that, compared to what we expect when moving from August to September, the observed decrease in median price was greater than expected and the observed increase in sales count was fractionally less than expected. The current Days to Sell of 29 days is much less than the 1-year average for September which is 42 days. The level of inventory available for sale currently sits at 11 weeks, two weeks less than in September REINZ Monthly Property Report

38 MANAWATU/WANGANUI REGION TRENDS PRICE VOLUMES R RECORD MEDIAN PRICE DAYS TO SELL OVERALL MEDIAN PRICE VOLUME SOLD Sep-18 Aug-18 Sep-17 Sep-18 Aug-18 Sep-17 Horowhenua District R 35, 295, 24, Manawatu District R 445, 352, , Palmerston North City 39, 387, 336, Rangitikei District 12, 213, 21, Ruapehu District 145, 157, 192, Tararua District 185, 215, 164, Whanganui District 227, 225, 199, Manawatu/Wanganui Region 321, 315, 27, Vs Aug-18 Sep-17 Vs Aug-18 Sep-17 Horowhenua District 3.4% 27.1% -27.9%.% Manawatu District 26.2% 37.8% -24.3% -6.7% Palmerston North City.8% 16.1% -17.% -7.6% Rangitikei District -43.7% -42.9% -6.% -66.7% Ruapehu District -7.6% -24.5% -4.3% -12.% Tararua District -14.% 12.8% 33.3% 3.7% Whanganui District.9% 14.1% -35.2% -2.8% Manawatu/Wanganui Region 1.9% 18.9% -22.2% -12.7% 38 REINZ Monthly Property Report

39 GRAPH COMMENTARY The median price trend continues the strong upwards trajectory it has been on for the past two and half years, with the volume trend showing signs of upward movement over the past 6 months. The days to sell trend has been flat over the past 18 months. The House Price Index has had the second strongest increase over the past three and twelve month periods. 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 The Wellington region still has critically low levels of inventory with only 8 weeks worth of property available to the market, but thankfully September has seen a 13.5% lift in new listings which will hopefully bring some relief to the market in the coming months. Given the strong demand for property in the region, prices have held up in most areas across the region, particularly in Carterton and the South Wairarapa District which saw annual increases of 65.2% and 54.2% respectively. Looking forward, we expect the next few months to be busy in the lead up to the end of the year. Mark Coffey REINZ Regional Director WELLINGTON REGIONAL COMMENTARY Compared to September 217 Median Price up 8.6% Sales Count down 12.5% Days to Sell increased 2 days Compared to August 218 Median Price up.8% Seasonally adjusted median price down 1.6% Sales Count down 19.9% Seasonally adjusted sales count down 7.6% Days to Sell increased 1 day. Our seasonally adjusted results tell us that, compared to what we expect when moving from August to September, the observed slight increase in median price was smaller than expected and the observed large decrease in sales count was greater than expected. The current Days to Sell of 3 days is less than the 1-year average for September which is 33 days. The level of inventory available for sale currently sits at eight weeks, half a week more than in September 217. This is the lowest (in terms of weeks) level of inventory of all the regions. 41 REINZ Monthly Property Report

42 WELLINGTON REGION TRENDS PRICE VOLUMES R RECORD MEDIAN PRICE DAYS TO SELL OVERALL MEDIAN PRICE VOLUME SOLD Sep-18 Aug-18 Sep-17 Sep-18 Aug-18 Sep-17 Carterton District R 545, 389,9 33, Kapiti Coast District 55, 571, 552, Lower Hutt City R 56, 51, 493, Masterton District 39, 336, 325, Porirua City R 665, 65, 55, South Wairarapa District R 555, 415, 36, Upper Hutt City R 55, 548, 433, Wellington City 71, 715, 71, Wellington Region 594,5 59, 547, Vs Aug-18 Sep-17 Vs Aug-18 Sep-17 Carterton District 39.8% 65.2% -23.5% -23.5% Kapiti Coast District -11.6% -8.5% -2.% -19.1% Lower Hutt City 11.8% 13.4% -24.1% -3.2% Masterton District 16.1% 2.% -1.3% 16.7% Porirua City 2.3% 2.9% -26.2% 9.1% South Wairarapa District 33.7% 54.2% -16.7%.% Upper Hutt City.4% 27.% -34.5% -24.% Wellington City -.7%.% -13.1% -2.1% Wellington Region.8% 8.6% -19.9% -12.5% 42 REINZ Monthly Property Report

43 GRAPH COMMENTARY The trend in the median price has been strongly increasing over the past 12 months, albeit at a slightly slower rate than the years prior. The volume trend has been slightly falling over the past year. The days to sell trend remains flat to easing as it has been over the past two years. The House Price Index has had moderate 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 The Nelson/Marlborough/Tasman market had a mixed start to the spring, with prices up in all three regions and a record median price for Nelson of $592,. However, volumes of sales were down in Tasman and Nelson. The area continues to face a shortage of stock with Marlborough down -16.3% compared to the same time last year. While Nelson saw a slight increase in new listings (3.2%), it s still not enough to keep up with demand. Buyers remain positive and there are still multi offers coming through. There are only a small number of auctions as most agreements come with conditions and varying timelines depending on how many interested buyers there are. Local entry level prices continue to rise, making it more difficult for first home buyers to enter the market. Investors are looking more at returns and other costs while considering if they want to put an offer forward. There are no sentiments to indicate any major changes going forward. Bindi Norwell REINZ CEO NELSON/ MARLBOROUGH/ TASMAN REGIONAL COMMENTARY Compared to September 217 Median Price up 14.9% Sales Count up 5.7% Days to Sell increased 7 days Compared to August 218 Median Price up 3.9% Seasonally adjusted median price up 3.3% Sales Count down 13.2% Seasonally adjusted Sales Count up.3% Days to Sell decreased 4 days. Our seasonally adjusted results tell us that, compared to what we expect when moving from August to September, the observed increase in median price was smaller than expected and the observed large decrease in sales count was fractionally greater than expected. The current Days to Sell of 34 days is less than the 1-year average for September which is 36 days. The level of inventory available for sale currently sits at 13 weeks, one and a half weeks more than in September REINZ Monthly Property Report

46 NELSON/MARLBOROUGH/ TASMAN REGION TRENDS PRICE VOLUMES R RECORD MEDIAN PRICE DAYS TO SELL OVERALL MEDIAN PRICE VOLUME SOLD Sep-18 Aug-18 Sep-17 Sep-18 Aug-18 Sep-17 Nelson City R 592, 525, 481, Marlborough District 418, 44, 395, Tasman District 61, 615, 572, Nel/Marl/Tas Region 54,111 52, 47, Vs Aug-18 Sep-17 Vs Aug-18 Sep-17 Nelson City 12.8% 23.1% -1.5% -2.9% Marlborough District -5.% 5.8% -18.4% 31.5% Tasman District -.8% 6.6% -19.3% -9.8% Nel/Marl/Tas Region 3.9% 14.9% -13.2% 5.7% 46 REINZ Monthly Property Report

47 GRAPH COMMENTARY The median price trend has been gently increasing over the past year, although the volume trend has been flat over the same period. The days to sell trend is easing. The House Price Index for Tasman/ Nelson/Marlborough/West Coast has had light 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 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 public perception of an improving market on the West Coast continues to grow, resulting in steady activity across the market during September despite a fall in volumes and value during the month. The West Coast remains the most affordable place in New Zealand with 53.3% of properties sold during September for less than $25, the only region to come close to this is Southland with 45.3% of properties sold for less than $25,. This affordability is partly the driving force behind a lift in investors momentum to purchase in the region, with close to 3% more investor enquiries coming through compared to last September and more improvement on the previous 5 years. New listings were down during September; however, overall inventory levels are up 9.1% on the same time last year. Hopefully October will see more properties for sale as we see the demand is there. Bindi Norwell REINZ CEO WEST COAST REGIONAL COMMENTARY Compared to September 217 Median Price down 4.1% Sales Count down 18.9% Days to Sell decreased 24 days Compared to August 218 Median Price down 12.7% Seasonally adjusted median price down 14.3% Sales Count down 31.8% Seasonally adjusted sales count down 18.6% Days to Sell increased 31 days. Our seasonally adjusted results tell us that, compared to what we expect when moving from August to September, the observed decrease in median price was in contrast to the expected small increase and the observed huge decrease in sales count was much larger than expected. The current Days to Sell of 81 days is less than the 1-year average for September which is 99 days. The level of inventory available for sale currently sits at 6 weeks, 5 weeks more than in September REINZ Monthly Property Report

50 WEST COAST REGION TRENDS PRICE VOLUMES R RECORD MEDIAN PRICE DAYS TO SELL OVERALL MEDIAN PRICE VOLUME SOLD Sep-18 Aug-18 Sep-17 Sep-18 Aug-18 Sep-17 Buller District 145, 21, 148, Grey District R 285, 23, 215, Westland District 25, 297, 248, West Coast Region 2, 229, 28, Vs Aug-18 Sep-17 Vs Aug-18 Sep-17 Buller District -31.% -2.4% -47.1% -4.% Grey District 23.9% 32.6% -35.3%.% Westland District -15.8%.6%.% -9.1% West Coast Region -12.7% -4.1% -31.8% -18.9% 5 REINZ Monthly Property Report

51 GRAPH COMMENTARY The median price trend has been gently increasing over the past year, although the volume trend has been flat over the same period. The days to sell trend is easing. The House Price Index for Tasman/Nelson/Marlborough/West Coast has had light 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 September 218 The Canterbury market saw a good start to spring with both prices and volumes up. There is a good number of buyers across the region and first home buyer activity has increased, especially in the affordable price ranges compared to 12 months ago. Insurance for older houses continues to remain hard to get with instances of companies getting tougher with their rules. Pending legislation is keeping investor interest at low levels. All the signs are there for a continuing good market up until Christmas. 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 September 217 Median Price up 3.2% Sales Count up 4.4% Days to Sell increased 4 days Compared to August 218 Median Price up 4.8% Seasonally adjusted median price up 2.3% Sales Count down 8.9% Seasonally adjusted sales count up 2.% Days to Sell decreased 3 days 53 REINZ Monthly Property Report Our seasonally adjusted results tell us that, compared to what we expect when moving from August to September, the observed increase in median price was a bit larger than expected and the observed decrease in sales count was smaller than expected. The current Days to Sell of 38 days is higher than the 1-year average for September which is 33 days. The level of inventory available for sale currently sits at 2 weeks, two weeks more than in September 217.

54 CANTERBURY REGION TRENDS PRICE VOLUMES R RECORD MEDIAN PRICE DAYS TO SELL OVERALL MEDIAN PRICE VOLUME SOLD Sep-18 Aug-18 Sep-17 Sep-18 Aug-18 Sep-17 Ashburton District 335, 36, 31, Christchurch City 452,5 439, 444, Hurunui District 42, 38, 38, Kaikoura District 26, - 36, 5-9 Mackenzie District - 387, 367, Selwyn District 55, 55, 535, Timaru District 335, 35, 335, Waimakariri District 453, 441, 432, Waimate District 231, 247, 178, Canterbury Region 445,5 425, 431, Vs Aug-18 Sep-17 Vs Aug-18 Sep-17 Ashburton District -6.9% 8.1% -1.4% 22.9% Christchurch City 3.1% 1.9% -6.1% 7.1% Hurunui District 1.5% 1.5% -21.1%.% Kaikoura District % % Mackenzie District Selwyn District.% 2.8% 2.9% 2.9% Timaru District -4.3%.% -3.8% -1.6% Waimakariri District 2.7% 4.7% -5.3% 9.1% Waimate District -6.5% 29.8% 4.% -41.7% Canterbury Region 4.8% 3.2% -8.9% 4.4% 54 REINZ Monthly Property Report

55 GRAPH COMMENTARY The median price trend continues to increase slightly. The sales volume trend has been slightly increasing over the past year. The days to sell trend continues to ease slightly. The House Price Index has increased slightly 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 Queenstown Lakes The Otago market continued on a steady course for the first month of spring with good interest from potential buyers and prices holding steady. However, listings remain at low levels with a slight decrease in new listings in September (-2.4%) compared to last year. We expect a strong run into Christmas with an increase in listing numbers and continuing strong buyer demand. Liz Nidd REINZ Regional Commentator OTAGO REGIONAL COMMENTARY The Queenstown Lakes market experienced the usual spring uplift in prices with a 9.6% increase on the same time last year, with most of the growth driven by price increases in Wanaka. Volumes were down 4% on the same time last year, a result of the low level of listings in July which impacted sales in September. However, with a rise in new listings in September and the warmer weather already on the way, we expect activity to lift in the coming months. Gail Hudson REINZ Regional Director Compared to September 217 Median Price up 5.% Sales Count down 12.2% Days to Sell decreased 5 days Compared to August 218 Median Price down 2.3% Seasonally adjusted median price down 3.% Sales Count down 2.8% Seasonally adjusted sales count down 9.4% Days to Sell decreased 1 day Our seasonally adjusted results tell us that, compared to what we expect when moving from August to September, the observed decrease in median price contrasted with the expected slight increase and the observed large decrease in sales count was much greater than expected. The current Days to Sell of 27 days is less than the 1-year average for September which is 37 days. The level of inventory available for sale currently sits at 1 weeks, one week less than in September REINZ Monthly Property Report

58 OTAGO REGION TRENDS PRICE VOLUMES R RECORD MEDIAN PRICE DAYS TO SELL OVERALL MEDIAN PRICE VOLUME SOLD Sep-18 Aug-18 Sep-17 Sep-18 Aug-18 Sep-17 Central Otago District 455, 48, 435, Clutha District 23, 185, 184, Dunedin City 49, 411, 36, Queenstown-Lakes District 1,8, 932, 92, Waitaki District 295, 29, 261, Otago Region 42, 43, 4, Vs Aug-18 Sep-17 Vs Aug-18 Sep-17 Central Otago District -5.2% 4.6% -3.6% -5.6% Clutha District 24.3% 25.% -46.4% -42.3% Dunedin City -.5% 13.6% -4.3% -1.7% Queenstown-Lakes District 8.2% 9.6% -42.5% -4.% Waitaki District 1.7% 13.% -26.1% 6.3% Otago Region -2.3% 5.% -2.8% -12.2% 58 REINZ Monthly Property Report

59 GRAPH COMMENTARY The trend in the median price is increasing strongly, albeit at a slightly slower rate over the past six months. The trend in sales volume has been flat over the past year. The trend in days to sell has been easing over the past three months. The House Price Index for Otago has had the third highest monthly, three monthly and annual increases of all the regions. 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 The Southland market saw a spring burst of new properties coming to market in September, with 274 new listings, an increase of 21.2% on the same time last year. Additionally, both prices and volumes were up on the same time last year, indicating the continuation of the increased interest and steady market the region is experiencing. At this point, there are no signs that would indicate that the increase from out of town interest is slowing down. In fact, it s quite the opposite, Southland is seen as an attractive and affordable option. It will be interesting to see the development as we head towards Christmas. Bindi Norwell REINZ CEO SOUTHLAND REGIONAL COMMENTARY Compared to September 217 Median Price up 13.9% Sales Count increased 22.3% Days to Sell decreased 7 days Compared to August 218 Median Price up 7.5% Seasonally adjusted median price up 8.3% Sales Count down 8.1% Seasonally adjusted sales count up 9.6% Days to Sell decreased 5 days Our seasonally adjusted results tell us that, compared to what we expect when moving from August to September, the observed increase in median price contrasted with the expected small decrease and the observed decrease in sales count was much smaller than expected. The current Days to Sell of 21 days is much less than the 1-year average for September which is 35 days. This is the region with the lowest median days to sell, 6 days less than the next lowest region (Otago). The level of inventory available for sale currently sits at 11 weeks, five and half weeks less than in September REINZ Monthly Property Report