Post on 30-Aug-2020
transcript
MONTHLY PROPERTY REPORT.
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1 5 M A Y 2 0 2 0
PRESS RELEASE
ANNUAL MEDIAN PRICE CHANGES
R E G I O N A L C O M M E N TA R I E SNORTHLAND
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58
NELSON/MARLBOROUGH/TASMAN
WEST COAST .
CANTERBURY
OTAGO
SOUTHLAND
WELLINGTON
MANAWATU/WANGANUI
TARANAKI
HAWKE’S BAY
GISBORNE
AUCKLAND
BAY OF PLENTY
WAIKATO
CONTENTS
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13
17
21
29
33
37
41
45
49
53
57
61
25
SEASONALLY ADJUSTED SALES VOLUMESSEASONALLY ADJUSTED MEDIAN PRICE
3 KEY DATA SUMMARY
2 | REINZ Monthly Property Report
April 2020
The number of properties sold in April across New Zealand decreased by -78.5% from the same time last year – from 6,082 to 1,305 – as the level 4 lockdown made it very difficult for property sales to occur, 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.
BINDI NORWELL, REINZ CEO
For New Zealand excluding Auckland, the number of properties sold decreased by -82.4% when compared to the same time last year (from 4,357 to 767).
In Auckland, the number of properties sold in April decreased by -68.8% year-on-year (from 1,725 to 538).
Unsurprisingly, there were no regions with increases in sales volumes during April. However, the West Coast was the only region not to experience a record low during April.
Regions with the largest decrease in annual sales volumes during April were:
• Southland: -92.1% (from 140 to 11 – 129 fewer houses)
• Nelson: -91.6% (from 83 to 7 – 76 fewer houses)• Manawatu/Wanganui: -87.2% (from 384 to 49 – 335
fewer houses)• Gisborne: -86.6% (from 67 to 9 – 58 fewer houses).
Bindi Norwell, Chief Executive at REINZ says: “The number of properties sold across the country decreased by 78.5% when compared to the same time last year which is not entirely surprising given that for the first 27 days of the month the entire country was in complete lockdown and sales could only take place via contactless methods such as online/phone auctions or using digital technology such as FlexiSign.
“Of the 1,305 properties sold across New Zealand, about half were sold in the first 10 days of lockdown (656 properties), followed by just 272 between 11-20 April which included Easter, and then an uplift in the last 10 days of the month with 377 properties sold,” says Norwell.
L E V E L 4 LO C K D OW N L E V E L 4 LO C K D OW N S I G N I F I CA N T LY I M PAC T S S I G N I F I CA N T LY I M PAC T S R E S I D E N T I A L S A L E S R E S I D E N T I A L S A L E S VO LU M E S , B U T P R I C E S VO LU M E S , B U T P R I C E S H O L DH O L D
“What did surprise us, was that April was not the lowest monthly sales count on record for the West Coast. There were a few months in the 1990s where the region had less than the 9 sales experienced in April,” points out Norwell.
“The Auckland region appeared to be the least impacted by COVID-19 when it came to sales volumes, with a 68.8% drop in the number of properties sold. Most of the sales occurred in Auckland City (172,) followed by North Shore City (102) and Manukau City (92). On the flipside, Southland was the most impacted with a 92.1% annual fall,” she continues.
“Key to moving forward and helping the market to recover will be the number of new listings coming onto the market during May and consumer confidence levels – particularly in relation to ongoing employment and people’s ability to access finance. Lastly, we’ll be looking at metrics such as the sales price to CV ratio, percentage of auctions and median number of days to sell.
“Talking to our members around the country, there are good levels of activity starting to occur with both first time buyers and investors active in the market which is a positive sign. We expect this to pick up as we move into Level 2,” she continues
“However, we caution over being too optimistic until we get a few more months’ data, as many of the sales in April will have been negotiated during March, so it’s likely to be another month or so until we really see the full impact of the lockdown,” warns Norwell.
3 | REINZ Monthly Property Report
K E Y DATA SUMMARY
MEDIAN HOUSE PRICE MONTH-ON-MONTH$680,000 - up from $670,000 + 1.5% since last month
$520,000 - down from $550,000 - 5.5% since last month
$925,000 - down from $945,000 - 2.1% since last month
National
New Zealand Ex Auckland
Auckland
1,305 - down from 7,328 -82.2% since last month
538 - down from 2,554 - 78.9% since last month
National
New Zealand Ex Auckland
Auckland
REINZ HOUSE PRICE INDEX
2,951 - up from 2,717 + 8.6% year-on-year
2,975 - up from 2,743 + 8.5% year-on-year
3,006 - up from 2,774 + 8.4% year-on-year
National
New Zealand Ex Auckland
Auckland
MEDIAN DAYS TO SELL34 - 7 days less than the same month last year
34 - 1 day less than the same month last year
34 - 2 days less than the same month last year
National
New Zealand Ex Auckland
Auckland
Up 2.1%, up 16.4% on April 2019
Up 0.6%, up 9.4% on April 2019
Down 4.8%, up 6.5% on April 2019
National
New Zealand Ex Auckland
Auckland
VOLUME SOLD YEAR-ON-YEAR1,305 - down from 6,082 - 78.5% year-on-year
538 - down from 1,725 - 68.8% year-on-year
National
New Zealand Ex Auckland
Auckland
767 - down from 4,357 - 82.4% year-on-year
MEDIAN HOUSE PRICE YEAR-ON-YEAR
$925,000 - up from $847,000 + 9.2% year-on-year
$680,000 - up from $580,000 + 17.2% year-on-year
$520,000 - up from $488,000 + 6.6% year-on-year
National
New Zealand Ex Auckland
Auckland
SEASONALLY ADJUSTED MEDIAN HOUSE PRICE
VOLUME SOLD MONTH-ON-MONTH
767 - down from 4,774 -83.9% since last month
4 | REINZ Monthly Property Report
April 2020
Despite the decrease in sales volumes, median house prices across New Zealand increased by 17.2% in April to a new record high of $680,000, up from $580,000 in April 2019.
Median house prices for New Zealand excluding Auckland increased by 6.6% to a median price of $520,000, up from $488,000 in April last year.
In Auckland, median house prices increased by 9.2% to $925,000 up from $847,000 at the same time last year – the second highest price on record.
Record median prices were recorded in:
• Hawke’s Bay with a 39.4% increase to $648,000 up from $465,000 at the same time last year – the first time the median price has gone over the $600,000 mark and a $103,000 uplift from March
• Wellington with an 18.3% increase to $730,000 up from $617,077 at the same time last year
• Nelson with a 22.8% increase to $660,000 up from $537,500 at the same time last year.
“Median prices during April were less volatile than we anticipated, especially with such a significant drop in sales volumes, with median prices for the country showing a 17.2% uplift on the same time last year to a record median high of $680,000. Additionally, all bar 3 regions (Waikato, Taranaki and Canterbury) saw annual uplifts in median house prices,” says Norwell.
“It looks as if the continued listings shortage has helped prices hold during April, however, as many of these sales will have been negotiated during March when confidence levels were higher than they are now, it’s important to take this into consideration when looking at the figures,” continues Norwell.
“We were surprised to see three regions with record median prices in April (Hawke’s Bay, Wellington and Nelson), but looking into the detail of these regions, it’s more to do with uplifts in the upper sales price brackets than an uplift in the underlying value in these regions. However, time will tell what the true impact has been,” she points out.
“Looking at the Auckland market, the region recorded its second highest median price on record. This was the result of a 9-percentage point increase in $1 million plus sales and record median prices in Papakura District ($735,000) and Waitakere District ($875,000),” continues Norwell.
Record median prices continued in April
5 | REINZ Monthly Property Report
WEST COAST
SOUTHLANDCANTERBURY
NORTHLAND
4.6%
BAY OF PLENTY
GISBORNE
HAWKE’S BAY
WELLINGTON
TASMAN
WAIKATO
AUCKLAND
MARLBOROUGH
NELSON
MANAWATU/WANGANUI
OTAGO
MEDIAN DAYS TO SELL
34
NATIONAL MEDIAN PRICE
$680,000
TARANAKI
6.7%
11.7%
39.4%
18.3%
-3.6%
14.3%
22.8%
10.2%
7.6%7.5%
3.3%6.8%
-12.1%
$510,000
$530,000
$400,000
$656,565
$215,000
$316,000
$660,000
$460,000
$640,000
$400,000
$648,000
$730,000
$400,000
INCREASED
DECREASED
STABLE
RECORD MEDIAN PRICESR
$380,0000.0%
$925,000
UP 17.2% TO
9.2%
ANNUAL MEDIAN PRICE CHANGES
$465,000
RR
R
R
6 | REINZ Monthly Property Report
April 2020
Inventory
The REINZ House Price Index for New Zealand, which measures the changing value of property in the market, increased 8.5% year-on-year to 2,975.
The HPI for New Zealand excluding Auckland increased 8.6% from April 2019 to 2,951 and Auckland’s HPI increased by 8.4% year-on-year to 3,006.
In April, Southland had the highest annual growth rate with a 21.1% increase to 3,426. In second place was Manawatu/Wanganui with an annual growth rate of 18.6% to 3,603 and again in third place was Gisborne/Hawke’s Bay with a 15.4% annual increase to 3,111.
However, looking at the shorter-term picture to get a greater understanding of how COVID-19 impacted the underlying value of the market, the 1-month data showed a -1.8% decrease in the HPI for the country. New Zealand excluding Auckland decreased -1.9% and Auckland’s HPI fell -1.6% compared to March.
Waikato and Canterbury saw the biggest monthly falls both with a -3.8% decrease compared to March and Northland saw the biggest monthly increase with a 1.1% uplift compared to March.
REINZ House Price Index (HPI)
In April the median number of days to sell a property nationally decreased by 2 days from 36 to 34 when compared to April 2019 – the lowest days to sell for the month of April in 3 years.
For New Zealand excluding Auckland, the median days to sell decreased by 1 day from 35 to 34 – the lowest days to sell for the month of April in 3 years.
Auckland saw the median number of days to sell a property fall by 7 days from 41 to 34 year-on-year – the lowest days to sell for the month of April in 4 years.
Manawatu/Wanganui and Marlborough had the lowest days to sell of all regions at 22 days – down 6 and 21 days respectively from the same time last year. For Manawatu/Wanganui it was the lowest median number of days to sell for the month of April ever and for Marlborough it was the lowest median days to sell for 13 years (April 2007).
The Taranaki region has now had a median number of days to sell of less than 30 days for 7 months in a row and April’s figure was the lowest for the month of April since records began.
Northland again had the highest days to sell of any region at 71 days, up 20 days on April 2019, and up 19 days on March’s figure of 52. West Coast had the second highest median days to sell across the country at 63 days, down 24 days on the same time last year and the lowest for the month of April for 8 years.
“While on the surface the median number of days to sell looks pretty healthy for an April month, and the shortage of listings will have helped reduce the overall figure, I think we need to just be a bit cautious in these early days until we can get a clearer picture of this measure,” concludes Norwell.
The total number of properties available for sale nationally decreased by -29.3% in April to 19,702 down from 27,858 in April 2019 – a decrease of 8,156 properties compared to 12 months ago and the lowest level of inventory for the month of April since records began.
Regions with the largest percentage decrease in total inventory levels were:
• Marlborough: -44.2% from 382 to 213 – 169 fewer properties
• Taranaki: -43.2% from 683 to 388 – 295 fewer properties
• Northland: -36.1% from 1,635 to 1,045 – 590 fewer properties
• Waikato: -32.7% from 2,147 to 1,446 – 701 fewer properties.
Wellington had the lowest number of weeks’ inventory with 9 weeks inventory available to prospective purchasers, down on last year’s figure of 10 weeks.
This was followed by Hawke’s Bay and Manawatu/Wanganui with 10 weeks’ inventory available to prospective purchasers.
West Coast had the highest number of week’s inventory with 96 weeks’ inventory available to prospective purchasers. Northland was the next highest with 41 weeks’ inventory available.
Days to sell remains steady – for now
7 | REINZ Monthly Property Report
April 2020
The number of homes sold for less than $500,000 across New Zealand fell from 39.0% of the market (2,374 properties) in April 2019 to 29.7% of the market (387 properties) in April 2020.
The number of properties sold in the $500,000 to $750,000 bracket decreased from 31.7% in April 2019 (1,927 properties) to 28.3% in April 2020 (369 properties).
At the top end of the market, the percentage of properties sold for $1 million or more increased from 13.6% (827 properties) in April 2019 to 21.6% (282 properties) in April 2020. This is the highest percentage of sales sold for more than $1 million since records started in 1992.
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 5:00pm 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.
This report is intended for general information purposes only. This report and the information contained herein is under no circumstances intended to be used or considered as legal, financial or investment advice. The material in this report is obtained from various sources and REINZ does not warrant the accuracy, reliability or completeness of the information provided in this report and does not accept liability for any omissions, inaccuracies or losses incurred, either directly or indirectly, by any person arising from or in connection with the supply, use or misuse of the whole or any part of this report.
When referring to this report or any information contained herein, you must cite REINZ as the source of the information. REINZ reserves the right to request that you immediately withdraw from publication any document that fails to site REINZ as the source.
NOTE TO EDITORS:
For further information, please contact Dee Crooks, Head of Communications at REINZ, on 021 953 308.
April 2019 April 2020
$1 million plus 827 13.6% 282 21.6%
$750,000 to $999,999 954 15.7% 267 20.5%
$500,000 to $749,999 1,927 31.7% 369 28.3%
Under $500,000 2,374 39.0% 387 29.7%
All Properties Sold 6,082 100.0% 1,305 100.0%
Price distribution breakdown
PRICE BANDS
With only online or phone auctions allowed during the Alert Level 4 lockdown, many regions held no auctions during April. However, auctions were still used in 7.9% of all sales across the country in April, with 103 properties selling under the hammer – down from the same time last year, when 11.5% of properties (701) were sold via auction.
Auckland had the highest percentage of auctions across the country with 18.2% (98 properties) sold under the hammer, down from 20.8% (359 properties) in April 2019.
Marlborough had the second highest percentage of auctions in New Zealand with 7.1% of properties (1 home) sold under the hammer up from 1.3% at the same time last year (1 home). This was followed by Otago with 4.0% (2 properties) sold under the hammer down from 7.4% in April 2019 (26 properties).
PHYSICAL DISTANCING REQUIREMENTS SEES DROP IN AUCTIONS
8 | REINZ Monthly Property Report
April 2020
SEASONALLY ADJUSTED SALES VOLUMES
SEASONALLY ADJUSTED MEDIAN PRICECOMPARED TO March COMPARED TO April 2019
MEDIAN
CHANGE
SEASONALLY
ADJUSTED
CHANGE
MEDIAN
CHANGE
SEASONALLY
ADJUSTED
CHANGE
New Zealand 1.5% 2.1% 17.2% 16.4%
NZ ex Akl -5.5% -4.8% 6.6% 6.5%
Northland -9.7% -7.5% 4.6% 4.3%
Auckland -2.1% 0.6% 9.2% 9.4%
Waikato -11.7% -11.8% -3.6% -3.9%
Bay of Plenty -3.0% -2.3% 6.7% 6.4%
Gisborne -0.4% -0.3% 11.7% 7.6%
Hawke's Bay 18.9% 22.9% 39.4% 40.5%
Manawatu/Wanganui -7.0% -5.4% 14.3% 15.8%
Taranaki -10.7% -8.5% 0.0% 2.6%
Wellington 3.1% 3.8% 18.3% 18.0%
Nelson 9.1% 5.8% 22.8% 20.6%
Marlborough -8.9% -9.0% 7.6% 6.4%
Tasman -2.7% -0.0% 10.2% 9.3%
Canterbury -4.9% -2.1% 3.3% 3.4%
West Coast 4.9% 11.3% 7.5% 6.5%
Otago -25.2% -26.6% -12.1% -11.7%
Southland -14.6% -12.7% 6.8% 7.0%
COMPARED TO March COMPARED TO April 2019
VOLUME
CHANGE
SEASONALLY
ADJUSTED
CHANGE
VOLUME
CHANGE
SEASONALLY
ADJUSTED
CHANGE
New Zealand -82.2% -78.0% -78.5% -77.6%
NZ ex Akl -83.9% -80.4% -82.4% -81.4%
Northland -80.8% -80.3% -78.1% -78.4%
Auckland -78.9% -74.4% -68.8% -68.5%
Waikato -84.0% -77.3% -83.1% -79.5%
Bay of Plenty -83.3% -81.2% -81.2% -80.5%
Gisborne -80.0% -91.7% -86.6% -94.2%
Hawke's Bay -83.6% -79.2% -83.0% -80.0%
Manawatu/Wanganui -86.7% -87.9% -87.2% -89.2%
Taranaki -84.7% -78.1% -83.8% -79.3%
Wellington -85.1% -88.8% -83.3% -89.1%
Nelson -90.9% -92.1% -91.6% -93.4%
Marlborough -85.1% -80.9% -81.8% -80.7%
Tasman -85.7% -73.6% -81.0% -73.7%
Canterbury -79.9% -75.2% -76.2% -74.4%
West Coast -71.9% -47.8% -76.3% -62.9%
Otago -86.5% -89.4% -85.8% -89.6%
Southland -93.8% -88.2% -92.1% -88.8%
9 | REINZ Monthly Property Report
April 2020
NORTHLANDR E G I O N A L C O M M E N T A R Y
“In April, the Northland market saw a 4.6% increase in median
house prices reaching $510,000 compared to this time last
year. Additionally, the REINZ House Price Index also saw a
new record, up 9.4% year-on-year to 3,098. However, due to
COVID-19 lockdown, there was a record low of only 41 sales
(down 78.1% annually). As expected, the market has been quiet
during Alert Level 4, however, enquiry and interest in rental
investment property has been consistent. Investors are actively
looking at purchase opportunities in the market with good
returns. Vendors are keen to see where prices will sit over the
coming months, some may look to sell quickly while others will
take a wait and see approach.”
Bindi Norwell
REINZ CEO
Compared to April 2019
• Median Price up 4.6%
• Sales Count down 78.1%
• Days to Sell increased 20 days
Compared to March 2020
• Median Price down 9.7%
• Seasonally adjusted median price down 7.5%
• Sales Count down 80.8%
• Seasonally adjusted sales count down 80.3%
• Days to Sell increased 19 days.
The current Days to Sell of 71 days is
much higher than the 10-year average
for April which is 55 days. The level of
inventory available for sale currently sits
at 41 weeks, two weeks more than in April
2019.
SEASONALLY ADJUSTED MEDIAN PRICE
10 | REINZ Monthly Property Report
April 2020
MEDIAN PRICE VOLUME SOLD
Apr-20 Mar-20 Apr-19 Apr-20 Mar-20 Apr-19
Far North District 510,000 650,000 470,000 19 59 57
Kaipara District 385,000 615,000 390,000 8 32 22
Whangarei District 575,000 525,000 495,000 14 122 108
Northland Region 510,000 565,000 487,500 41 213 187
Vs… Mar-20 Apr-19 Vs… Mar-20 Apr-19
Far North District -21.5% 8.5% -67.8% -66.7%
Kaipara District -37.4% -1.3% -75.0% -63.6%
Whangarei District 9.5% 16.2% -88.5% -87.0%
Northland Region -9.7% 4.6% -80.8% -78.1%
NORTHLAND REGION TRENDS
PRICE VOLUMES DAYS TO SELL OVERALL
R RECORD MEDIAN PRICE
11 | REINZ Monthly Property Report
GRAPH COMMENTARYThe trend in median price has started to trend slightly upwards over the past six months whereas the sales count trend has started to show the inevitable effects of lockdown. The days to sell trend has continued the easing trend noted until last month. The House Price Index was only one of three regions that had an increase over the past month, making it the strongest growth region over that month and second highest over 3 months.
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Northland Region Sales VolumesPast 5 Years
Northland Volumes 12 month MASource: REINZ
0
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Northland Region Median PricePast 5 Years
Northland Median Price 12 month MASource: REINZ
12 | REINZ Monthly Property Report
April 2020
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Northland Region Days To SellPast 5 Years
Northland DTS 12 month MASource: REINZ
1,500
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2,100
2,300
2,500
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3,100
3,300
Northland Region House Price IndexPast 5 Years
Northland HPISource: REINZ
13 | REINZ Monthly Property Report
April 2020
“The Auckland market remained stable in April with a 9.2%
annual increase in median prices to $925,000. Additionally,
Papakura District and Waitakere City both achieved record
prices of $735,000 and $875,000 respectively. A lot of vendors
are meeting the market with good negotiations between parties
as both buyers and sellers seem to be motivated. Vendors are
listening to feedback and completing deals across various price
points. There are fewer first home buyers in the market, but we
may see more return with the temporary removal of LVRs. The
number of cash buyers will also depend on how stringent bank
lending is. There was a lot more activity towards the end of April
as we moved into Alert Level 3. Over the next few months, it
is expected to be steady, however, it will also depend on how
long we stay in lockdown, the management of wider economic
policies and access to bank lending. With more than half of
the country’s new listings in April in Auckland, it suggests that
perhaps Auckland may be the first region to find its ‘new normal’
in the next few months.”
Bindi Norwell
REINZ CEO
AUCKLANDR E I N Z R E G I O N A L C O M M E N T A R Y
Compared to April 2019
• Median Price up 9.2%
• Sales Count down 68.8%
• Days to Sell decreased 7 days.
Compared to March 2020
• Median Price down 2.1%
• Seasonally adjusted median price up 0.6%
• Sales Count down 78.9%
• Seasonally adjusted sales count down 74.4%
• Days to Sell increased 1 day.
The current Days to Sell of 34 days is the
same as the 10-year average for April.
The level of inventory available for sale
currently sits at 18 weeks, 11 weeks less
than in April 2019.
14 | REINZ Monthly Property Report
April 2020
MEDIAN PRICE VOLUME SOLD
Apr-20 Mar-20 Apr-19 Apr-20 Mar-20 Apr-19
Auckland City 1,070,000 1,160,000 931,000 172 769 580
Franklin District 672,500 710,000 685,000 22 106 65
Manukau City 845,000 920,000 836,000 92 477 316
North Shore City 1,108,000 1,125,000 955,000 102 441 273
Papakura District 735,000 709,000 685,000 20 117 92
Rodney District 870,000 900,000 818,000 52 235 145
Waitakere City 875,000 845,000 756,000 78 409 254
Auckland Region 925,000 945,000 847,000 538 2,554 1,725
Vs… Mar-20 Apr-19 Vs… Mar-20 Apr-19
Auckland City -7.8% 14.9% -77.6% -70.3%
Franklin District -5.3% -1.8% -79.2% -66.2%
Manukau City -8.2% 1.1% -80.7% -70.9%
North Shore City -1.5% 16.0% -76.9% -62.6%
Papakura District 3.7% 7.3% -82.9% -78.3%
Rodney District -3.3% 6.4% -77.9% -64.1%
Waitakere City 3.6% 15.7% -80.9% -69.3%
Auckland Region -2.1% 9.2% -78.9% -68.8%
AUCKLAND REGION TRENDS
PRICE VOLUMES DAYS TO SELL OVERALL
R RECORD MEDIAN PRICE
R
R
15 | REINZ Monthly Property Report
GRAPH COMMENTARY
The trend in median price has started to trend upwards over the past few months, with the trend in sales volume starting to show the invetiable effects of lockdown. The days to sell median has started to improve after a long term easing trend. The House Price Index had a notable drop over the past month like most other regions. The region has still performed relatively well over the past three months with the fourth highest HPI increase in that time.
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Auckland Region Median PricePast 5 Years
Auckland Median Price 12 month MASource: REINZ
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Auckland Region Sales VolumesPast 5 Years
Auckland Volumes 12 month MASource: REINZ
16 | REINZ Monthly Property Report
April 2020
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Auckland Region Days To SellPast 5 Years
Auckland DTS 12 month MASource: REINZ
1,500
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2,100
2,300
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2,900
3,100
3,300
Auckland Region House Price IndexPast 5 Years
Auckland HPISource: REINZ
17 | REINZ Monthly Property Report
April 2020
WAIKATOR E G I O N A L C O M M E N T A R Y
“The Waikato market saw a slight decrease in house prices in
April, decreasing 3.6% year-on-year to $530,000. However,
both the Taupo District ($650,000) and Thames-Coromandel
District ($764,000) achieved new record median prices. In
the Thames-Coromandel region, some holiday owners have
now decided to hold onto their properties as they cannot
currently travel on holidays overseas. Being able to work from
home is making people look at where and how they can live.
Overall, there are noticeably less buyers due to the effects
of COVID-19, however, the mood feels optimistic going
forward. There are more first home buyers interested in the
market; they are gathering information such as potential price
reductions, looking at supply levels but they are also taking
into account their own job security, KiwiSaver balances and
the impacts of the temporary removal of LVRs. An encouraging
level of Alert Level 3 activity has also occurred with new
listings, appraisals, buyer viewings and offers filtering through.
Over the coming months, there should be a reasonable
number of both buyers and sellers wanting to transact.”
Neville Falconer
REINZ Regional Director
Compared to April 2019
• Median Price down 3.6%
• Sales Count down 83.1%
• Days to Sell increased 3 days
Compared to March 2020
• Median Price down 11.7%
• Seasonally adjusted median price down 11.8%
• Sales Count down 84.0%
• Seasonally adjusted sales count down 77.3%
• Days to Sell increased 10 days.
The current Days to Sell of 39 days is less
than the 10-year average for April which
is 42 days. The level of inventory available
for sale currently sits at 17 weeks, four
weeks less than in April 2019.
18 | REINZ Monthly Property Report
April 2020
MEDIAN PRICE VOLUME SOLD
Apr-20 Mar-20 Apr-19 Apr-20 Mar-20 Apr-19
Hamilton City 625,000 625,000 570,000 35 297 276
Hauraki District 385,000 500,000 349,000 10 28 16
Matamata-Piako District 550,000 570,000 480,000 6 48 45
Otorohanga District - 410,000 320,000 1 6 6
South Waikato District 340,000 349,000 339,000 8 21 19
Taupo District 650,000 580,000 475,000 9 79 78
Thames-Coromandel District 764,000 630,000 667,000 10 65 67
Waikato District 452,000 600,000 491,500 13 63 44
Waipa District 590,000 670,000 612,000 14 63 72
Waitomo District - 335,000 235,000 2 7 16
Waikato Region 530,000 600,000 550,000 108 677 639
Vs… Mar-20 Apr-19 Vs… Mar-20 Apr-19
Hamilton City 0.0% 9.6% -88.2% -87.3%
Hauraki District -23.0% 10.3% -64.3% -37.5%
Matamata-Piako District -3.5% 14.6% -87.5% -86.7%
Otorohanga District - - -83.3% -83.3%
South Waikato District -2.6% 0.3% -61.9% -57.9%
Taupo District 12.1% 36.8% -88.6% -88.5%
Thames-Coromandel District 21.3% 14.5% -84.6% -85.1%
Waikato District -24.7% -8.0% -79.4% -70.5%
Waipa District -11.9% -3.6% -77.8% -80.6%
Waitomo District - - -71.4% -87.5%
Waikato Region -11.7% -3.6% -84.0% -83.1%
WAIKATO REGION TRENDS
PRICE VOLUMES DAYS TO SELL OVERALL
R RECORD MEDIAN PRICE
R
R
19 | REINZ Monthly Property Report
GRAPH COMMENTARYThe median price trend has been steadily increasing over the past two years, with the trend in sales volume starting to show the invetiable effects of lockdown. The days to sell trend has improved slightly over the past few months. The House Price Index was the worst hit this month making it also the worst performing index over the past 3 months.
200,000
250,000
300,000
350,000
400,000
450,000
500,000
550,000
600,000
Waikato Region Median PricePast 5 Years
Waikato Median Price 12 month MASource: REINZ
100
300
500
700
900
1,100
Waikato Region Sales VolumesPast 5 Years
Waikato Volumes 12 month MASource: REINZ
20 | REINZ Monthly Property Report
April 2020
0
10
20
30
40
50
60
Waikato Region Days To SellPast 5 Years
Waikato DTS 12 month MASource: REINZ
1,500
1,700
1,900
2,100
2,300
2,500
2,700
2,900
3,100
3,300
3,500
Waikato Region House Price IndexPast 5 Years
Waikato HPISource: REINZ
21 | REINZ Monthly Property Report
April 2020
BAY OF PLENTYR E I N Z R E G I O N A L C O M M E N T A R Y
“The Bay of Plenty region saw median prices reach
$640,000, an annual increase of 6.7%. Rotorua District
also achieved a new record price of $522,000. The REINZ
House Price Index saw a new record of 3,050, one of only
two regions alongside Northland to achieve a new record.
Additionally, it was one of three regions to see a positive
movement in the HPI month-on-month. However, with
a small sample size of 75 sales completed in April there
should be a certain level of caution taken with these results.
Although it has been very quiet over the last 4 weeks,
there has been enquiry from investors and some first home
buyers, but mostly everyone is waiting to see what happens.
Looking forward, there may be more of a drop in sales
activity compared to other parts of the country, particularly
in Rotorua because it is a tourism hot spot.”
Neville Falconer
REINZ Regional Director
Compared to April 2019
• Median Price up 6.7%
• Sales Count down 81.2%
• Days to Sell decreased 7 days
Compared to March 2020
• Median Price down 3.0%
• Seasonally adjusted median price down 2.3%
• Sales Count down 83.3%
• Seasonally adjusted sales count down 81.2%
• Days to Sell increased 3 days.
The current Days to Sell of 35 days is
much less than the 10-year average
for April which is 48 days. The level of
inventory available for sale currently sits
at 16 weeks, one week less than in April
2019.
22 | REINZ Monthly Property Report
April 2020
MEDIAN PRICE VOLUME SOLD
Apr-20 Mar-20 Apr-19 Apr-20 Mar-20 Apr-19
Kawerau District - 310,000 220,000 3 9 7
Opotiki District 252,600 342,000 295,000 5 14 6
Rotorua District 522,000 480,000 450,000 13 81 91
Tauranga City 729,000 730,000 660,000 39 254 216
Western Bay of Plenty District 614,500 675,000 609,000 8 56 37
Whakatane District 603,000 585,000 442,500 7 36 41
Bay of Plenty Region 640,000 660,000 600,000 75 450 398
Vs… Mar-20 Apr-19 Vs… Mar-20 Apr-19
Kawerau District - - -66.7% -57.1%
Opotiki District -26.1% -14.4% -64.3% -16.7%
Rotorua District 8.7% 16.0% -84.0% -85.7%
Tauranga City -0.1% 10.5% -84.6% -81.9%
Western Bay of Plenty District -9.0% 0.9% -85.7% -78.4%
Whakatane District 3.1% 36.3% -80.6% -82.9%
Bay of Plenty Region -3.0% 6.7% -83.3% -81.2%
BAY OF PLENTY REGION TRENDS
PRICE VOLUMES DAYS TO SELL OVERALL
R RECORD MEDIAN PRICE
R
23 | REINZ Monthly Property Report
GRAPH COMMENTARYThe trend in median price is continuing to rise. The trend in sales volume is starting to show the invetiable effects of lockdown. The days to sell trend is improving. The House Price Index was only one of three to experience a monthly increase, the second highest which also led to it having the second best performance over 3 months.
300,000
380,000
460,000
540,000
620,000
700,000
Bay of Plenty Region Median PricePast 5 Years
BOP Median Price 12 month MASource: REINZ
0
100
200
300
400
500
600
700
800
Bay of Plenty Region Sales VolumesPast 5 Years
BOP Volumes 12 month MASource: REINZ
24 | REINZ Monthly Property Report
April 2020
1,500
1,700
1,900
2,100
2,300
2,500
2,700
2,900
3,100
3,300
Bay of Plenty Region House Price IndexPast 5 Years
BOP HPISource: REINZ
0
10
20
30
40
50
60
Bay of Plenty Region Days To SellPast 5 Years
BOP DTS 12 month MASource: REINZ
25 | REINZ Monthly Property Report
April 2020
GISBORNER E G I O N A L C O M M E N T A R Y
“Gisborne house prices were up 11.7% year-on-year to
$400,000, however, there were only 9 sales throughout
April. Gisborne was one of three regions alongside Nelson
and West Coast to have less than 10 sales in April. Many
vendors are taking a wait and see approach. There have
been a few offers presented that are lower than expected,
but vendors are not rushing into decisions and are looking
to see where the market moves in the next couple of weeks.
One advantage vendors’ have been talking about locally is
how the lockdown period has given them the opportunity
to do work on their properties to get them ready for sale.
Auctions are hugely popular in Gisborne and this time last
year there were 40 auctions, whereas this year there were
none. Auctions are planned to start up again in May which
will give a good indication of where the market is sitting and
whether we will see similar prices to pre-lockdown.”
Neville Falconer
REINZ Regional Director
Compared to April 2019
• Median Price up 11.7%
• Sales Count down 86.6%
• Days to Sell increased 2 days
Compared to March 2020
• Median Price down 0.4%
• Seasonally adjusted median price down 0.3%
• Sales Count down 80.0%
• Seasonally adjusted sales count down 91.7%
• Days to Sell increased 9 days.
The current Days to Sell of 38 days is less
than the 10-year average for April which
is 39 days. The level of inventory available
for sale currently sits at 15 weeks, three
weeks more than in April 2019.
26 | REINZ Monthly Property Report
April 2020
MEDIAN PRICE VOLUME SOLD
Apr-20 Mar-20 Apr-19 Apr-20 Mar-20 Apr-19
Gisborne District 400,000 401,618 358,000 9 45 67
Gisborne Region 400,000 401,618 358,000 9 45 67
Vs… Mar-20 Apr-19 Vs… Mar-20 Apr-19
Gisborne District -0.4% 11.7% -80.0% -86.6%
Gisborne Region -0.4% 11.7% -80.0% -86.6%
GISBORNE REGION TRENDS
PRICE VOLUMES DAYS TO SELL OVERALL
R RECORD MEDIAN PRICE
27 | REINZ Monthly Property Report
GRAPH COMMENTARYThe median price trend has been increasing strongly over the past few years but there has been a slightly flattening over the past couple of months. The trend in sales volume starting to show the invetiable effects of lockdown. The days to sell trend has been improving over the last nine months. The House Price Index for Gisborne/Hawke's Bay took a hit over the past month like most other regions, but has still had the third strongest movement of all regions over the past twelve months.
200,000
250,000
300,000
350,000
400,000
450,000
Gisborne Region Median PricePast 5 Years
Gisborne Median Price 12 month MASource: REINZ
0
10
20
30
40
50
60
70
80
90
100
Gisborne Region Sales VolumesPast 5 Years
Gisborne Volumes 12 month MASource: REINZ
28 | REINZ Monthly Property Report
April 2020
0
10
20
30
40
50
60
Gisborne Region Days To SellPast 5 Years
Gisborne DTS 12 month MASource: REINZ
1,500
1,700
1,900
2,100
2,300
2,500
2,700
2,900
3,100
3,300
Gisborne/Hawke's Bay Region House Price IndexPast 5 Years
Gisborne/Hawke's Bay HPISource: REINZ
29 | REINZ Monthly Property Report
April 2020
HAWKE’S BAYR E G I O N A L C O M M E N T A R Y
“Interestingly, during April the Hawke’s Bay achieved a
record median price of $648,000. Both Hastings District
($645,000) and Napier City ($700,000) also achieved
record median prices. However, with 39 sales (down
83% annually) the increase in prices is likely due to the
increase in the proportion of houses sold in the $750,000
- $999,999 price bracket (+17 percentage points). There
has been extremely high volumes of online website traffic
and social media page views for many of the agencies in
the region. A huge upsurge and interest in property on
Google indicates that people are continuing to search for
property and are finding out the information they need to
get ready for when the Level 3 is over. As we entered Alert
Level 3, market activity has been very busy with mid-range
property viewings, final inspections and settlements taking
place.”
Bindi Norwell
REINZ CEO
Compared to April 2019
• Median Price up 39.4%
• Sales Count down 83.0%
• Days to Sell decreased 2 days
Compared to March 2020
• Median Price up 18.9%
• Seasonally adjusted median price up 22.9%
• Sales Count down 83.6%
• Seasonally adjusted sales count down 79.2%
• Days to Sell increased 5 days.
The current Days to Sell of 33 days is less
than the 10-year average for April which
is 41 days. The level of inventory available
for sale currently sits at 10 weeks, the
same as in April 2019.
30 | REINZ Monthly Property Report
April 2020
MEDIAN PRICE VOLUME SOLD
Apr-20 Mar-20 Apr-19 Apr-20 Mar-20 Apr-19
Central Hawke’s Bay District - 450,000 295,000 2 24 7
Hastings District 645,000 546,000 462,000 17 89 109
Napier City 700,000 573,000 507,000 19 117 103
Wairoa District - 195,000 188,560 1 8 11
Hawke’s Bay Region 648,000 545,000 465,000 39 238 230
Vs… Mar-20 Apr-19 Vs… Mar-20 Apr-19
Central Hawke’s Bay District - - -91.7% -71.4%
Hastings District 18.1% 39.6% -80.9% -84.4%
Napier City 22.2% 38.1% -83.8% -81.6%
Wairoa District - - -87.5% -90.9%
Hawke’s Bay Region 18.9% 39.4% -83.6% -83.0%
HAWKE’S BAY REGION TRENDS
PRICE VOLUMES DAYS TO SELL OVERALL
R RECORD MEDIAN PRICE
R
R
31 | REINZ Monthly Property Report
GRAPH COMMENTARYThe median price trend continues to rise strongly. The trend in sales volume starting to show the invetiable effects of lockdown. The days to sell trend has been stable for three years with some recent signs of improvement. The House Price Index for Gisborne/Hawke's Bay took a hit over the past month like most other regions, but has still had the third strongest movement of all regions over the past twelve months.
200,000
250,000
300,000
350,000
400,000
450,000
500,000
550,000
Hawke's Bay Region Median PricePast 5 Years
Hawke's Bay Median Price 12 month MASource: REINZ
0
50
100
150
200
250
300
350
Hawke's Bay Region Sales VolumesPast 5 Years
Hawke's Bay Volumes 12 month MASource: REINZ
32 | REINZ Monthly Property Report
April 2020
0
10
20
30
40
50
60
70
Hawke's Bay Region Days To SellPast 5 Years
Hawke's Bay DTS 12 month MASource: REINZ
1,500
1,700
1,900
2,100
2,300
2,500
2,700
2,900
3,100
3,300
Gisborne/Hawke's Bay Region House Price IndexPast 5 Years
Gisborne/Hawke's Bay HPISource: REINZ
33 | REINZ Monthly Property Report
April 2020
TARANAKIR E G I O N A L C O M M E N T A R Y
“The Taranaki market remained stable with no movement in
median price ($380,000) compared to the same time last year.
April has been challenging with fewer than 30 new listings until
the change to Alert Level 3 towards the end of the month.
Since then, there has been a few more listings come onto the
market. Enquiries have been strong throughout the month and
there are plenty of buyers out there. Over the next few months,
the market is expected to track cautiously. How banks deal with
finance applications will also have an impact on market activity.”
Bindi Norwell
REINZ CEO
Compared to April 2019
• Median Price stayed the same
• Sales Count down 83.8%
• Days to Sell decreased 6 days
Compared to March 2020
• Median Price down 10.7%
• Seasonally adjusted median price down 8.5%
• Sales Count down 84.7%
• Seasonally adjusted sales count down 78.1%
• Days to Sell increased 1 day.
The current Days to Sell of 24 days is
much less than the 10-year average
for April which is 42 days. The level of
inventory available for sale currently sits
at 18 weeks, one week less than in April
2019.
34 | REINZ Monthly Property Report
April 2020
MEDIAN PRICE VOLUME SOLD
Apr-20 Mar-20 Apr-19 Apr-20 Mar-20 Apr-19
New Plymouth District 469,000 515,000 430,000 17 117 120
South Taranaki District 300,000 275,000 220,000 6 45 36
Stratford District - 335,000 315,000 4 15 11
Taranaki Region 380,000 425,500 380,000 27 177 167
Vs… Mar-20 Apr-19 Vs… Mar-20 Apr-19
New Plymouth District -8.9% 9.1% -85.5% -85.8%
South Taranaki District 9.1% 36.4% -86.7% -83.3%
Stratford District - - -73.3% -63.6%
Taranaki Region -10.7% 0.0% -84.7% -83.8%
TARANAKI REGION TRENDS
PRICE VOLUMES DAYS TO SELL OVERALL
R RECORD MEDIAN PRICE
35 | REINZ Monthly Property Report
GRAPH COMMENTARYThe median price trend had a slight flattening of the upwards trajectory it has been on for the past few years. The trend in sales volume is starting to show the invetiable effects of lockdown. The days to sell trend has been relatively stable over the past year but is now improving. The House Price Index was hit quite hard over the past month but still has had the fifth strongest movement over the past 12 months.
200,000
250,000
300,000
350,000
400,000
450,000
Taranaki Region Median PricePast 5 Years
Taranaki Median Price 12 month MASource: REINZ
0
50
100
150
200
250
300
Taranaki Region Sales VolumesPast 5 Years
Taranaki Volumes 12 month MASource: REINZ
36 | REINZ Monthly Property Report
April 2020
0
10
20
30
40
50
60
Taranaki Region Days To SellPast 5 Years
Taranaki DTS 12 month MASource: REINZ
1,500
1,700
1,900
2,100
2,300
2,500
2,700
2,900
3,100
3,300
3,500
Taranaki Region House Price IndexPast 5 Years
Taranaki HPISource: REINZ
37 | REINZ Monthly Property Report
April 2020
MANAWATU/ WANGANUIR E G I O N A L C O M M E N T A R Y
“House prices in the Manawatu/Wanganui region increased
14.3% year-on-year to $400,000. Additionally, Palmerston North
City and Rangitikei District both achieved new record median
prices of $595,000 and $386,000 respectively. Although new
listings reduced, there were more sales completed towards the
end of April once the country transitioned into Alert Level 3. The
Manawatu/Wanganui region is not solely driven by tourism and
has more stable employment with Government and Defence,
distribution centres, agriculture and the education sector, so
there is an expectation that the region will not be affected as
much as other parts of the country. However, there are a number
of major work and infrastructure projects that have been put on
hold so time will tell how things look going forward. It is unknown
as to how the market will perform in the coming months, but
many buyers and sellers remain positive which is a good start.”
Bindi Norwell
REINZ CEO
Compared to April 2019
• Median Price up 14.3%
• Sales Count down 87.2%
• Days to Sell decreased 6 days
Compared to March 2020
• Median Price down 7.0%
• Seasonally adjusted median price down 5.4%
• Sales Count down 86.7%
• Seasonally adjusted sales count down 87.9%
• Days to Sell decreased 1 day.
The current Days to Sell of 22 days is
much less than the 10-year average
for April which is 40 days. The level of
inventory available for sale currently sits
at 10 weeks, one week less than in April
2019.
38 | REINZ Monthly Property Report
April 2020
MEDIAN PRICE VOLUME SOLD
Apr-20 Mar-20 Apr-19 Apr-20 Mar-20 Apr-19
Horowhenua District 405,000 435,000 360,000 7 65 68
Manawatu District 460,000 475,000 410,000 8 38 44
Palmerston North City 595,000 495,000 418,000 9 123 132
Rangitikei District 386,000 350,000 255,000 6 24 19
Ruapehu District - 275,000 225,000 4 23 22
Tararua District 235,000 270,500 205,000 5 27 22
Whanganui District 342,000 352,560 270,000 10 69 77
Manawatu/Wanganui Region 400,000 430,000 350,000 49 369 384
Vs… Mar-20 Apr-19 Vs… Mar-20 Apr-19
Horowhenua District -6.9% 12.5% -89.2% -89.7%
Manawatu District -3.2% 12.2% -78.9% -81.8%
Palmerston North City 20.2% 42.3% -92.7% -93.2%
Rangitikei District 10.3% 51.4% -75.0% -68.4%
Ruapehu District - - -82.6% -81.8%
Tararua District -13.1% 14.6% -81.5% -77.3%
Whanganui District -3.0% 26.7% -85.5% -87.0%
Manawatu/Wanganui Region -7.0% 14.3% -86.7% -87.2%
MANAWATU/WANGANUI REGION TRENDS
PRICE VOLUMES DAYS TO SELL OVERALL
R RECORD MEDIAN PRICE
R
R
39 | REINZ Monthly Property Report
GRAPH COMMENTARYThe median price trend continues the strong upwards trajectory it has been on for the past three years, with the trend in sales volume starting to show the invetiable effects of lockdown. The days to sell trend has been improving over the past 12 months. The House Price Index took a relatively moderate hit over the past month. Despite this, it remains the best performing region over 3 months and moves to second best performing region over 12 months.
150,000
200,000
250,000
300,000
350,000
400,000
450,000
Manawatu/Wanganui Region Median PricePast 5 Years
Manawatu/Wanganui Median Price 12 month MASource: REINZ
0
50
100
150
200
250
300
350
400
450
500
Manawatu/Wanganui Region Sales VolumesPast 5 Years
Manawatu/Wanganui Volumes 12 month MASource: REINZ
40 | REINZ Monthly Property Report
April 2020
0
10
20
30
40
50
60
70
Manawatu/Wanganui Region Days To SellPast 5 Years
Manawatu/Wanganui DTS 12 month MASource: REINZ
1,500
2,000
2,500
3,000
3,500
4,000
Manawatu/Wanganui Region House Price IndexPast 5 Years
Manawatu/Wanganui HPISource: REINZ
41 | REINZ Monthly Property Report
April 2020
WELLINGTONR E G I O N A L C O M M E N T A R Y
“April saw median prices in Wellington achieve a new record
of $730,000. Additionally, Upper Hutt City also achieved
a record median price of $650,000. The REINZ House
Price Index increased 9.6% year-on-year to sit just under
the 3,000 mark at 2,992. Vendor expectations in terms of
asking prices remains relatively the same, but there is some
anticipation that prices may take a slight fall over the coming
months. There have been a few more investor enquiries
come through over the last month. On the flipside, there
have been less first home buyer enquiries. However, first
home buyers should start to make their way back into the
market with the temporary removal of LVRs, depending
on whether they have lost income or not. There may be
more job security for those that live and work in Wellington
due to the number of government jobs in the region when
compared to other regions which could also see the region
recover more quickly than others when it comes to sales
volumes.”
Mark Coffey
REINZ Regional Director
Compared to April 2019
• Median Price up 18.3%
• Sales Count down 83.3%
• Days to Sell decreased 1 day
Compared to March 2020
• Median Price up 3.1%
• Seasonally adjusted median price up 3.8%
• Sales Count down 85.1%
• Seasonally adjusted sales count down 88.8%
• Days to Sell increased 4 days.
The current Days to Sell of 31 days is less
than the 10-year average for April of 35
days. The level of inventory available for
sale currently sits at 9 weeks, one week
less than in April 2019 and is the lowest
weeks of inventory of all the regions.
42 | REINZ Monthly Property Report
April 2020
MEDIAN PRICE VOLUME SOLD
Apr-20 Mar-20 Apr-19 Apr-20 Mar-20 Apr-19
Carterton District - 530,000 390,000 1 21 13
Kapiti Coast District 600,500 650,000 580,000 9 92 92
Lower Hutt City 590,000 660,000 587,000 16 153 150
Masterton District 474,700 450,000 365,000 9 49 40
Porirua City 730,000 700,000 610,000 8 62 56
South Wairarapa District - 700,000 475,000 3 27 20
Upper Hutt City 650,000 640,000 562,500 11 73 69
Wellington City 791,000 815,000 750,000 58 297 250
Wellington Region 730,000 708,220 617,077 115 774 690
Vs… Mar-20 Apr-19 Vs… Mar-20 Apr-19
Carterton District - - -95.2% -92.3%
Kapiti Coast District -7.6% 3.5% -90.2% -90.2%
Lower Hutt City -10.6% 0.5% -89.5% -89.3%
Masterton District 5.5% 30.1% -81.6% -77.5%
Porirua City 4.3% 19.7% -87.1% -85.7%
South Wairarapa District - - -88.9% -85.0%
Upper Hutt City 1.6% 15.6% -84.9% -84.1%
Wellington City -2.9% 5.5% -80.5% -76.8%
Wellington Region 3.1% 18.3% -85.1% -83.3%
WELLINGTON REGION TRENDS
PRICE VOLUMES DAYS TO SELL OVERALL
R RECORD MEDIAN PRICE
R
43 | REINZ Monthly Property Report
The trend in the median price has been strongly increasing over the past two years. The trend in sales volume is starting to show the invetiable effects of lockdown. The days to sell trend remains flat to improving as it has been over the past six months. The House Price Index has taken a relatively moderate hit over the past month and remains a middle-of-the-road performer over both 3 and 12 months.
GRAPH COMMENTARY
350,000
400,000
450,000
500,000
550,000
600,000
650,000
700,000
750,000
Wellington Region Median PricePast 5 Years
Wellington Median Price 12 month MASource: REINZ
100
300
500
700
900
1,100
1,300
Wellington Region Sales VolumesPast 5 Years
Wellington Volumes 12 month MASource: REINZ
44 | REINZ Monthly Property Report
April 2020
0
5
10
15
20
25
30
35
40
45
50
Wellington Region Days To SellPast 5 Years
Wellington DTS 12 month MASource: REINZ
1,500
1,700
1,900
2,100
2,300
2,500
2,700
2,900
3,100
3,300
Wellington Region House Price IndexPast 5 Years
Wellington HPISource: REINZ
45 | REINZ Monthly Property Report
April 2020
NELSON/ MARLBOROUGH/ TASMANR E G I O N A L C O M M E N T A R Y
“In April, The Nelson, Marlborough and Tasman regions all
saw house prices increase with Nelson achieving a new
record median price of $660,000. In saying that, Nelson
also had the lowest number of sales (7) across all regions,
none of which fell into the sub $500,00 price bracket, which
may have resulted in a new record. Overall, the Nelson/
Marlborough/Tasman market remains active even if there
is limited stock. Inspections during Alert Level 3 have been
popular among the $700,000-$750,000 price bracket,
which is the stronger segment of the market. Depending on
how Alert Levels unfold, the region will remain an attractive
relocation destination. Additionally, the Marlborough
region has benefited from a good grape harvest which has
provided job security for many locals. Over the coming
months we should see more listings coming onto the market
from those who have held back due to uncertainty over
COVID-19.”
Bindi Norwell
REINZ CEO
Compared to April 2019
• Median Price up 20.2%
• Sales Count down 85.3%
• Days to Sell decreased 13 days
Compared to March 2020
• Median Price up 6.6%
• Seasonally adjusted median price up 18.2%
• Sales Count down 87.1%
• Seasonally adjusted Sales Count down 82.0%
• Days to Sell decreased 5 days.
The current Days to Sell of 23 days is
much less than the 10-year average
for April which is 37 days. The level of
inventory available for sale currently sits
at 17 weeks, three weeks less than in April
2019.
46 | REINZ Monthly Property Report
April 2020
NELSON/MARLBOROUGH/ TASMAN REGION TRENDS
PRICE VOLUMES DAYS TO SELL OVERALL
MEDIAN PRICE VOLUME SOLD
Apr-20 Mar-20 Apr-19 Apr-20 Mar-20 Apr-19
Nelson City 660,000 605,000 537,500 7 77 83
Marlborough District 460,000 505,000 427,500 14 94 77
Tasman District 656,565 675,000 596,000 11 77 58
Nel/Marl/Tas Region 625,000 586,550 520,000 32 248 218
Vs… Mar-20 Apr-19 Vs… Mar-20 Apr-19
Nelson City 9.1% 22.8% -90.9% -91.6%
Marlborough District -8.9% 7.6% -85.1% -81.8%
Tasman District -2.7% 10.2% -85.7% -81.0%
Nel/Marl/Tas Region 6.6% 20.2% -87.1% -85.3%
R RECORD MEDIAN PRICE
R
47 | REINZ Monthly Property Report
GRAPH COMMENTARYThe median price trend for the region has been climbing over the past two years. The trend in sales volume is starting to show the invetiable effects of lockdown. The days to sell trend has been improving sharply over the past few months. The House Price Index for Nelson/Tasman/Marlborough/West Coast took a solid hit over the past month and is now the second worst performing region over the past 3 and 12 months.
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Nelson/Marlborough/Tasman Region Median PricePast 5 Years
Nelson/Marlborough/Tasman Median Price 12 month MASource: REINZ
0
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Nelson/Marlborough/Tasman Region Sales VolumesPast 5 Years
Nelson/Marlborough/Tasman Volumes 12 month MASource: REINZ
48 | REINZ Monthly Property Report
April 2020
0
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Nelson/Marlborough/Tasman Region Days To SellPast 5 Years
Nelson/Marlborough/Tasman DTS 12 month MASource: REINZ
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Nelson/Marlborough/Tasman/West Coast House Price IndexPast 5 Years
Nelson/Marlborough/Tasman/West Coast HPISource: REINZ
49 | REINZ Monthly Property Report
April 2020
WEST COASTR E G I O N A L C O M M E N T A R Y
“The West Coast recorded a median price of $215,000,
a 7.5% increase compared to the same time last year.
Surprisingly, although the rest of the country had record low
sales count, it was not the lowest monthly sales count for
West Coast. There were a few months in the 1990s where
there were less than the 9 sales seen in April. The market
on the West Coast was surprisingly active throughout April,
particularly in the Buller area with strong interest in both
investment properties and various holdings related to the
onsale of Lafarge Holcim’s Cape Foulwind assets. On the
flipside, the Westland District showed a noticeable slowing,
which reflects the current uncertainty in the community,
with their high level of regional tourism-based employment.
There is a lot of positive talk around the removal of LVRs and
potentially a return of first home buyers, who have been
relatively absent from the West Coast for some time.”
Bindi Norwell
REINZ CEO
Compared to April 2019
• Median Price up 7.5%
• Sales Count down 76.3%
• Days to Sell decreased 24 days
Compared to March 2020
• Median Price up 4.9%
• Seasonally adjusted median price up 11.3%
• Sales Count down 71.9%
• Seasonally adjusted sales count down 47.8%
• Days to Sell increased 30 days.
The current Days to Sell of 63 days is
much less than the 10-year average
for April which is 89 days. The level of
inventory available for sale currently sits
at 96 weeks, 52 weeks more than in April
2019.
50 | REINZ Monthly Property Report
April 2020
MEDIAN PRICE VOLUME SOLD
Apr-20 Mar-20 Apr-19 Apr-20 Mar-20 Apr-19
Buller District 87,500 188,000 166,000 5 13 9
Grey District - 200,000 200,000 4 14 22
Westland District - 325,000 230,000 - 5 7
West Coast Region 215,000 205,000 200,000 9 32 38
Vs… Mar-20 Apr-19 Vs… Mar-20 Apr-19
Buller District -53.5% -47.3% -61.5% -44.4%
Grey District - - -71.4% -81.8%
Westland District - - - -
West Coast Region 4.9% 7.5% -71.9% -76.3%
WEST COAST REGION TRENDS
PRICE VOLUMES DAYS TO SELL OVERALL
R RECORD MEDIAN PRICE
51 | REINZ Monthly Property Report
GRAPH COMMENTARYThe median price trend has been increasing over the past few months. The volume trend has been stable to decreasing over the same period. The days to sell trend has had it's ups and downs over the past year but has had a generally improving trend over the past few years. The House Price Index for Nelson/Tasman/Marlborough/West Coast took a solid hit over the past month and is now the second worst performing region over the past 3 and 12 months.
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West Coast Region Median PricePast 5 Years
West Coast Median Price 12 month MASource: REINZ
0
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West Coast Region Sales VolumesPast 5 Years
West Coast Volumes 12 month MASource: REINZ
52 | REINZ Monthly Property Report
April 2020
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West Coast Region Days To SellPast 5 Years
West Coast DTS 12 month MASource: REINZ
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Nelson/Marlborough/Tasman/West Coast House Price IndexPast 5 Years
Nelson/Marlborough/Tasman/West Coast HPISource: REINZ
53 | REINZ Monthly Property Report
April 2020
CANTERBURYR E G I O N A L C O M M E N T A R Y
“In April, the Canterbury market achieved an annual median
house price of $465,000. The Canterbury marketplace
has resilience embedded into the community due to the
earthquakes so potentially buyers and sellers in the region
may be less likely to be concerned about things going
forward. The region is less reliant on tourism and international
students compared to other regions, so there may be less
impact on the market. Buyers and sellers in the region
have remained relatively upbeat about the market going
forward. The region is less reliant on tourism and international
students compared to other regions, so there may be a
lesser impact on the market in the long term. Over the
coming months, there is an expectation that sales volumes
may reduce, but with more than 200 new listings coming
onto the market in April this may not come to pass. Looking
forward median prices are expected to stay relatively stable.”
Bindi Norwell
REINZ CEO
Compared to April 2019
• Median Price up 3.3%
• Sales Count down 76.2%
• Days to Sell decreased 1 day
Compared to March 2020
• Median Price down 4.9%
• Seasonally adjusted median price down 2.1%
• Sales Count down 79.9%
• Seasonally adjusted sales count down 75.2%
• Days to Sell increased 7 days.
The current Days to Sell of 36 days is
more than the 10-year average for April
which is 34 days. The level of inventory
available for sale currently sits at 18
weeks, three weeks less than in April 2019.
54 | REINZ Monthly Property Report
April 2020
MEDIAN PRICE VOLUME SOLD
Apr-20 Mar-20 Apr-19 Apr-20 Mar-20 Apr-19
Ashburton District 377,000 389,000 340,000 8 64 54
Christchurch City 455,000 500,000 451,000 126 644 531
Hurunui District 464,000 420,000 338,000 6 21 11
Kaikoura District - - - - 4 4
Mackenzie District - 437,000 415,000 - 6 8
Selwyn District 540,000 545,000 555,000 29 114 85
Timaru District 335,000 365,000 379,000 13 52 60
Waimakariri District 455,000 480,000 430,500 19 87 86
Waimate District - 285,000 285,000 1 12 8
Canterbury Region 465,000 489,000 450,000 202 1,004 847
Vs… Mar-20 Apr-19 Vs… Mar-20 Apr-19
Ashburton District -3.1% 10.9% -87.5% -85.2%
Christchurch City -9.0% 0.9% -80.4% -76.3%
Hurunui District 10.5% 37.3% -71.4% -45.5%
Kaikoura District - - - -
Mackenzie District - - - -
Selwyn District -0.9% -2.7% -74.6% -65.9%
Timaru District -8.2% -11.6% -75.0% -78.3%
Waimakariri District -5.2% 5.7% -78.2% -77.9%
Waimate District - - -91.7% -87.5%
Canterbury Region -4.9% 3.3% -79.9% -76.2%
CANTERBURY REGION TRENDS
PRICE VOLUMES DAYS TO SELL OVERALL
R RECORD MEDIAN PRICE
55 | REINZ Monthly Property Report
The median price trend continues to increase. The trend in sales volume is starting to show the invetiable effects of lockdown. The days to sell trend has started to improve over the past few months. The House Price Index took the second largest hit of all the regions and is the worst performing region over 12 months.
GRAPH COMMENTARY
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Canterbury Region Median PricePast 5 Years
Canterbury Median Price 12 month MASource: REINZSource: REINZSource: REINZ
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Canterbury Region Sales VolumesPast 5 Years
Canterbury Volumes 12 month MASource: REINZ
56 | REINZ Monthly Property Report
April 2020
0
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Canterbury Region Days To SellPast 5 Years
Canterbury DTS 12 month MASource: REINZSource: REINZ
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Canterbury Region House Price IndexPast 5 Years
Canterbury HPISource: REINZ
57 | REINZ Monthly Property Report
April 2020
OTAGOR E G I O N A L C O M M E N T A R Y
Queenstown Lakes
“Queenstown Lakes saw the median prices decrease by
6.6% to $850,000 year-on-year. Given a considerable
number of buyers are from outside the region, the lack of
in-person viewings has impacted the market therefore the
move into Level 2 this week is very welcome. The industry
remains positive and whilst acknowledging that the loss
of Airbnb will have an impact on the rental market it will
be good news for renters and be encouraging for people
wanting to move into the area. The number of new listings
in Level 3 was less than anticipated but that is now steadily
increasing.”
Gail Hudson
REINZ Regional Director
Dunedin City
“Median prices in Dunedin increased annually by 14%
to $490,000. There is some interest and activity from
investors, but most are taking a wait and see approach
to see if the market adjusts post-COVID-19. The market
is expected to remain fairly stable at this stage but the
strongest market indicators will become clear once we
enter Alert Level 2.”
Liz Nidd
REINZ Regional Commentator
Compared to April 2019
• Median Price down 12.1%
• Sales Count down 85.8%
• Days to Sell increased 2 days.
Compared to March 2020
• Median Price down 25.2%
• Seasonally adjusted median price down 26.6%
• Sales Count down 86.5%
• Seasonally adjusted sales count down 89.4%
• Days to Sell increased 3 days.
The current Days to Sell of 31 days is less
than the 10-year average for April which
is 36 days. The level of inventory available
for sale currently sits at 14 weeks, three
weeks more than in April 2019.
58 | REINZ Monthly Property Report
April 2020
MEDIAN PRICE VOLUME SOLD
Apr-20 Mar-20 Apr-19 Apr-20 Mar-20 Apr-19
Central Otago District 325,000 568,000 520,000 6 32 39
Clutha District 375,000 247,700 270,800 9 30 19
Dunedin City 490,000 535,000 430,000 22 195 195
Queenstown-Lakes District 850,000 1,070,000 910,000 7 64 63
Waitaki District 295,000 355,000 305,000 6 49 36
Otago Region 400,000 535,000 455,000 50 370 352
Vs… Mar-20 Apr-19 Vs… Mar-20 Apr-19
Central Otago District -42.8% -37.5% -81.3% -84.6%
Clutha District 51.4% 38.5% -70.0% -52.6%
Dunedin City -8.4% 14.0% -88.7% -88.7%
Queenstown-Lakes District -20.6% -6.6% -89.1% -88.9%
Waitaki District -16.9% -3.3% -87.8% -83.3%
Otago Region -25.2% -12.1% -86.5% -85.8%
OTAGO REGION TRENDS
PRICE VOLUMES DAYS TO SELL OVERALL
R RECORD MEDIAN PRICE
R
59 | REINZ Monthly Property Report
GRAPH COMMENTARYThe median price trend has been increasing for many years with the particularly strong performance over the past year being tempered by a fall in the past couple of months. The trend in sales volume is starting to show the invetiable effects of lockdown. The trend in days to sell has been flat to improving over the past six months. The House Price Index for Otago had a relatively good result over the past month and is the fourth best performing region over the past 12 months.
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Otago Region Median PricePast 5 Years
Otago Median Price 12 month MASource: REINZ
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Otago Region Sales VolumesPast 5 Years
Otago Volumes 12 month MASource: REINZ
60 | REINZ Monthly Property Report
April 2020
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Otago Region Days To SellPast 5 Years
Otago DTS 12 month MASource: REINZ
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Otago Region House Price IndexPast 5 Years
Otago HPISource: REINZ
61 | REINZ Monthly Property Report
April 2020
SOUTHLANDR E G I O N A L C O M M E N T A R Y
“The Southland region experienced a 6.8% increase in
median prices to $316,000 compared to the same time
last year. However, sales volumes dropped 92% year-on-
year (11 sales), the worst hit region across the country.
Feedback across the region is that there has been many
enquires throughout lockdown, especially in Gore where
there is demand from out of town buyers as well as high
rental demand. Over in Te Anau there has also been positive
enquiry with first home buyers and owner occupiers who are
attracted to the lifestyle and the affordability compared to
other regions across the South Island. The region continues
to be discovered, with room to grow. Over the coming
months, the market is expected to be slower than usual with
some help from the temporary removal of LVRs.”
Bindi Norwell REINZ CEO
Compared to April 2019
• Median Price up 6.8%
• Sales Count down 92.1%
• Days to Sell increased 2 days.
Compared to March 2020
• Median Price down 14.6%
• Seasonally adjusted median price down 12.7%
• Sales Count down 93.8%
• Seasonally adjusted sales count down 88.2%
• Days to Sell increased 3 days.
The current Days to Sell of 30 days is less
than the 10-year average for April which
is 39 days. The level of inventory available
for sale currently sits at 16 weeks, three
weeks more than in April 2019.
62 | REINZ Monthly Property Report
April 2020
MEDIAN PRICE VOLUME SOLD
Apr-20 Mar-20 Apr-19 Apr-20 Mar-20 Apr-19
Gore District - 369,000 249,000 2 23 13
Invercargill City 265,000 360,000 300,000 5 122 108
Southland District - 415,000 235,000 4 32 19
Southland Region 316,000 370,000 296,000 11 177 140
Vs… Mar-20 Apr-19 Vs… Mar-20 Apr-19
Gore District - - -91.3% -84.6%
Invercargill City -26.4% -11.7% -95.9% -95.4%
Southland District - - -87.5% -78.9%
Southland Region -14.6% 6.8% -93.8% -92.1%
SOUTHLAND REGION TRENDS
PRICE VOLUMES DAYS TO SELL OVERALL
R RECORD MEDIAN PRICE
63 | REINZ Monthly Property Report
GRAPH COMMENTARYThe median price trend has been increasing for many years with a particularly strong performance over the past year. The trend in sales volume is starting to show the invetiable effects of lockdown. The days to sell trend has been improving over the last two years, part of a longer five year trend. The House Price Index for Southland had a slight increase over the past month, only one of three regions to do so, and this meant it was the third best performing region last month and it takes the title of best performing region over the past 12 months.
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Southland Region Median PricePast 5 Years
Southland Median Price 12 month MASource: REINZ
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Southland Region Sales VolumesPast 5 Years
Southland Volumes 12 month MASource: REINZ
64 | REINZ Monthly Property Report
April 2020
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Southland Region Days To SellPast 5 Years
Southland DTS 12 month MASource: REINZ
1,500
2,000
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Southland Region House Price IndexPast 5 Years
Southland HPISource: REINZ