MONTHLY PROPERTY REPORT. · 2020. 5. 14. · 3 | REINZ Monthly Property Report KEY DATA SUMMARY MEDIAN HOUSE PRICE MONTH-ON-MONTH $680,000 - up from $670,000 + 1.5% since last month

MONTHLY PROPERTY REPORT.

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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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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.


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


Auckland

REINZ HOUSE PRICE INDEX

2,951 - up from 2,717 + 8.6% year-on-year



National


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


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


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


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



National


Auckland

SEASONALLY ADJUSTED MEDIAN HOUSE PRICE

VOLUME SOLD MONTH-ON-MONTH

767 - down from 4,774 -83.9% since last month


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


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


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


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


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%


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%


• 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


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


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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500

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


April 2020

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Northland Region Days To SellPast 5 Years

Northland DTS 12 month MASource: REINZ

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2,100

2,300

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2,700

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3,100

3,300

Northland Region House Price IndexPast 5 Years

Northland HPISource: REINZ


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




• Days to Sell decreased 7 days.



• Seasonally adjusted median price up 0.6%



• 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.


April 2020



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


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



R

R


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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900,000

950,000

Auckland Region Median PricePast 5 Years

Auckland Median Price 12 month MASource: REINZ

0

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1,000

1,500

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4,000

Auckland Region Sales VolumesPast 5 Years

Auckland Volumes 12 month MASource: REINZ


April 2020

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Auckland Region Days To SellPast 5 Years

Auckland DTS 12 month MASource: REINZ

1,500

1,700

1,900

2,100

2,300

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2,900

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3,300

Auckland Region House Price IndexPast 5 Years

Auckland HPISource: REINZ


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











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.


April 2020



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


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



R

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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

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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


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


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





• Days to Sell decreased 7 days








much less than the 10-year average



at 16 weeks, one week less than in April

2019.


April 2020



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


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



R


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

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300

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500

600

700

800

Bay of Plenty Region Sales VolumesPast 5 Years

BOP Volumes 12 month MASource: REINZ


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

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Bay of Plenty Region Days To SellPast 5 Years

BOP DTS 12 month MASource: REINZ


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















for sale currently sits at 15 weeks, three

weeks more than in April 2019.


April 2020



Gisborne District 400,000 401,618 358,000 9 45 67

Gisborne Region 400,000 401,618 358,000 9 45 67


Gisborne District -0.4% 11.7% -80.0% -86.6%

Gisborne Region -0.4% 11.7% -80.0% -86.6%

GISBORNE REGION TRENDS




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.

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450,000

Gisborne Region Median PricePast 5 Years

Gisborne Median Price 12 month MASource: REINZ

0

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30

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60

70

80

90

100

Gisborne Region Sales VolumesPast 5 Years

Gisborne Volumes 12 month MASource: REINZ


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


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














for sale currently sits at 10 weeks, the

same as in April 2019.


April 2020



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


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



R

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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.

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500,000

550,000

Hawke's Bay Region Median PricePast 5 Years

Hawke's Bay Median Price 12 month MASource: REINZ

0

50

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200

250

300

350

Hawke's Bay Region Sales VolumesPast 5 Years

Hawke's Bay Volumes 12 month MASource: REINZ


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


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


• Median Price stayed the same








• Days to Sell increased 1 day.






2019.


April 2020



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


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




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.

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450,000

Taranaki Region Median PricePast 5 Years

Taranaki Median Price 12 month MASource: REINZ

0

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300

Taranaki Region Sales VolumesPast 5 Years

Taranaki Volumes 12 month MASource: REINZ


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


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










• Days to Sell decreased 1 day.






2019.


April 2020



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


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



R

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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.

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350,000

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450,000

Manawatu/Wanganui Region Median PricePast 5 Years

Manawatu/Wanganui Median Price 12 month MASource: REINZ

0

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150

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250

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350

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450

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Manawatu/Wanganui Region Sales VolumesPast 5 Years

Manawatu/Wanganui Volumes 12 month MASource: REINZ


April 2020

0

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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


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





• Days to Sell decreased 1 day








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.


April 2020



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


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



R


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

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650,000

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750,000

Wellington Region Median PricePast 5 Years

Wellington Median Price 12 month MASource: REINZ

100

300

500

700

900

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1,300

Wellington Region Sales VolumesPast 5 Years

Wellington Volumes 12 month MASource: REINZ


April 2020

0

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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


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









• Seasonally adjusted Sales Count down 82.0%

• Days to Sell decreased 5 days.





at 17 weeks, three weeks less than in April

2019.


April 2020

NELSON/MARLBOROUGH/ TASMAN REGION TRENDS




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


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


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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600,000

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


April 2020

0

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25

30

35

40

45

50

Nelson/Marlborough/Tasman Region Days To SellPast 5 Years

Nelson/Marlborough/Tasman DTS 12 month MASource: REINZ

1,500

1,600

1,700

1,800

1,900

2,000

2,100

2,200

2,300

2,400

2,500

Nelson/Marlborough/Tasman/West Coast House Price IndexPast 5 Years

Nelson/Marlborough/Tasman/West Coast HPISource: REINZ


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















at 96 weeks, 52 weeks more than in April

2019.


April 2020



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


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




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


April 2020

0

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West Coast Region Days To SellPast 5 Years

West Coast DTS 12 month MASource: REINZ

1,500

1,700

1,900

2,100

2,300

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2,700

Nelson/Marlborough/Tasman/West Coast House Price IndexPast 5 Years

Nelson/Marlborough/Tasman/West Coast HPISource: REINZ


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




• Days to Sell decreased 1 day








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.


April 2020



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


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




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


April 2020

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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


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


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

















April 2020



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


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



R


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


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


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

















April 2020



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


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




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


April 2020

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Southland Region Days To SellPast 5 Years

Southland DTS 12 month MASource: REINZ

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Southland Region House Price IndexPast 5 Years

Southland HPISource: REINZ

Documents

MONTHLY PROPERTY REPORT. · 2020. 5. 14. · 3 | REINZ Monthly Property Report KEY DATA SUMMARY MEDIAN HOUSE PRICE MONTH-ON-MONTH $680,000 - up from $670,000 + 1.5% since last month