REINZ Auckland Region Analysis for January 2016 Dec-15 -4.4% -4.5% -8.9% -7.9% -6.3% 6.5% -0.8% -6.5% Jan-15 3.8% 16.3% 5.4% 12.9% 9.5% 20.7% 15.1% 9.1% Vs… REINZ Chief Executive, Colleen Milne noted that, "The Auckland region continues to experience very low levels of listings, despite the recent decline in sales volume. Potential vendors are struggling to find new properties to buy and are unable to sell their existing property, helping to create a vicious circle of willing sellers if only there was something to buy. Part of the fall in sales could be due to this reason compounding existing issues around the LVR rules." 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 also now dropped to easing. The overall trend for the region continues to be flat. North Shore City Waitakere City Auckland City Manukau City Metro Auckland Rodney District Outer Auckland Auckland Region Dec-15 -32.2% -28.1% -42.0% -25.2% -33.4% -31.9% -21.5% -31.4% Jan-15 -10.5% -15.6% -13.6% -27.4% -16.2% 3.2% 0.7% -13.5% Vs… Auckland Median Price Source: REINZ Auckland Volumes Aug-14 12 month MA Nov-14 Feb-14 May-14 Aug-13 Nov-13 Feb-13 May-13 Aug-12 Nov-12 Feb-12 May-12 Aug-11 Feb-11 Aug-15 Nov-15 May-15 Feb-15 Aug-14 12 month MA Nov-14 Feb-14 May-14 Nov-13 Aug-13 0 May-13 500 $400,000 Feb-13 1,000 $450,000 Aug-12 1,500 $500,000 Nov-12 2,000 $550,000 Feb-12 2,500 $600,000 May-12 3,000 $650,000 Nov-11 3,500 $700,000 Nov-11 Past 5 Years May-11 Auckland Region Sales Volumes 4,000 Aug-11 Jan-15 313 257 470 376 1,481 126 283 1,764 Past 5 Years $750,000 Feb-11 Volume Sold Dec-15 413 302 700 365 1,862 191 363 2,225 Auckland Region Median Price $800,000 May-11 Jan-16 280 217 406 273 1,241 130 285 1,526 Nov-15 Jan-15 $838,000 $589,000 $749,250 $620,000 $685,000 $657,500 $547,500 $660,000 Overall Aug-15 The number of days to sell eased by eight days in December, from 31 days in December to 39 days in January. Compared to January 2015, the number of days to sell eased by five days. Over the past 10 years the average number of days to sell during January for Auckland has been 39 days. North Shore City Waitakere City Auckland City Manukau City Metro Auckland Rodney District Outer Auckland Auckland Region Median Price Dec-15 $910,000 $717,500 $867,000 $760,000 $800,000 $745,000 $635,000 $770,000 Days to Sell May-15 Compared to January 2015 the median price increased by $60,000 (+9%), with prices increasing 21% in Rodney, 16% in Waitakere and 15% in Outer Auckland. The region's median price fell $50,000 (-7%) compared to December, with prices falling 9% in Auckland City, 8% in Manukau and 5% in Waitakere, but prices rose 7% in Rodney. On a seasonally adjusted basis the median price fell 1% compared to December. Jan-16 $870,000 $685,000 $790,000 $700,000 $750,000 $793,750 $630,000 $720,000 Volumes Feb-15 Sales volume in the Auckland region fell 31% compared to December, although on a seasonally adjusted basis sales fell only 5%. The largest falls occurred in Auckland City (-42%), North Shore (-32%) and Rodney (-32%). Compared to January 2015 sales fell 14% across the region, with the largest falls in Manukau (-27%) and Waitakere (-16%). Source: REINZ Price Auckland Region Trends Commentary REINZ Northland Region Analysis for January 2016 Price Northland Region Trends Commentary Sales volume in Northland rose by 31% compared to January 2015, with increases in Whangarei City (+60%) and Kerikeri (+167%), but falls elsewhere across the region. Compared to December, sales volumes fell 21% across the region, with a 48% fall in Otamatea County and a 10% fall in Whangarei City, although Kerikeri increased by 26%. The median price across the region rose by $6,250 (+2%) compared to January 2015, with prices rising 13% in Whangarei City and 9% in Whangarei County. Compared to December, the median price fell $20,000 (-6%) with prices rising 1% in Otamatea County but falling 21% in Kerikeri and 7% in Whangarei County. Jan-16 $315,000 $448,500 $449,000 $405,500 $340,000 Whangarei City Whangarei County Otamatea County Kerikeri Northland Median Price Dec-15 $325,000 $482,500 $444,000 $515,000 $360,000 Jan-15 $280,000 $410,000 $472,000 $510,000 $333,750 Dec-15 -3.1% -7.0% 1.1% -21.3% -5.6% Jan-15 12.5% 9.4% -4.9% -20.5% 1.9% Vs… The number of days to sell eased by 11 days in January, from 36 days in December to 47 days in January. The number of days to sell improved by 27 days compared to January 2015. Over the past 10 years the average number of days to sell during January for Northland has been 65 days. REINZ Chief Executive, Colleen Milne noted that, "Northland continues to see rising sales volumes and price growth as it benefits from the Auckland 'halo' effect. Levels of inventory are continuing to fall, which is reducing choice for buyers and encouraging vendors to lift their price expectations." Volumes Whangarei City Whangarei County Otamatea County Kerikeri Northland Days to Sell Overall Volume Sold Dec-15 75 83 26 28 15 29 24 19 191 241 Jan-16 Vs… Jan-15 47 37 18 9 146 Dec-15 -9.6% -7.1% -48.3% 26.3% -20.7% Jan-15 59.6% -29.7% -16.7% 166.7% 30.8% Graph Commentary The trend in median price has slipped back to steady, 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 moving back to improving. Northland Region Median Price Northland Region Sales Volumes Source: REINZ Northland Median Price 12 month MA Source: REINZ Northland Volumes 12 month MA Nov-15 Aug-15 May-15 Feb-15 Nov-14 Aug-14 May-14 Feb-14 Nov-13 Aug-13 Feb-13 May-13 Aug-12 Nov-12 Feb-12 May-12 Aug-11 Feb-11 Aug-15 Nov-15 Feb-15 May-15 Nov-14 Aug-14 Feb-14 May-14 Aug-13 Nov-13 May-13 0 Feb-13 50 $230,000 Aug-12 $255,000 Nov-12 100 Feb-12 $280,000 May-12 150 Nov-11 $305,000 Aug-11 200 Feb-11 250 $330,000 May-11 $355,000 Nov-11 Past 5 Years 300 May-11 Past 5 Years $380,000 REINZ Waikato/Bay of Plenty Region Analysis for January 2016 Waikato/Bay of Plenty Region Trends Commentary Sales volumes compared to January 2015 rose 27%, with sales in Rotorua rising 114%, Eastern BOP Country rising 61% and Tauranga rising 52%. Compared to December sales across the region fell 32%, although on a seasonally adjusted basis sales fell only 4%. Sales fell 56% in Gisborne, 41% in Hamilton, and 36% in Waikato Country. The median price across the region rose $43,500 (+13%) compared to January 2015. Prices rose 33% in Eastern BOP Country, 28% in Mt Maunganui/Papamoa and 20% in Waikato Country. Compared to December the median price fell $15,000 (-4%), with prices rising 13% in Gisborne but falling 14% in Hamilton and 6% in Tauranga. On a seasonally adjusted basis the median price fell by 1.1% compared to December. The number of days to sell eased by nine days in January, from 31 days in December to 40 days in January. The number of days to sell improved by 19 days compared to January 2015. Over the past 10 years the average number of days to sell during January for the region has been 58 days. REINZ Regional Director, Philip Searle noted that "The Hamilton and Tauranga markets are continuing to see strong interest from Auckland based buyers with both first home buyers and investors active in the market. Smaller towns such as Rotorua, Gisborne and Taupo are also seeing increased demand from Aucklanders, while demand is strong in Eastern Bay of Plenty also. Listings remain in very short supply with the market being characterized as being 'hand to mouth' with new listings being sold very quickly." 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 Jan-16 $388,000 $309,000 $440,000 $580,000 $265,000 $370,000 $300,000 $270,000 $380,000 Price Volumes Median Price Dec-15 $449,500 $290,000 $470,000 $560,000 $250,000 $359,000 $300,250 $238,500 $395,000 Jan-15 $355,000 $257,500 $386,500 $455,000 $255,000 $355,000 $225,000 $240,000 $336,500 Dec-15 -13.7% 6.6% -6.4% 3.6% 6.0% 3.1% -0.1% 13.2% -3.8% Jan-15 9.3% 20.0% 13.8% 27.5% 3.9% 4.2% 33.3% 12.5% 12.9% Vs… Hamilton City Waikato Country Tauranga Mt Maunganui/Papamoa Rotorua Taupo Eastern BOP Country Gisborne Waikato/Bay of Plenty Jan-16 202 157 138 89 109 49 53 28 964 Days to Sell Overall Volume Sold Dec-15 342 246 208 135 130 67 55 64 1,426 Jan-15 185 144 91 82 51 43 33 25 762 Dec-15 -40.9% -36.2% -33.7% -34.1% -16.2% -26.9% -3.6% -56.3% -32.4% Jan-15 9.2% 9.0% 51.6% 8.5% 113.7% 14.0% 60.6% 12.0% 26.5% 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 Nov-15 Aug-15 May-15 Feb-15 Aug-14 12 month MA Nov-14 Feb-14 May-14 Aug-13 Nov-13 Feb-13 May-13 Aug-12 Nov-12 Feb-12 Aug-15 Nov-15 May-15 Feb-15 Aug-14 12 month MA Nov-14 Feb-14 May-14 Nov-13 Aug-13 May-13 Feb-13 Aug-12 Nov-12 Feb-12 May-12 Nov-11 Aug-11 Feb-11 Source: REINZ May-11 $300,000 May-12 $325,000 Aug-11 $350,000 Nov-11 $375,000 May-11 1,800 1,600 1,400 1,200 1,000 800 600 400 200 0 Feb-11 $400,000 REINZ Hawkes Bay Region Analysis for January 2016 Price Hawkes Bay Region Trends Commentary Sales volumes in Hawkes Bay rose 36% compared to January 2015, with sales rising 68% in Hasting, 29% in Napier, but falling 43% in Dannevirke. Compared to December, sales volumes fell 28%, with sales falling 73% in Dannevirke, 56% in Hawkes Bay Country and 23% in Napier. On a seasonally adjusted basis sales fell 5% in January compared to December. The median price rose $33,500 (+12%) compared to January 2015 to reach a new record median price. Prices rose 20% in Hastings but fell 2% in Napier, 7% in Hawkes Bay Country, and 15% in Dannevirke. Compared to December the median price rose $6,500 (+2%) with prices rising 193% in Hawkes Bay Country, but falling 2% in Hastings, 4% in Napier, and 32% in Dannevirke. The median days to sell for Hawkes Bay eased by 17 days compared to December, from 33 days in December to 50 days in January. The number of days to sell improved by two days compared to January 2015. Over the past 10 years the median number of days to sell for the Hawkes Bay region in January has been 57 days. REINZ Chief Executive, Colleen Milne noted that, "The Hawkes Bay market is also seeing increased demand reducing the levels of available inventory, with the consequent upward lift in vendor expectations on price. A new record median price for the region is indicative of its underlying strength." Jan-16 $330,000 $311,000 $326,500 $99,250 $317,000 Napier City Hastings City Hawkes Bay Country Dannevirke Hawkes Bay Median Price Dec-15 $345,000 $317,500 $111,500 $145,000 $310,500 Vs… Jan-15 $338,125 $259,000 $350,000 $117,000 $283,500 Dec-15 -4.3% -2.0% 192.8% -31.6% 2.1% Napier City Hastings City Hawkes Bay Country Dannevirke Hawkes Bay Volumes Jan-16 85 89 8 4 191 Jan-15 -2.4% 20.1% -6.7% -15.2% 11.8% Days to Sell Overall Volume Sold Dec-15 111 104 18 15 264 Jan-15 66 53 8 7 140 Vs… Dec-15 -23.4% -14.4% -55.6% -73.3% -27.7% Jan-15 28.8% 67.9% 0.0% -42.9% 36.4% 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 Nov-15 Aug-15 May-15 Feb-15 Nov-14 Aug-14 May-14 Feb-14 Nov-13 Aug-13 Feb-13 May-13 Aug-12 Nov-12 Feb-12 May-12 Aug-11 Nov-11 Feb-11 May-11 Aug-15 Nov-15 Feb-15 May-15 Nov-14 Aug-14 Feb-14 May-14 Aug-13 Nov-13 May-13 Feb-13 Aug-12 Nov-12 Feb-12 May-12 Nov-11 Aug-11 Feb-11 0 May-11 $225,000 REINZ Manawatu/Wanganui Region Analysis for January 2016 Price Manawatu/Wanganui Region Trends Commentary Sales volumes rose 18% compared to January 2015, with sales rising 49% in Wanganui, 27% in Manawatu Country and 22% in Palmerston North. Compared to December sales volumes fell 18%, with sales falling 39% in Feilding, 31% in Wanganui and 12% in Levin, however, sales volumes rose by 27% in Manawatu Country. The median price across the region was steady at $220,000 compared to January 2015 with prices rising 10% in Feilding and 3% in Wanganui, but falling 19% in Levin. Compared to December the median price fell $20,000 (-8%), with prices falling 30% in Manawatu Country, 28% in Levin and 12% in Wanganui. The number of days to sell eased by 15 days compared to December, from 29 days in December to 44 days in January. Compared to January 2015 the number of days to sell improved by eight days. Over the past 10 years the median number of days to sell across the Manawatu/Wanganui region in January has averaged 52 days. REINZ Chief Executive, Colleen Milne noted that, "First home buyers continue to be very active in the market with increasing numbers of properties under multiple offers from first home buyers, although the number of investors appears to be declining. Inventory levels continue to fall putting pressure on vendor expectations." Palmerston North Feilding Levin Manawatu Country Wanganui Manawatu/Wanganui Jan-16 $292,000 $263,000 $159,500 $187,500 $170,000 $220,000 Median Price Dec-15 $308,250 $273,000 $220,000 $268,500 $192,000 $240,000 Jan-15 $293,500 $239,000 $196,500 $203,750 $165,000 $220,000 Dec-15 -5.3% -3.7% -27.5% -30.2% -11.5% -8.3% Jan-15 -0.5% 10.0% -18.8% -8.0% 3.0% 0.0% Vs… Palmerston North Feilding Levin Manawatu Country Wanganui Manawatu/Wanganui Volumes Jan-16 93 19 36 28 55 249 Days to Sell Overall Volume Sold Dec-15 102 31 41 22 80 303 Jan-15 76 18 30 22 37 211 Vs… Dec-15 -8.8% -38.7% -12.2% 27.3% -31.3% -17.8% Jan-15 22.4% 5.6% 20.0% 27.3% 48.6% 18.0% 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 Nov-15 Aug-15 May-15 Feb-15 Nov-14 Aug-14 May-14 Feb-14 Nov-13 Aug-13 Feb-13 May-13 Aug-12 Nov-12 Feb-12 May-12 Aug-11 Nov-11 Feb-11 May-11 Aug-15 Nov-15 Feb-15 May-15 Nov-14 Aug-14 Feb-14 May-14 Aug-13 Manawatu/Wanganui Median Price Nov-13 May-13 Feb-13 Aug-12 Nov-12 Feb-12 May-12 Nov-11 Aug-11 Feb-11 0 May-11 $175,000 REINZ Taranaki Region Analysis for January 2016 Price Taranaki Region Trends Commentary Sales volume for the Taranaki region rose 15% compared to January 2015 with sales up 122% in Bell Block, 92% in Taranaki Country, but down 2% in New Plymouth. Compared to December sales volumes fell by 17% with sales down 40% New Plymouth and 21% in Hawera, but up by 100% in Bell Block and 19% in Taranaki Country. The median price across the region rose $19,500 (+6%) compared to December, with prices up 22% in Taranaki Country and 16% in Bell Block, but falling 1% in New Plymouth and 5% in Hawera. Compared to January 2015 the median price rose $15,000 (+5%) with prices rising 14% in Hawera 11% in Bell Block and 3% in New Plymouth. The number of days to sell fell by 29 days compared to December, from 25 days in December to 54 days in January. Compared to January 2015 the number of days to sell improved by 13 days. Over the past 10 years the median number of days to sell across the region in January has averaged 53 days. REINZ Chief Executive, Colleen Milne noted that "First home buyers are becoming more active in Taranaki with strong buyer enquiry. The market is also seeing increasing enquiry for properties in the upper price brackets, however, the available inventory is declining." Jan-16 $400,000 $220,000 $459,500 $225,000 $335,000 New Plymouth Taranaki Country Bell Block Hawera Taranaki Median Price Dec-15 $404,750 $180,000 $398,000 $237,500 $315,500 Vs… Jan-15 $387,500 $380,000 $415,000 $198,150 $320,000 Dec-15 -1.2% 22.2% 15.5% -5.3% 6.2% New Plymouth Taranaki Country Bell Block Hawera Taranaki Volumes Jan-16 51 25 20 19 137 Jan-15 3.2% -42.1% 10.7% 13.6% 4.7% Days to Sell Overall Volume Sold Dec-15 84 21 10 24 164 Jan-15 52 13 9 26 119 Vs… Dec-15 -39.3% 19.0% 100.0% -20.8% -16.5% Jan-15 -1.9% 92.3% 122.2% -26.9% 15.1% Source: REINZ Taranaki Median Price 12 month MA Source: REINZ Taranaki Volumes 12 month MA Nov-15 Aug-15 May-15 Nov-14 Aug-14 May-14 Feb-14 Nov-13 Aug-13 Feb-13 May-13 Aug-12 Nov-12 Feb-12 May-12 Feb-11 Aug-15 Nov-15 Feb-15 May-15 Nov-14 Aug-14 Feb-14 May-14 Aug-13 0 Nov-13 $225,000 May-13 50 Feb-13 $250,000 Aug-12 100 Nov-12 $275,000 Feb-12 150 May-12 $300,000 Nov-11 200 Aug-11 $325,000 Feb-11 250 May-11 $350,000 Aug-11 Past 5 Years Nov-11 Taranaki Region Sales Volumes Past 5 Years May-11 Taranaki Region Median Price Feb-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 January 2016 Commentary Price Wellington Region Trends The median price for the Wellington region fell $4,075 (-1%) compared to January 2015 with prices rising 24% Eastern Wellington, 19% in Northern Wellington and 8% in Southern Wellington. Compared to December the median price fell $42,000 (-10%) with prices rising 9% in Central Wellington, but falling 10% in Pukerua Bay/Tawa and 8% in Hutt Valley. Compared to January 2015 sales volumes fell 6% across the region, with sales up 39% in Upper Hutt, 26% in Western Wellington and 17% in Eastern Wellington, but falling 44% in Pukerua Bay/Tawa and 26% in Northern Wellington. Compared to December sales volumes fell 46%, with sales falling 67% in Eastern Wellington, 64% in Pukerua Bay/Tawa and 61% in Northern Wellington. The number of days to sell eased by 13 days in January, from 28 days in December to 41 days in January. Compared to January 2015 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 January has averaged 48 days. REINZ Regional Director Euon Murrell noted that "The market appears to have taken a pause in January with a noticeable decline in sales volume and median price. January is a difficult month for prior month comparisons, however, the longer term trend shows the underlying strength of the market remains intact." 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 rising with the overall trend for the Wellington region remaining steady. Jan-16 $366,500 $362,500 $540,000 $445,000 $650,000 $615,000 $559,750 $385,000 $394,000 Upper Hutt Hutt Valley Northern Wellington Central Wellington Eastern Wellington Western Wellington Southern Wellington Pukerua Bay / Tawa Wellington Median Price Dec-15 $360,000 $393,000 $520,000 $407,500 $640,000 $610,000 $540,500 $426,000 $436,000 Vs… Wellington Region Median Price Jan-15 $358,500 $369,500 $454,184 $439,500 $526,500 $660,000 $520,000 $417,500 $398,075 Dec-15 1.8% -7.8% 3.8% 9.2% 1.6% 0.8% 3.6% -9.6% -9.6% Upper Hutt Hutt Valley Northern Wellington Central Wellington Eastern Wellington Western Wellington Southern Wellington Pukerua Bay / Tawa Wellington Volumes Jan-16 64 98 37 43 21 24 24 37 493 Jan-15 2.2% -1.9% 18.9% 1.3% 23.5% -6.8% 7.6% -7.8% -1.0% Days to Sell Overall Volume Sold Dec-15 82 181 95 83 64 51 44 103 907 Jan-15 46 120 50 52 18 19 21 66 522 Vs… Dec-15 -22.0% -45.9% -61.1% -48.2% -67.2% -52.9% -45.5% -64.1% -45.6% Jan-15 39.1% -18.3% -26.0% -17.3% 16.7% 26.3% 14.3% -43.9% -5.6% Wellington Region Sales Volumes Past 5 Years Past 5 Years Wellington Median Price Source: REINZ Wellington Volumes Nov-15 Aug-15 May-15 Feb-15 Aug-14 12 month MA Nov-14 Feb-14 May-14 Aug-13 Nov-13 Feb-13 May-13 Aug-12 Nov-12 Feb-12 Aug-15 Nov-15 May-15 Feb-15 Aug-14 12 month MA Nov-14 Feb-14 May-14 Nov-13 Aug-13 May-13 Feb-13 Aug-12 Nov-12 Feb-12 May-12 Nov-11 Aug-11 Feb-11 Source: REINZ May-11 $350,000 May-12 $375,000 Aug-11 $400,000 Nov-11 $425,000 May-11 1,000 900 800 700 600 500 400 300 200 100 0 Feb-11 $450,000 REINZ Nelson/Marlborough Region Analysis for January 2016 Price Nelson/Marlborough Region Trends Commentary The median price across the region rose $23,000 (+7%) compared to January 2015, with prices rising 8% in Marlborough/Kaikoura and 7% in Richmond and 7% in Nelson. Compared to December the median price fell $15,000 (4%) with prices rising 3% in Richmond, but falling 1% in Nelson and Marlborough/Kaikoura and 11% in Motueka. Sales volume compared to January 2015 rose 6%, with sales rising 33% in Marlborough/Kaikoura, 31% in Richmond and 20% in Motueka, but falling 15% in Nelson. Compared to December sales volumes fell by 11%, with sales falling 5% in Marlborough/Kaikoura, 16% in Nelson and 30% in Richmond, but rising 58% in Motueka. The number of days to sell eased by 10 days in January, from 28 days in December to 38 days in January. Compared to January 2015 the number of days to sell improved by one day. Over the past 10 years the median number of days to sell in January has averaged 48 days across the region. REINZ Chief Executive, Colleen Milne noted that "The tight listing situation across the region and continued buyer activity is turning the top of the South Island into something of a buyers market, notwithstanding the slowdown over January. Vendor price expectations are rising as a result." Nelson City Richmond Motueka Marlborough/Kaikoura Nelson/Marlborough Jan-16 $380,250 $476,000 $372,000 $340,000 $375,000 Median Price Dec-15 $385,000 $460,750 $420,000 $345,000 $390,000 Vs… Jan-15 $357,000 $445,000 $350,000 $314,500 $352,000 Dec-15 -1.2% 3.3% -11.4% -1.4% -3.8% Nelson City Richmond Motueka Marlborough/Kaikoura Nelson/Marlborough Volumes Jan-16 72 21 30 88 220 Jan-15 6.5% 7.0% 6.3% 8.1% 6.5% Days to Sell Overall Volume Sold Dec-15 86 30 19 93 248 Jan-15 85 16 25 66 208 Vs… Dec-15 -16.3% -30.0% 57.9% -5.4% -11.3% Jan-15 -15.3% 31.3% 20.0% 33.3% 5.8% 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 Nov-15 Aug-15 May-15 Feb-15 Nov-14 Aug-14 May-14 Feb-14 Nov-13 Aug-13 Feb-13 May-13 Aug-12 Nov-12 Feb-12 May-12 Aug-11 Nov-11 Feb-11 May-11 Aug-15 Nov-15 May-15 Feb-15 Aug-14 Nov-14 Feb-14 May-14 Nov-13 Aug-13 Feb-13 May-13 Aug-12 Nov-12 May-12 Feb-12 Nov-11 Aug-11 Feb-11 0 May-11 $275,000 REINZ Canterbury/Westland Region Analysis for January 2016 Canterbury/Westland Region Trends Commentary Sales volume across the region rose by 14% compared to January 2015, with sales rising 43% in Timaru, 38% in Rangiora and 26% in South Canterbury. Compared to December the sales volume fell 32%, with sales volumes rising 70% in Rangiora and 4% in Timaru, but falling 15% in South Canterbury, 35% in Mid-Canterbury and 31% in North Canterbury. The median price rose $25,000 (+6%) compared to January 2015 to equal the record median price set in April 2015. Prices rose 32% in South Canterbury, 12% in North Canterbury and 8% in Timaru. Compared to December the median price rose $4,850 (+1%) with prices rising 37% in West Coast, 17% in North Canterbury, 15% in South Canterbury and steady in Christchurch. REINZ Regional Director, Jim Davis commented that, "First home buyers are becoming more active in the market as values settle and continued low interest rates increase their purchasing capacity. While the sales volume has dropped in January the market activity was building towards the end of the month after a slowish start; a feature of this time of the year." The number of days to sell fell by 10 days in January, from 30 days in December to 40 days in January. Compared to January 2015 the number of days to sell also eased by three days. Over the past 10 years the average number of days to sell in January across the region has been 40 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. Jan-16 $440,000 $405,000 $413,750 $314,500 $305,000 $311,250 $235,000 $425,000 Christchurch Rangiora North Canterbury Mid-Canterbury Timaru South Canterbury West Coast Canterbury/Westland Median Price Dec-15 $440,000 $493,000 $355,000 $327,250 $325,000 $271,250 $172,000 $421,150 Vs… Price Jan-15 $415,000 $415,000 $370,000 $300,000 $281,625 $235,000 $225,000 $400,000 Dec-15 0.0% -17.8% 16.5% -3.9% -6.2% 14.7% 36.6% 0.9% Christchurch Rangiora North Canterbury Mid-Canterbury Timaru South Canterbury West Coast Canterbury/Westland Volumes Jan-15 6.0% -2.4% 11.8% 4.8% 8.3% 32.4% 4.4% 6.3% Jan-16 378 29 22 34 53 34 12 640 Days to Sell Overall Volume Sold Dec-15 626 17 32 52 51 40 28 947 Jan-15 338 21 21 29 37 27 23 560 Vs… Dec-15 -39.6% 70.6% -31.3% -34.6% 3.9% -15.0% -57.1% -32.4% 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 Jan-15 11.8% 38.1% 4.8% 17.2% 43.2% 25.9% -47.8% 14.3% 800 $360,000 Source: REINZ 12 month MA Source: REINZ 12 month MA Nov-15 Aug-15 May-15 Feb-15 Aug-14 Nov-14 Feb-14 May-14 Aug-13 Canterbury/Westland Volumes Nov-13 Feb-13 May-13 Aug-12 Nov-12 Feb-12 May-12 Aug-11 Nov-11 Feb-11 Aug-15 Nov-15 Feb-15 May-15 Nov-14 Aug-14 Feb-14 May-14 Aug-13 Canterbury/Westland Median Price Nov-13 May-13 Feb-13 Aug-12 Nov-12 Feb-12 May-12 Nov-11 0 Aug-11 200 $280,000 Feb-11 400 $300,000 May-11 $320,000 May-11 600 $340,000 REINZ Central Otago Lakes Region Analysis for January 2016 Price Central Otago Lakes Region Trends Commentary Sales volume for the Central Otago Lakes Region rose by 8% compared to January 2015, with sales rising 16% in Central but falling 5% in Queenstown. Compared to December, sales volume fell by 15%, with sales falling 23% in Queenstown and 10% in Central. On a seasonally adjusted basis sales fell less than 1% in January compared to December. The median price across the region rose $50,000 (+11%) compared to January 2015, with prices rising 50% in Queenstown and 4% in Central. Compared to December, the median price fell $35,000 (-6%) with prices rising 6% in Queenstown and 7% in Central. The number of days to sell eased by 15 days compared to December, from 41 days in December to 56 days in January. Compared to January 2015 the number of days to sell eased by one day. Over the past 10 years the average number of days to sell in January across the region has been 57 days. Jan-16 $445,000 $798,500 $525,000 Central Queenstown Central Otago Lakes Volumes Median Price Dec-15 Jan-15 $415,000 $430,000 $752,500 $532,500 $560,000 $475,000 Vs… Dec-15 7.2% 6.1% -6.3% Central Queenstown Central Otago Lakes Jan-16 71 40 111 Jan-15 3.5% 50.0% 10.5% Days to Sell Overall Volume Sold Dec-15 79 52 131 Jan-15 61 42 103 Vs… Dec-15 -10.1% -23.1% -15.3% Jan-15 16.4% -4.8% 7.8% REINZ Regional Director, Gail Hudson commented that "The Central Otago Lakes market remains strong with solid sales growth taking into account the usual January slowdown and holiday period. Listings remain hard to come by and the levels of inventory in the market remain low, although new developments are easing the situation somewhat." Graph Commentary The median price trend has continued to lift and is now improving. In contrast the volume trend has eased back to improving with 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 Nov-15 Aug-15 May-15 Feb-15 Nov-14 Aug-14 May-14 Feb-14 Nov-13 Aug-13 Feb-13 May-13 Aug-12 Nov-12 Feb-12 Aug-15 Nov-15 Feb-15 May-15 Nov-14 Aug-14 Feb-14 May-14 Aug-13 Central Otago Lakes Median Price Nov-13 May-13 Feb-13 Aug-12 Nov-12 Feb-12 May-12 Nov-11 Aug-11 Feb-11 Source: REINZ May-11 $375,000 May-12 $425,000 Aug-11 $475,000 Nov-11 $525,000 Feb-11 200 180 160 140 120 100 80 60 40 20 0 May-11 $575,000 REINZ Otago Region Analysis for January 2016 Otago Region Trends Commentary The median price across Otago rose $30,000 (+12%) compared with January 2015 to sit just $2,000 below its record median price. Prices rose 13% in Dunedin and North Otago, but fell 25% in South Otago. Compared to December the median price fell by $2,000 (-1%) with prices rising 18% in North Otago but falling 3% in Dunedin and 28% in South Otago. Sale volumes across the region rose 8% compared to January 2015 with sales rising 15% in Dunedin but falling 13% in North Otago and 14% in South Otago. Compared to December sales volumes fell 31%, with sales falling 43% in South Otago, 37% in Dunedin and 3% in North Otago. The number of days to sell in Otago eased by 11 days in January, from 25 days in December to 36 days in January. Compared to January 2015 the number of days to sell improved by six days. Over the past 10 years the average number of days to sell in Otago in January was 47 days. Jan-16 $301,000 $250,000 $115,892 $280,000 Dunedin North Otago South Otago Otago Price Median Price Dec-15 $310,000 $211,250 $160,000 $282,000 Vs… Jan-15 $267,000 $222,000 $155,000 $250,000 Dec-15 -2.9% 18.3% -27.6% -0.7% Dunedin North Otago South Otago Otago Volumes Jan-16 155 35 12 209 Jan-15 12.7% 12.6% -25.2% 12.0% Days to Sell Overall Volume Sold Dec-15 246 36 21 304 Jan-15 135 40 14 194 Vs… Dec-15 -37.0% -2.8% -42.9% -31.3% Jan-15 14.8% -12.5% -14.3% 7.7% REINZ Chief Executive, Colleen Milne commented that, "The Otago market continues to be strong with both first home buyers and investors very active. 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 improving, with the trend in sales volume continue to improve. 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 Nov-15 Aug-15 May-15 Feb-15 Nov-14 Aug-14 May-14 Feb-14 Nov-13 Aug-13 Feb-13 May-13 Aug-12 Nov-12 Feb-12 May-12 Aug-11 Nov-11 Feb-11 May-11 Aug-15 Nov-15 Feb-15 May-15 Nov-14 Aug-14 Feb-14 May-14 Aug-13 Nov-13 May-13 Feb-13 Aug-12 Nov-12 Feb-12 May-12 Nov-11 Aug-11 Feb-11 0 May-11 $200,000 REINZ Southland Region Analysis for January 2016 Southland Region Trends Commentary The median price across Southland fell $16,500 (-8%) compared to January 2015, with prices falling 12% in Invercargill and 16% in Gore. Compared to December the median price fell $20,000 (-10%) with prices falling 2% in Gore and 10% in Invercargill. Jan-16 $185,000 $171,000 $185,000 Invercargill Gore Southland Sales volumes rose 5% compared to January 2015, with a 10% increase in Invercargill, but a 35% decline in Gore. Compared to December sales volumes fell 24%, with a 60% fall in Gore and a 17% fall in Invercargill. Price Median Price Dec-15 Jan-15 $205,000 $209,000 $174,500 $203,000 $205,000 $201,500 Vs… The number of days to sell in Southland fell by 23 days compared to December, from 29 days in November to 52 days in January. Compared to January 2015 the number of days to sell eased by two days. Over the past 10 years the number of days to sell in January for the Southland region has been 46 days. Volumes Dec-15 -9.8% -2.0% -9.8% Invercargill Gore Southland Jan-16 79 13 117 Jan-15 -11.5% -15.8% -8.2% Days to Sell Overall Volume Sold Dec-15 95 32 153 Jan-15 72 20 112 Vs… Dec-15 -16.8% -59.4% -23.5% Jan-15 9.7% -35.0% 4.5% REINZ Chief Executive, Colleen Milne commented that "The Southland market is continuing to see steady improvement with rising demand and increasing interest from first home buyers. Listings remain in good supply, which is helping with buyer choice." Graph Commentary The median price trend has moved to easing, with the sales trend also moving down to improving. The days to sell trend continues to improve, but the overall trend for the region now moved back to steady. 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 Nov-15 Aug-15 May-15 Feb-15 Nov-14 Aug-14 May-14 Feb-14 Nov-13 Aug-13 Feb-13 May-13 Aug-12 Nov-12 Feb-12 May-12 Aug-11 Nov-11 Feb-11 May-11 Aug-15 Nov-15 May-15 Feb-15 Aug-14 12 month MA Nov-14 Feb-14 May-14 Nov-13 Aug-13 May-13 Feb-13 Aug-12 Nov-12 Feb-12 May-12 Nov-11 Aug-11 Feb-11 0 May-11 $150,000