REINZ Auckland Region Analysis for December 2015

Dec-14
$801,000
$599,500
$810,000
$645,000
$702,000
$637,500
$557,000
$678,000

Nov-15
0.6%
0.8%
4.5%
3.3%
1.3%
-5.1%
2.8%
0.7%

Dec-14
13.6%
19.7%
7.0%
17.8%
14.0%
16.9%
14.0%
13.6%

Vs…
REINZ Chief Executive, Colleen Milne noted that, "Adjustment to the new LVR rules continues to be evident in Auckland
with sales volumes easing as a result. Numbers at open homes have fallen, but this may reflect fewer speculators and a
consequent increase in genuine buyers. There is also anecdotal evidence that buyers headed off on holiday a bit earlier
this year. While sales volumes have fallen, prices remain firm across the region."
Graph Commentary
The trend in the median price continues to rise, although the volume trend has dropped down to easing due to the
decline in sales volume since the middle of 2015 . The days to sell trend has eased to flat. The overall trend for the
region is now also flat.

North Shore City
Waitakere City
Auckland City
Manukau City
Metro Auckland
Rodney District
Outer Auckland
Auckland Region

Nov-15
-3.7%
-9.0%
-14.1%
-17.6%
-12.0%
6.7%
-9.0%
-11.5%

Dec-14
-27.8%
-18.4%
-14.4%
-26.7%
-21.5%
-4.5%
0.6%
-18.6%

Vs…

Auckland Median Price

Source: REINZ

Auckland Volumes

Jul-14

12 month MA

Oct-14

Jan-14

Apr-14

Jul-13

Oct-13

Jan-13

Apr-13

Jul-12

Oct-12

Jan-12

Apr-12

Jul-11

Jan-11

Jul-15

Oct-15

Apr-15

Jan-15

Jul-14

12 month MA

Oct-14

Jan-14

Apr-14

Oct-13

Jul-13

0
Apr-13

500

$400,000
Jan-13

1,000

$450,000
Jul-12

1,500

$500,000

Oct-12

2,000

$550,000

Jan-12

2,500

$600,000

Apr-12

3,000

$650,000

Oct-11

3,500

$700,000

Oct-11

Past 5 Years

Apr-11

Auckland Region Sales Volumes
4,000

Jul-11

Dec-14
572
370
818
498
2,373
200
361
2,734

Past 5 Years
$750,000

Jan-11

Volume Sold
Nov-15
429
332
815
443
2,115
179
399
2,514

Auckland Region Median Price
$800,000

Apr-11

Dec-15
413
302
700
365
1,862
191
363
2,225

Overall

Oct-15

The number of days to sell improved by two days in December, from 33 days in November to 31 days in December.
Compared to December 2014, the number of days to sell eased by two days. Over the past 10 years the average number
of days to sell during December for Auckland has been 31 days.

North Shore City
Waitakere City
Auckland City
Manukau City
Metro Auckland
Rodney District
Outer Auckland
Auckland Region

Median Price
Nov-15
$905,000
$711,500
$830,000
$736,000
$790,000
$785,000
$617,500
$765,000

Days to Sell

Jul-15

Compared to December 2014 the median price increased by $92,000 (+14%), with prices increasing 20% in Waitakere,
18% in Manukau and 17% in Rodney. The region's median price rose $5,000 (+1%) compared to November, with prices
rising 5% in Auckland City, 3% in Manukau and 3% in Outer Auckland.

Dec-15
$910,000
$717,500
$867,000
$760,000
$800,000
$745,000
$635,000
$770,000

Volumes

Apr-15

Sales volume in the Auckland region fell 12% compared to November, although on a seasonally adjusted basis sales rose
8%. The largest falls occurred in Manukau (-18%), and Auckland City (-14%). Compared to December 2014 sales fell 19%
across the region, with the largest falls in North Shore (-28%), Manukau (-27%) and Waitakere (-18%).

Source: REINZ

Price

Auckland Region Trends

Jan-15

Commentary

 REINZ Northland Region Analysis for December 2015
Commentary

Price

Northland Region Trends

Sales volume in Northland rose by 39% compared to December 2014, with increases in Otamatea County (+81%),
Whangarei City (+66%) and Kerikeri (+27%). Compared to November, sales volumes fell 13% across the region, with a
35% fall in Whangarei County and a 27% fall in Whangarei City, although Otamatea Country increased by 16%.

The median price across the region rose by $60,000 (+20%) compared to December 2014, with prices rising 38% in
Otamatea County, 29% in Kerikeri and 24% in Whangarei County. Compared to November, the median price rose
$23,250 (+7%) with prices rising 4% in Whangarei County and 3% in Whangarei City but falling across the rest of the
region.

Dec-15
$325,000
$482,500
$444,000
$515,000
$360,000

Whangarei City
Whangarei County
Otamatea County
Kerikeri
Northland

Median Price
Nov-15
$315,000
$465,000
$535,000
$560,000
$336,750

Dec-14
$277,500
$390,000
$321,250
$400,000
$300,000

Nov-15
3.2%
3.8%
-17.0%
-8.0%
6.9%

Dec-14
17.1%
23.7%
38.2%
28.8%
20.0%

Vs…
The number of days to sell improved by eight days in December, from 44 days in November to 36 days in December. The
number of days to sell improved by 23 days compared to December 2014. Over the past 10 years the average number
of days to sell during December for Northland has been 54 days.

REINZ Chief Executive, Colleen Milne noted that, "Northland is currently the most robust real estate market in the
country, with the surge in demand for coastal properties certainly increasing activity. The volume of inventory has
declined significantly during 2015 and is now steady at historically low levels, while sales volumes remain strong."

Volumes

Whangarei City
Whangarei County
Otamatea County
Kerikeri
Northland

Days to Sell

Overall

Volume Sold
Nov-15
83
113
28
43
29
25
19
20
241
278

Dec-15

Vs…

Dec-14
50
37
16
15
173

Nov-15
-26.5%
-34.9%
16.0%
-5.0%
-13.3%

Dec-14
66.0%
-24.3%
81.3%
26.7%
39.3%

Graph Commentary
The trend in median price is now improving, with the trend in sales volume continuing to rise. The days to sell trend is
also now rising, with the overall trend for the region now rising. Northland is the most robust market in the country.

Northland Region Median Price

Northland Region Sales Volumes

Source: REINZ

Northland Median Price

12 month MA

Source: REINZ

Northland Volumes

12 month MA

Oct-15

Jul-15

Apr-15

Jan-15

Oct-14

Jul-14

Apr-14

Jan-14

Oct-13

Jul-13

Jan-13

Apr-13

Jul-12

Oct-12

Jan-12

Apr-12

Jul-11

Jan-11

Jul-15

Oct-15

Jan-15

Apr-15

Oct-14

Jul-14

Jan-14

Apr-14

Jul-13

Oct-13

Apr-13

0
Jan-13

$230,000
Jul-12

50
Oct-12

$255,000
Jan-12

100

Apr-12

150

$280,000

Oct-11

200

$305,000

Jul-11

$330,000

Jan-11

250

Apr-11

$355,000

Oct-11

Past 5 Years
300

Apr-11

Past 5 Years
$380,000

 REINZ Waikato/Bay of Plenty Region Analysis for December 2015
Commentary

Waikato/Bay of Plenty Region Trends

Sales volumes compared to December 2014 rose 30%, with sales in Gisborne rising 113%, Rotorua rising 78% and Taupo
rising 40%. Compared to November sales across the region fell 8%, although on a seasonally adjusted basis sales rose
0.3%. Sales rose 31% in Gisborne, 3% in Tauranga, and 1% in Mt Maunganui/Papamoa, but fell across the rest of the
region.

The median price across the region rose $39,250 (+11%) compared to December 2014 to reach a new record median
high. Prices rose 24% in Mt Maunganui/Papamoa, 18% in Hamilton and 16% in Tauranga. Compared to November the
median price rose $2,500 (+1%), with prices rising 6% in Eastern BOP Country, 6% in Hamilton and 4% in Tauranga.

The number of days to sell improved two days in December, from 33 days in November to 31 days in December. The
number of days to sell improved by 10 days compared to December 2014. Over the past 10 years the average number
of days to sell during December for the region has been 44 days.

REINZ Regional Director, Philip Searle noted that "There are indications that first home buyers across the region are
starting to find increased price competition which in some cases is making buying difficult for them. Aucklanders
continue to feature strongly across the region, particularly in Hamilton and Tauranga. Listings remain very tight across
the region with the significant fall in the number of days to sell compared to last December indicative of underlying
demand."
Graph Commentary
The trend in median price is now steady, although the trend in sales volume is now rising. The days to sell trend is also
now rising, with the overall trend for the region continuing to improve.

Hamilton City
Waikato Country
Tauranga
Mt Maunganui/Papamoa
Rotorua
Taupo
Eastern BOP Country
Gisborne
Waikato/Bay of Plenty

Dec-15
$449,500
$290,000
$470,000
$560,000
$250,000
$359,000
$300,250
$238,500
$395,000

Price

Volumes

Median Price
Nov-15
$425,000
$302,500
$450,000
$582,000
$258,000
$354,000
$283,000
$235,000
$392,500

Dec-14
$380,000
$287,500
$406,000
$451,250
$255,000
$340,000
$270,000
$255,000
$355,750

Nov-15
5.8%
-4.1%
4.4%
-3.8%
-3.1%
1.4%
6.1%
1.5%
0.6%

Dec-14
18.3%
0.9%
15.8%
24.1%
-2.0%
5.6%
11.2%
-6.5%
11.0%

Vs…
Hamilton City
Waikato Country
Tauranga
Mt Maunganui/Papamoa
Rotorua
Taupo
Eastern BOP Country
Gisborne
Waikato/Bay of Plenty

Dec-15
342
246
208
135
130
67
55
64
1,426

Days to Sell

Overall

Volume Sold
Nov-15
401
272
202
134
149
81
67
49
1,554

Dec-14
305
210
158
108
73
48
41
30
1,100

Nov-15
-14.7%
-9.6%
3.0%
0.7%
-12.8%
-17.3%
-17.9%
30.6%
-8.2%

Dec-14
12.1%
17.1%
31.6%
25.0%
78.1%
39.6%
34.1%
113.3%
29.6%

Vs…

Waikato/BOP Region Median Price

Waikato/BOP Region Sales Volumes

Past 5 Years

Past 5 Years

Waikato/BOP Median Price

Source: REINZ

Waikato/BOP Volumes

Oct-15

Jul-15

Apr-15

Jan-15

Jul-14

12 month MA

Oct-14

Jan-14

Apr-14

Jul-13

Oct-13

Jan-13

Apr-13

Jul-12

Oct-12

Jan-12

Jul-15

Oct-15

Apr-15

Jan-15

Jul-14

12 month MA

Oct-14

Jan-14

Apr-14

Oct-13

Jul-13

Apr-13

Jan-13

Jul-12

Oct-12

Jan-12

Apr-12

Oct-11

Jul-11

Jan-11

Source: REINZ

Apr-11

$300,000

Apr-12

$325,000

Jul-11

$350,000

Oct-11

$375,000

Apr-11

1,800
1,600
1,400
1,200
1,000
800
600
400
200
0
Jan-11

$400,000

 REINZ Hawkes Bay Region Analysis for December 2015
Commentary

Price

Hawkes Bay Region Trends

Sales volumes in Hawkes Bay rose 26% compared to December 2014, with sales rising 39% in Hawkes Bay Country, 29%
in Napier and 28% in Hastings. Compared to November, sales volumes increased by one property, with sales rising 64%
in Hawkes Bay Country and 7% in Hastings, but falling across the rest of the region.

The median price rose $36,500 (+13%) compared to December 2014, with prices rising 16% in Hastings and 15% in
Napier. Compared to November the median price rose $11,500 (+4%) with prices rising 16% in Dannevirke, 10% in
Hastings and 3% in Napier.

Dec-15
$345,000
$317,500
$111,500
$145,000
$310,500

Napier City
Hastings City
Hawkes Bay Country
Dannevirke
Hawkes Bay

Median Price
Nov-15
$335,000
$287,500
$135,000
$125,000
$299,000

Vs…
The median days to sell for Hawkes Bay eased by one day compared to November, from 32 days in November to 33 days
in December. The number of days to sell improved by 15 days compared to December 2014. Over the past 10 years the
median number of days to sell for the Hawkes Bay region in December has been 46 days.

REINZ Chief Executive, Colleen Milne noted that, "The property market in the Hawkes Bay has certainly become more
robust over the past few months, with a new record median high and indications that demand is now spread right across
the price range rather than being strong at some price points and soft at others."

Dec-14
$300,000
$275,000
$251,500
$143,000
$274,000

Nov-15
3.0%
10.4%
-17.4%
16.0%
3.8%

Napier City
Hastings City
Hawkes Bay Country
Dannevirke
Hawkes Bay

Volumes

Dec-15
111
104
18
15
264

Dec-14
15.0%
15.5%
-55.7%
1.4%
13.3%

Days to Sell

Overall

Volume Sold
Nov-15
114
97
11
21
263

Dec-14
86
81
13
16
209

Vs…

Nov-15
-2.6%
7.2%
63.6%
-28.6%
0.4%

Dec-14
29.1%
28.4%
38.5%
-6.3%
26.3%

Graph Commentary
The median price trend has moved from easing to flat, although the sales volume trend continues to rise. The days to sell
trend is now also rising, with the overall trend for the region continuing to improve.

Hawkes Bay Region Median Price

Hawkes Bay Region Sales Volumes
Past 5 Years

Past 5 Years
$325,000

350
300

$300,000

250
200

$275,000

150
100

$250,000

50

Source: REINZ

Hawkes Bay Median Price

12 month MA

Source: REINZ

Hawkes Bay Volumes

12 month MA

Oct-15

Jul-15

Apr-15

Jan-15

Oct-14

Jul-14

Apr-14

Jan-14

Oct-13

Jul-13

Jan-13

Apr-13

Jul-12

Oct-12

Jan-12

Apr-12

Jul-11

Oct-11

Jan-11

Apr-11

Jul-15

Oct-15

Jan-15

Apr-15

Oct-14

Jul-14

Jan-14

Apr-14

Jul-13

Oct-13

Apr-13

Jan-13

Jul-12

Oct-12

Jan-12

Apr-12

Oct-11

Jul-11

Jan-11

0
Apr-11

$225,000

 REINZ Manawatu/Wanganui Region Analysis for December 2015
Commentary

Price

Manawatu/Wanganui Region Trends

Sales volumes rose 25% compared to December 2014, with sales rising 100% in Wanganui, 86% in Levin and 41% in
Feilding. Compared to November sales volumes fell 4%, with sales rising 40% in Wanganui, but falling 8% in Palmerston
North and 15% in Levin.

The median price across the region rose $12,000 (+5%) compared to November with prices rising 21% in Levin, 13% in
Palmerston North and 3% in Feilding. Compared to December 2014 the median price rose $10,000 (+4%), with prices
rising 42% in Levin, 40% in Wanganui and 26% in Feilding.

The number of days to sell improved by five days compared to November, from 34 days in November to 29 days in
December. Compared to December 2014 the number of days to sell improved by 10 days. Over the past 10 years the
median number of days to sell across the Manawatu/Wanganui region in December has averaged 42 days.

REINZ Chief Executive, Colleen Milne noted that, "The market continues to be very active with solid sales growth
considering the normal seasonal slow down in December. The number of listings has eased back, although numbers
should rise again in late January."

Palmerston North
Feilding
Levin
Manawatu Country
Wanganui
Manawatu/Wanganui

Dec-15
$308,250
$273,000
$220,000
$209,000
$192,000
$240,000

Median Price
Nov-15
$272,000
$264,000
$181,500
$245,000
$189,000
$228,000

Dec-14
$290,000
$217,500
$155,500
$186,000
$136,750
$230,000

Nov-15
13.3%
3.4%
21.2%
-14.7%
1.6%
5.3%

Dec-14
6.3%
25.5%
41.5%
12.4%
40.4%
4.3%

Vs…
Palmerston North
Feilding
Levin
Manawatu Country
Wanganui
Manawatu/Wanganui

Volumes

Dec-15
102
31
41
22
80
303

Days to Sell

Overall

Volume Sold
Nov-15
111
31
48
33
57
315

Dec-14
109
22
22
26
40
243

Vs…

Nov-15
-8.1%
0.0%
-14.6%
-33.3%
40.4%
-3.8%

Dec-14
-6.4%
40.9%
86.4%
-15.4%
100.0%
24.7%

Graph Commentary
The median price trend is now easing, with the volume trend continuing to rise. The days to sell trend is now also rising.
The overall trend for the region is now improving.

Manawatu/Wanganui Region Median Price

Manawatu/Wanganui Region Sales Volumes

Past 5 Years

Past 5 Years

$275,000

350
300

$250,000

250
200

$225,000
150
100

$200,000

50

Source: REINZ

12 month MA

Source: REINZ

Manawatu/Wanganui Volumes

12 month MA

Oct-15

Jul-15

Apr-15

Jan-15

Oct-14

Jul-14

Apr-14

Jan-14

Oct-13

Jul-13

Jan-13

Apr-13

Jul-12

Oct-12

Jan-12

Apr-12

Jul-11

Oct-11

Jan-11

Apr-11

Jul-15

Oct-15

Jan-15

Apr-15

Oct-14

Jul-14

Jan-14

Apr-14

Jul-13

Manawatu/Wanganui Median Price

Oct-13

Apr-13

Jan-13

Jul-12

Oct-12

Jan-12

Apr-12

Oct-11

Jul-11

Jan-11

0
Apr-11

$175,000

 REINZ Taranaki Region Analysis for December 2015
Commentary

Price

Taranaki Region Trends

Sales volume for the Taranaki region rose 27% compared to December 2014 with sales up 40% in Taranaki Country, 24%
in New Plymouth and 14% in Hawera. Compared to November sales volumes fell by 15% with down 36% Taranaki
Country, 17% in Bell Block and 13% in New Plymouth.

The median price across the region rose $15,500 (+5%) compared to November, with prices up 27% in Hawera, 13% in
Taranaki Country and 11% in Bell Block. Compared to December 2014 the median price rose $3,500 (+1%) with prices
rising 32% in Hawera and 4% in New Plymouth, but falling across the rest of the region.
The number of days to sell improved by 16 days compared to November, from 41 days in November to 25 days in
December. Compared to December 2014 the number of days to sell improved by 12 days. Over the past 10 years the
median number of days to sell across the region in December has averaged 43 days.

REINZ Chief Executive, Colleen Milne noted that "The Taranaki region continues to be a steady performer with sales
volumes underscored by good numbers of listings and some modest price growth."

Dec-15
$404,750
$180,000
$398,000
$237,500
$315,500

New Plymouth
Taranaki Country
Bell Block
Hawera
Taranaki

Median Price
Nov-15
$375,000
$160,000
$357,250
$187,000
$300,000

Vs…

Dec-14
$389,500
$299,000
$441,500
$180,000
$312,000

Nov-15
7.9%
12.5%
11.4%
27.0%
5.2%

New Plymouth
Taranaki Country
Bell Block
Hawera
Taranaki

Volumes

Dec-15
84
21
10
24
164

Dec-14
3.9%
-39.8%
-9.9%
31.9%
1.1%

Days to Sell

Overall

Volume Sold
Nov-15
97
33
12
27
192

Dec-14
68
15
9
21
129

Vs…

Nov-15
-13.4%
-36.4%
-16.7%
-11.1%
-14.6%

Dec-14
23.5%
40.0%
11.1%
14.3%
27.1%

Source: REINZ

Taranaki Median Price

12 month MA

Source: REINZ

Taranaki Volumes

12 month MA

Oct-15

Jul-15

Apr-15

Oct-14

Jul-14

Apr-14

Jan-14

Oct-13

Jul-13

Jan-13

Apr-13

Jul-12

Oct-12

Jan-12

Apr-12

Jan-11

Jul-15

Oct-15

Jan-15

Apr-15

Oct-14

Jul-14

Jan-14

Apr-14

Jul-13

0
Oct-13

$225,000
Apr-13

50

Jan-13

$250,000

Jul-12

100

Oct-12

$275,000

Jan-12

150

Apr-12

$300,000

Oct-11

200

Jul-11

$325,000

Jan-11

250

Apr-11

$350,000

Jul-11

Past 5 Years

Oct-11

Taranaki Region Sales Volumes

Past 5 Years

Apr-11

Taranaki Region Median Price

Jan-15

Graph Commentary
The median price trend is now easing, although the volume trend is now improving while the days to sell trend is also
rising. The overall trend continues to be steady.

 REINZ Wellington Region Analysis for December 2015
Commentary

Price

Wellington Region Trends

The median price for the Wellington region rose $21,000 (+5%) compared to December 2014 to reach its third
consecutive new record high. Prices rose 21% Eastern Wellington, 6% in Southern Wellington and 6% in Hutt Valley.
Compared to November the median price rose $1,000 (+0%) with prices rising 12% in Eastern Wellington, steady in
Upper Hutt but falling across the rest of the region.

Compared to December 2014 sales volumes rose 18% across the region, with sales up 47% in Pukerua Bay/Tawa, 36% in
Eastern Wellington and 27% in Northern Wellington. Compared to November sales volumes fell 2%, with sales rising 16%
in Eastern Wellington, 14% in Central Wellington and 13%, Pukerua Bay/Tawa, and 6% in Northern Wellington, but falling
across the rest of the region.

The number of days to sell was steady at 28 days compared to November. Compared to December 2014 the number of
days to sell improved by seven days. Over the past 10 years the median number of days to sell across the region in
December has averaged 33 days.

REINZ Regional Director Euon Murrell noted that "Demand continues to be robust in the Wellington urban areas with
plenty of activity from all buyer groups. Although sales fell compared to November the market was still relatively strong
after taking seasonal considerations into account. Another record median price underscores the market dynamics across
the region."

Graph Commentary
The trend in the median price continues to ease, although the volume trend is now improving. The days to sell trend is
now improving with the overall trend for the Wellington region also steady.

Dec-15
$360,000
$393,000
$520,000
$407,500
$640,000
$610,000
$540,500
$426,000
$436,000

Upper Hutt
Hutt Valley
Northern Wellington
Central Wellington
Eastern Wellington
Western Wellington
Southern Wellington
Pukerua Bay / Tawa
Wellington

Median Price
Nov-15
$360,000
$410,000
$528,250
$485,000
$570,000
$658,500
$567,000
$440,000
$435,000

Vs…

Wellington Region Median Price

Dec-14
$360,000
$371,500
$512,000
$480,000
$530,000
$590,000
$510,000
$412,500
$415,000

Nov-15
0.0%
-4.1%
-1.6%
-16.0%
12.3%
-7.4%
-4.7%
-3.2%
0.2%

Upper Hutt
Hutt Valley
Northern Wellington
Central Wellington
Eastern Wellington
Western Wellington
Southern Wellington
Pukerua Bay / Tawa
Wellington

Volumes

Dec-15
82
181
95
83
64
51
44
103
907

Dec-14
0.0%
5.8%
1.6%
-15.1%
20.8%
3.4%
6.0%
3.3%
5.1%

Days to Sell

Overall

Volume Sold
Nov-15
83
197
90
73
55
56
62
91
923

Dec-14
67
160
75
71
47
53
48
70
766

Vs…

Nov-15
-1.2%
-8.1%
5.6%
13.7%
16.4%
-8.9%
-29.0%
13.2%
-1.7%

Dec-14
22.4%
13.1%
26.7%
16.9%
36.2%
-3.8%
-8.3%
47.1%
18.4%

Wellington Region Sales Volumes

Past 5 Years

Past 5 Years

Wellington Median Price

Source: REINZ

Wellington Volumes

Oct-15

Jul-15

Apr-15

Jan-15

Jul-14

12 month MA

Oct-14

Jan-14

Apr-14

Jul-13

Oct-13

Jan-13

Apr-13

Jul-12

Oct-12

Jan-12

Jul-15

Oct-15

Apr-15

Jan-15

Jul-14

12 month MA

Oct-14

Jan-14

Apr-14

Oct-13

Jul-13

Apr-13

Jan-13

Jul-12

Oct-12

Jan-12

Apr-12

Oct-11

Jul-11

Jan-11

Source: REINZ

Apr-11

$350,000

Apr-12

$375,000

Jul-11

$400,000

Oct-11

$425,000

Apr-11

1,000
900
800
700
600
500
400
300
200
100
0
Jan-11

$450,000

 REINZ Nelson/Marlborough Region Analysis for December 2015
Commentary

Price

Nelson/Marlborough Region Trends

The median price across the region rose $40,000 (+11%) compared to December 2014, with prices rising 28% in
Motueka, 12% in Marlborough/Kaikoura and 10% in Nelson. Compared to November the median price rose $15,000
(+4%) with prices rising 7% in Motueka, 5% in Marlborough/Kaikoura and 1% in Nelson.

Sales volume compared to December 2014 fell 7%, with sales rising 7% in Richmond, but falling 3% in
Marlborough/Kaikoura and 9% in Nelson. Compared to November sales volumes fell by 16%, with sales falling 10% in
Nelson, 12% in Richmond and 21% in Marlborough/Kaikoura and Motueka.

The number of days to sell improved by one day in December, from 29 days in November to 28 days in December.
Compared to December 2014 the number of days to sell improved by nine days. Over the past 10 years the median
number of days to sell in December has averaged 35 days across the region.

REINZ Chief Executive, Colleen Milne noted that "The market is busy with a seasonal increase in enquiry at this time of
the year from out of town investors, with first home buyers continuing to be active across the region. The number of
sales has pulled back in line with the normal seasonal trend in December, but prices are holding with the median price
again reaching the record it did in October."

Nelson City
Richmond
Motueka
Marlborough/Kaikoura
Nelson/Marlborough

Dec-15
$385,000
$460,750
$420,000
$345,000
$390,000

Median Price
Nov-15
$381,500
$526,000
$391,200
$330,000
$375,000

Vs…

Dec-14
$350,000
$490,250
$327,000
$309,000
$350,000

Nov-15
0.9%
-12.4%
7.4%
4.5%
4.0%

Nelson City
Richmond
Motueka
Marlborough/Kaikoura
Nelson/Marlborough

Volumes

Dec-15
86
30
19
93
248

Dec-14
10.0%
-6.0%
28.4%
11.7%
11.4%

Days to Sell

Overall

Volume Sold
Nov-15
95
34
24
117
295

Dec-14
94
28
30
96
267

Vs…

Nov-15
-9.5%
-11.8%
-20.8%
-20.5%
-15.9%

Dec-14
-8.5%
7.1%
-36.7%
-3.1%
-7.1%

Graph Commentary
The price trend for the region has now improved to steady, although the sales volume trend has eased to steady as well.
The days to sell trend is now rising, with the overall trend for the region continuing to be steady.

Nelson/Marlborough Region Median Price

Nelson/Marlborough Region Sales Volumes

Past 5 Years

Past 5 Years

$400,000

350
300

$375,000

250
$350,000

200

$325,000

150
100

$300,000

50

Source: REINZ

Nelson/Marlborough Median Price

12 month MA

Source: REINZ

Nelson/Marlborough Volumes

12 month MA

Oct-15

Jul-15

Apr-15

Jan-15

Oct-14

Jul-14

Apr-14

Jan-14

Oct-13

Jul-13

Jan-13

Apr-13

Jul-12

Oct-12

Jan-12

Apr-12

Jul-11

Oct-11

Jan-11

Apr-11

Jul-15

Oct-15

Apr-15

Jan-15

Jul-14

Oct-14

Jan-14

Apr-14

Oct-13

Jul-13

Jan-13

Apr-13

Jul-12

Oct-12

Apr-12

Jan-12

Oct-11

Jul-11

Jan-11

0
Apr-11

$275,000

 REINZ Canterbury/Westland Region Analysis for December 2015
Commentary

Canterbury/Westland Region Trends

Sales volume across the region fell by one property compared to December 2014, with sales rising 23% in MidCanterbury, 8% in South Canterbury and 7% in North Canterbury. Compared to November the sales volume fell 7%, with
sales volumes rising 22% in West Coast, but falling 2% in South Canterbury, 6% in Christchurch and 13% in MidCanterbury.
The median price rose $21,150 (+5%) compared to December 2014, with prices rising 27% in Rangiora, 16% in Timaru
and 9% in South Canterbury. Compared to November the median price rose $150 (+0%) with prices rising 9% in Timaru,
5% in Rangiora and 3% in South Canterbury.

REINZ Regional Director, Jim Davis commented that, "The Christchurch and broader Canterbury markets were somewhat
flat at the end of 2015 with increasing expectations from first home buyers that prices may fall in the new year.
Whether that comes to pass remains to be seen, although it does mean for the present that some buyers are holding
back purchase decisions in the hope of a better deal in the future."

The number of days to sell eased by one day in December, from 29 days in November to 30 days in December.
Compared to December 2014 the number of days to sell also eased by one day. Over the past 10 years the average
number of days to sell in December across the region has been 31 days.

Graph Commentary
The median price trend is now easing, with the sales volume trend also easing. The days to sell trend is now easing. The
overall trend for the region is now easing.

Dec-15
$440,000
$493,000
$355,000
$327,250
$325,000
$271,250
$172,000
$421,150

Christchurch
Rangiora
North Canterbury
Mid-Canterbury
Timaru
South Canterbury
West Coast
Canterbury/Westland

Median Price
Nov-15
$445,500
$470,000
$395,000
$320,000
$297,750
$263,500
$190,000
$421,000

Vs…

Price

Dec-14
$420,000
$387,000
$357,000
$330,500
$280,000
$250,000
$208,000
$400,000

Nov-15
-1.2%
4.9%
-10.1%
2.3%
9.2%
2.9%
-9.5%
0.0%

Christchurch
Rangiora
North Canterbury
Mid-Canterbury
Timaru
South Canterbury
West Coast
Canterbury/Westland

Volumes

Dec-14
4.8%
27.4%
-0.6%
-1.0%
16.1%
8.5%
-17.3%
5.3%

Dec-15
626
17
32
52
51
40
28
947

Days to Sell

Overall

Volume Sold
Nov-15
666
24
41
60
66
41
23
1,016

Dec-14
647
28
30
42
51
37
27
948

Vs…

Nov-15
-6.0%
-29.2%
-22.0%
-13.3%
-22.7%
-2.4%
21.7%
-6.8%

Canterbury/Westland Region Median Price

Canterbury/Westland Region Sales Volumes

Past 5 Years

Past 5 Years

$440,000

1,400

$420,000

1,200

$400,000

1,000

$380,000

Dec-14
-3.2%
-39.3%
6.7%
23.8%
0.0%
8.1%
3.7%
-0.1%

800

$360,000

Source: REINZ

12 month MA

Source: REINZ

12 month MA

Oct-15

Jul-15

Apr-15

Jan-15

Jul-14

Oct-14

Jan-14

Apr-14

Jul-13

Canterbury/Westland Volumes

Oct-13

Jan-13

Apr-13

Jul-12

Oct-12

Jan-12

Apr-12

Jul-11

Oct-11

Jan-11

Jul-15

Oct-15

Jan-15

Apr-15

Oct-14

Jul-14

Jan-14

Apr-14

Jul-13

Canterbury/Westland Median Price

Oct-13

Apr-13

Jan-13

Jul-12

Oct-12

Jan-12

Apr-12

0
Oct-11

200

$280,000
Jul-11

$300,000
Jan-11

400

Apr-11

$320,000

Apr-11

600

$340,000

 REINZ Central Otago Lakes Region Analysis for December 2015
Commentary

Price

Central Otago Lakes Region Trends

Sales volume for the Central Otago Lakes Region rose by 18% compared to December 2014, with sales rising 27% in
Central and by 6% in Queenstown. Compared to November, sales volume fell by 24%, with sales falling 28% in
Queenstown and 22% in Central.

The median price across the region rose $95,000 (+20%) compared to December 2014, with prices rising 54% in
Queenstown, but falling 7% in Central. Compared to November, the median price rose $78,000 (+16%) with prices rising
38% in both Queenstown but falling 6% in Central.
The number of days to sell eased by five days compared to November, from 36 days in November to 41 days in
December. Compared to December 2014 the number of days to sell improved by 12 days. Over the past 10 years the
average number of days to sell in December across the region has been 49 days.

Dec-15
$415,000
$752,500
$560,000

Central
Queenstown
Central Otago Lakes

Volumes

Median Price
Nov-15
Dec-14
$442,500
$443,750
$545,000
$490,000
$482,000
$465,000

Vs…

Nov-15
-6.2%
38.1%
16.2%

Central
Queenstown
Central Otago Lakes

Dec-15
79
52
131

Dec-14
-6.5%
53.6%
20.4%

Days to Sell

Overall

Volume Sold
Nov-15
101
72
173

Dec-14
62
49
111

Vs…

Nov-15
-21.8%
-27.8%
-24.3%

Dec-14
27.4%
6.1%
18.0%

REINZ Chief Executive, Colleen Milne commented that "Sales volumes across the region remain strong, with more of the
sales growth continuing to come from Central rather than Queenstown. There is a significant shortage of listings across
the region, limiting choice for buyers. Although prices have risen in December the underlying market trend is still
steady."
Graph Commentary
The median price trend has improved to flat, with the volume trend still rising and the days to sell trend also still rising.
The overall trend for the region continues to improve.

Central Otago Lakes Region Median Price

Central Otago Lakes Region Sales Volumes

Past 5 Years

Past 5 Years

12 month MA

Source: REINZ

Central Otago Lakes Volumes

12 month MA

Oct-15

Jul-15

Apr-15

Jan-15

Oct-14

Jul-14

Apr-14

Jan-14

Oct-13

Jul-13

Jan-13

Apr-13

Jul-12

Oct-12

Jan-12

Jul-15

Oct-15

Jan-15

Apr-15

Oct-14

Jul-14

Jan-14

Apr-14

Jul-13

Central Otago Lakes Median Price

Oct-13

Apr-13

Jan-13

Jul-12

Oct-12

Jan-12

Apr-12

Oct-11

Jul-11

Jan-11

Source: REINZ

Apr-11

$375,000

Apr-12

$425,000

Jul-11

$475,000

Oct-11

$525,000

Jan-11

200
180
160
140
120
100
80
60
40
20
0
Apr-11

$575,000

 REINZ Otago Region Analysis for December 2015
Commentary

Otago Region Trends

The median price across Otago rose $29,500 (+12%) compared with December 2014 to reach the fifth record median
high of 2015. Prices rose 17% in Dunedin and were steady in South Otago. Compared to November the median price
rose by $4,000 (+1%) with prices rising 2% in Dunedin but falling across the rest of the region.

Sale volumes across the region rose 26% compared to December 2014 with sales rising 62% in South Otago and 39% in
Dunedin. Compared to November sales volumes fell 7%, with sales rising 4% in Dunedin, but falling 9% in South Otago.

Dec-15
$310,000
$211,250
$160,000
$282,000

Dunedin
North Otago
South Otago
Otago

Price
Median Price
Nov-15
$305,000
$214,000
$169,000
$278,000

Vs…
The number of days to sell in Otago was steady at 25 days compared to November. Compared to December 2014 the
number of days to sell improved by four days.

Dec-14
$265,000
$220,000
$160,000
$252,500

Nov-15
1.6%
-1.3%
-5.3%
1.4%

Dunedin
North Otago
South Otago
Otago

Volumes

Dec-15
246
36
21
304

Dec-14
17.0%
-4.0%
0.0%
11.7%

Days to Sell

Overall

Volume Sold
Nov-15
236
58
23
326

Dec-14
177
41
13
242

Vs…

Nov-15
4.2%
-37.9%
-8.7%
-6.7%

Dec-14
39.0%
-12.2%
61.5%
25.6%

REINZ Chief Executive, Colleen Milne commented that, "The Otago market continues to be strong with both first home
buyers and investors very active in lower price brackets. New listings continue to be a challenge right across the region
limiting buyer choice and thus impacting on sales volumes."

Graph Commentary
The trend in the median price is now steady, with the trend in sales volume now improving. The trend in days to sell
continues to rise, with the overall trend for the region now improving.

Otago Region Median Price

Otago Region Sales Volumes

Past 5 Years

Past 5 Years

$300,000

400
350

$275,000

300
250

$250,000

200
150

$225,000

100
50

Source: REINZ

Otago Median Price

12 month MA

Source: REINZ

Otago Volumes

12 month MA

Oct-15

Jul-15

Apr-15

Jan-15

Oct-14

Jul-14

Apr-14

Jan-14

Oct-13

Jul-13

Jan-13

Apr-13

Jul-12

Oct-12

Jan-12

Apr-12

Jul-11

Oct-11

Jan-11

Apr-11

Jul-15

Oct-15

Jan-15

Apr-15

Oct-14

Jul-14

Jan-14

Apr-14

Jul-13

Oct-13

Apr-13

Jan-13

Jul-12

Oct-12

Jan-12

Apr-12

Oct-11

Jul-11

Jan-11

0
Apr-11

$200,000

 REINZ Southland Region Analysis for December 2015
Commentary

Southland Region Trends

The median price across Southland rose $25,000 (+14%) compared to December 2014, with prices rising 10% in
Invercargill and 8% in Gore. Compared to November the median price rose $7,500 (+4%) with prices rising 9% in Gore
and 8% in Invercargill.

Sales volumes rose 8% compared to December 2014, with a 23% increase in Invercargill, but a 6% decline in Gore.
Compared to November sales volumes fell 23%, with a 6% fall in Gore and a 22% fall in Invercargill.

Dec-15
$205,000
$174,500
$205,000

Invercargill
Gore
Southland

Price

Median Price
Nov-15
Dec-14
$189,500
$186,000
$160,125
$162,000
$197,500
$180,000

Vs…
The number of days to sell in Southland improved by three days compared to November, from 32 days in November to
29 days in December. Compared to December 2014 the number of days to sell improved by 18 days. Over the past 10
years the number of days to sell in December for the Southland region has been 34 days.

Volumes

Nov-15
8.2%
9.0%
3.8%

Invercargill
Gore
Southland

Dec-15
95
32
153

Dec-14
10.2%
7.7%
13.9%

Days to Sell

Overall

Volume Sold
Nov-15
121
34
199

Dec-14
77
34
142

Vs…

Nov-15
-21.5%
-5.9%
-23.1%

Dec-14
23.4%
-5.9%
7.7%

REINZ Chief Executive, Colleen Milne commented that "The Southland market is seeing a steady improvement with rising
demand and a modest increase in the price trend. The number of days to sell has been steady improving over the last six
months; indicative of a more active market. Listings remain in good supply, which is helping with buyer choice."

Graph Commentary
The median price trend is now steady, while the sales trend is now rising. The days to sell trend is now improving, with
the overall trend for the region now also rising.

Southland Region Median Price

Southland Region Sales Volumes

Past 5 Years

Past 5 Years

$250,000

250
200

$225,000

150
$200,000
100
$175,000

50

Source: REINZ

Southland Median Price

Source: REINZ

Southland Volumes

12 month MA

Oct-15

Jul-15

Apr-15

Jan-15

Oct-14

Jul-14

Apr-14

Jan-14

Oct-13

Jul-13

Jan-13

Apr-13

Jul-12

Oct-12

Jan-12

Apr-12

Jul-11

Oct-11

Jan-11

Apr-11

Jul-15

Oct-15

Apr-15

Jan-15

Jul-14

12 month MA

Oct-14

Jan-14

Apr-14

Oct-13

Jul-13

Apr-13

Jan-13

Jul-12

Oct-12

Jan-12

Apr-12

Oct-11

Jul-11

Jan-11

0
Apr-11

$150,000