Property Talk with
June 2018
Monty & Sahab
The median price trend continues to flatten but is still increasing slightly. The sales volume trend has been fairly flat over the past six months. The days to sell trend continues to ease slightly. The House Price Index has not moved much over the past 12 months.
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 20 weeks, roughly three weeks more than in April 2017. Jim Davis, REINZ Regional Director, says “The market is a typical Canterbury early winter market. There is still good interest, but agents are having to work smarter to put sales together. We are still seeing good enquiries across the price brackets, but especially in the lower end. With the market tracking on and with new rules for investors, there is more stock at the lower end to choose from. A substantial section of the market is first home buyers, and they are taking advantage of the choice at the moment.
The open home attendances have quietened off since the first quarter of this year, but this is a typical pattern we see each year at this time.
Compared to April 2017: • Median Price down 1% • Sales Count up 13% • Days to Sell unchanged
Looking forward, there will probably be a long winter market with the days stretching out and more pressure on prices from savvy buyers, but there is no expectation of a major change to our current steady market.”
Compared to March 2018: • Median Price down 2% • Seasonally adjusted median price down 1% • Sales Count down 18% • Seasonally adjusted sales count up 8% • Days to Sell decreased 1 day
Median Price Breakdown April 2018
O
ur seasonally adjusted results tell us that, compared to what we expect when moving from March to April, the observed decrease in median price was a touch larger than expected and the observed decrease in sales count was smaller than expected.
CANTERBURY REGION Waimate District
$441,000 $203,000 $445,000
Waimakariri District
$345,000
Timaru District
$568,000
Selwyn District
$415,000
Mackenzie District
$325,000
Hurunui District
$447,500
Christchurch City
$332,000
Ashburton District
REINZ Residential Statistics Report for April 2018 “Real estate industry sees highest annual volume increase in 23 months”, says REINZ “The last time there was an annual increase in the number of properties sold that was this strong, was in May 2016. It is a pleasing result for the industry that we have had three out of four months suggesting that the market is in a good position,” says REINZ Chief Executive, Bindi Norwell. For more REINZ HPI information, see https://www.reinz.co.nz/reinz-hpi
Northland
$455,000
Auckland
$850,000
Waikato
$503,000
Bay of Plenty
$570,000
Gisborne
$320,000
Hawke’s Bay
$431,250
Manawatu/Wanganui
$305,000
Taranaki
$365,000
Wellington
$558,000
Nelson
$550,000
Marlborough
36
Median days to sell in APRIL
$550,000
national median sale price The REINZ House Price Index shows: National
+3.8% on April 2017
$420,000
National ex Auck
+6.6% on April 2017
Tasman
$530,000
Auckland
+0.9% on April 2017
West Coast
$172,000
Canterbury
$441,000
Otago
$460,000
National
-0.1% on March 2018
Southland
$250,000
NZ excluding Auckland
$460,000
NEW ZEALAND TOTAL
$550,000
National ex Auck
-0.0% on March 2018
Auckland
-0.3% on March 2018
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Monty Parti
Mike Pero Real Estate Ltd Licensed REAA (2008)
Phone 021 223 6999 monty.parti@mikepero.com www.mikepero.com
Sahab Hussain
Phone 027 223 2506 sahab.hussain@mikepero.com www.mikepero.com