Posted: 02 Nov 2014 07:57 PM PST
The number of new listings on the residential property market surged by 32% in October after a slowish September. Figures released by Realestate.co.nz, New Zealand's largest online database of homes for sale, show that 13,765 new homes came onto the market in October.
With the election, we didn't see the usual spring rise in homes for sale, but the strong rise in October brings us back close to long-term figures.
After this market correction, both the total number of new homes listed and the average asking price is now close to what it had been a year ago. The New Zealand home market has 1.5% fewer new listings on the market than at the corresponding time last year, with an average asking price of $488,393 – only 1.3% higher than in October 2013. The record national average asking price of $490,550 was recorded in June this year. The average asking price in Auckland remains high though, at just under $700,000.
The total number of homes for sale nationally is 39,917, compared to 38,557 a year ago. While the number of homes on the Auckland market is slightly lower than in October 2013, the figures for other major regions have risen significantly. In Wellington 2647 homes are now for sale, versus 2357 the previous year, an increase of more than 11%. The number of homes for sale in Canterbury rose from 3132 to 3679, up 15%. Waikato has 18% more homes for sale than the year before – 3549 compared to 2916. In Manawatu/Wanganui, the number of homes for sale rose from 2089 to 2706, an increase of 23%.
Not only are there more homes for sale, there seems to be more people wanting homes.
Based on the number of visitors to our site, buyer interest is strong at the moment. This October, we've had 78% more daily unique browsers * than a year ago. As home buyers increasingly recognise that Realestate.co.nz is the premier website for the real estate market, the number of visitors to the site keeps increasing strongly.
Not only have we seen a significant lift in site visits, but we have also seen a 40% lift in listing email enquiries over the last year, a further indication that buyer interest is strong.
* Based on Nielsen Market Intelligence – October 2013 vs. Oct 2014.
For Media Enquiries, please contact:
Paul McKenzie, National Marketing Manager, Realestate.co.nz | +64 21 618 537
Truncated mean The monthly asking price for new listings presented in this report utilises the measure of 'truncated mean'. This measure is judged to be a more accurate measure of the market price than average price as it statistically removes the extremes that exist within any property market that can so easily introduce a skew to traditional average price figures. The truncated mean used in this report removes the upper 10% and the lower 10% of listings in each data set.
Methodology The realestate.co.nz data is compiled from new listings coming onto the market from the more than 1,000 licensed real estate offices across NZ, representing more than 97% of all offices. With an average monthly level of over 11,000 new listings, the realestate.co.nz data provides the largest monthly sample on the residential property market.
Seasonally adjustment The core data is seasonally adjusted to better represent the core underlying trend of the property market in NZ. In preparing this seasonally adjusted data Realestate.co.nz is grateful for the assistance of the New Zealand Institute of Economic Research (NZIER) who use an X12 ARIMA methodology to calculate seasonally adjusted data.
Background to Realestate.co.nz Realestate.co.nz Ltd is the official online property listing company of the New Zealand real estate industry, currently hosting over 100,000 listings, covering this portfolio of residential property for sale and rent, commercial property for sale and lease, rural properties and farms, as well as businesses for sale. The raw property report data is accessible here as an Excel spreadsheet enabling anyone to analyse the raw data and establish any trends or observations. Usage rights are governed under attribution to the source of the data being Realestate.co.nz.
By Paul McKenzie, Marketing Manager, Realestate.co.nz
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