REINZ Auckland Region Analysis for March 2016 The number of days to sell improved by six days in March, from 36 days in February to 30 days in March. Compared to March 2015, the number of days to sell eased by two days. Over the past 10 years the average number of days to sell during March for Auckland has been 32 days. North Shore City Waitakere City Auckland City Manukau City Metro Auckland Rodney District Outer Auckland Auckland Region Median Price Feb-16 $940,000 $683,000 $825,000 $749,500 $785,000 $760,000 $620,000 $750,000 Mar-15 $865,000 $642,500 $850,000 $682,000 $742,250 $698,000 $597,500 $720,000 Feb-16 6.4% 7.2% 16.7% 2.7% 9.0% 1.3% 6.5% 9.3% Mar-15 15.6% 14.0% 13.2% 12.9% 15.3% 10.3% 10.5% 13.9% Vs… REINZ Chief Executive, Colleen Milne noted that, "Recent fears of the Auckland market cooling off have been overstated, as median prices across the city have rebounded during March. The slow-down in sales volumes after the introduction of tax and LVR changes last year appears to be coming to an end, with a significant lift in sales for March and a further uplift in the median price." Graph Commentary The trend in the median price continues to rise, although the volume trend is now falling. The days to sell trend continues to ease. The overall trend for the region continues to be steady. North Shore City Waitakere City Auckland City Manukau City Metro Auckland Rodney District Outer Auckland Auckland Region Mar-15 -11.9% -3.7% -11.3% -16.1% -12.7% -13.7% -8.0% -12.0% Auckland Median Price 12 month MA Source: REINZ Auckland Volumes 12 month MA Jan-15 Oct-14 Jul-14 Apr-14 Jan-14 Oct-13 Jul-13 Apr-13 Jan-13 Oct-12 Jul-12 Apr-12 Jan-12 Jul-11 Apr-11 Jan-16 Jul-15 Oct-15 Jan-15 Apr-15 Oct-14 Jul-14 Jan-14 Apr-14 Jul-13 0 Oct-13 500 $450,000 Jan-13 1,000 $500,000 Apr-13 1,500 $550,000 Oct-12 2,000 $600,000 Jul-12 2,500 $650,000 Jan-12 3,000 $700,000 Apr-12 3,500 Oct-11 Past 5 Years $750,000 Jul-11 Feb-16 63.4% 61.6% 84.0% 80.9% 74.1% 55.2% 33.3% 66.8% Vs… Auckland Region Sales Volumes 4,000 Oct-11 Mar-15 690 485 1,139 690 3,172 293 500 3,672 Past 5 Years $800,000 Apr-11 Volume Sold Feb-16 372 289 549 320 1,591 163 345 1,936 Auckland Region Median Price $850,000 Source: REINZ Mar-16 608 467 1,010 579 2,770 253 460 3,230 Overall Jan-16 Compared to March 2015 the median price rose by $100,000 (+14%) to reach a new record high and breach the $800,000 level for the first time. Prices rose 16% in North Shore, 14% in Waitakere and 13% in Auckland City. Compared to February the median price rose by $70,000 (+9%) , with prices rising 17% in Auckland City, 7% in Waitakere and 7% in Outer Auckland. On a seasonally adjusted basis Auckland's median price increased by 7.7%. Mar-16 $1,000,000 $732,500 $962,500 $770,000 $856,000 $770,000 $660,000 $820,000 Days to Sell Jul-15 Sales volume in the Auckland region came back strongly in March, rising 67% compared to February and the largest rise across New Zealand for March. Sales rose 84% in Auckland City, 81% in Manukau and 63% in North Shore. Compared to March 2015 sales fell 12% with the largest falls occurring in Manukau City and Rodney. Volumes Oct-15 Price Auckland Region Trends Apr-15 Commentary REINZ Northland Region Analysis for March 2016 Commentary Price Northland Region Trends Sales volume in Northland rose by 39% compared to March 2015, with increases in Kerikeri (+39%) and Whangarei City (+37). Compared to February, sales volumes rose 26% across the region, with a 129% rise in Kerikeri, 37% in Whangarei City and 33% increase in Whangarei County. The median price across the region rose by $29,500 (+9%) compared to March 2015, with prices rising 16% in Whangarei City and 8% in Whangarei County. Compared to February, the median price was steady at $350,000 with prices rising 10% in Whangarei County and 5% in Whangarei City. Mar-16 $342,500 $495,000 $501,125 $505,000 $350,000 Whangarei City Whangarei County Otamatea County Kerikeri Northland Median Price Feb-16 $325,000 $450,000 $505,250 $510,000 $350,000 Mar-15 $295,000 $456,500 $470,000 $475,000 $320,500 Feb-16 5.4% 10.0% -0.8% -1.0% 0.0% Mar-15 16.1% 8.4% 6.6% 6.3% 9.2% Vs… The number of days to sell improved by 12 days in March, from 55 days in February to 43 days in March. The number of days to sell improved by 25 days compared to March 2015. Over the past 10 years the average number of days to sell during March for Northland has been 69 days. REINZ Chief Executive, Colleen Milne noted that, "The Northland market remains firm with prices near the record median level and sales volume strong, up nearly 40% year on year. The Northland market is continuing to benefit from the 'Halo Effect' with volumes continuing to trend upward and the number of days to sell dropping noticeably." Volumes Whangarei City Whangarei County Otamatea County Kerikeri Northland Days to Sell Mar-16 116 40 24 32 288 Overall Volume Sold Feb-16 85 30 26 14 229 Vs… Mar-15 85 34 23 23 208 Feb-16 36.5% 33.3% -7.7% 128.6% 25.8% Mar-15 36.5% 17.6% 4.3% 39.1% 38.5% Graph Commentary The trend in median price has moved back to steady, from improving, with the trend in sales volume continuing to rise. The days to sell trend is improving, with the overall trend for the region easing back to improving. Northland Region Median Price Northland Region Sales Volumes Past 5 Years Past 5 Years $380,000 350 $355,000 300 250 $330,000 200 $305,000 150 $280,000 Source: REINZ 12 month MA Source: REINZ Northland Volumes 12 month MA Jan-16 Jul-15 Oct-15 Jan-15 Apr-15 Jul-14 Oct-14 Jan-14 Apr-14 Oct-13 Jul-13 Apr-13 Jan-13 Oct-12 Jul-12 Apr-12 Jan-12 Oct-11 Apr-11 Jan-16 Oct-15 Jul-15 Jan-15 Apr-15 Jul-14 Oct-14 Apr-14 Jan-14 Jul-13 Northland Median Price Oct-13 Jan-13 Apr-13 Oct-12 Jul-12 Jan-12 Apr-12 Jul-11 Oct-11 0 Apr-11 50 $230,000 Jul-11 100 $255,000 REINZ Waikato/Bay of Plenty Region Analysis for March 2016 Commentary Waikato/Bay of Plenty Region Trends Sales volumes compared to March 2015 rose 26%, with sales in Rotorua rising 65%, Eastern BOP Country rising 57% and Taupo rising 56%. Compared to February sales across the region rose 19% with sales rising 44% in Mt Maunganui/Papamoa, 36% in Hamilton and 30% in Tauranga. Sales for March were the 9th strongest for the region for all months, beating April 2004 into 10th spot and the strongest March sales since 2005. The median price across the region rose $75,000 (+22%) compared to March 2015 with prices rising 35% in Hamilton, 22% in Eastern BOP Country and 20% in Waikato Country. Compared to February the median price rose $12,500 (+3%) to reach another record high, with prices rising 13% in Eastern BOP Country, 9% in Gisborne and 8% in Hamilton. The number of days to sell improved six days in March, from 36 days in February to 30 days in March. The number of days to sell improved by nine days compared to March 2015. Over the past 10 years the average number of days to sell during March for the region has been 47 days. REINZ Regional Director, Philip Searle noted that "Sales volumes across the region continue to rise strongly with demand from Auckland investors being the most noticeable feature across the region. It seems clear that investors from Auckland are selling out of that market with its low yield and LVR restrictions and investing where yields are better and with fewer restrictions. The level of available listings is described as 'horrendously low' in the major cities, although smaller centres also have low levels of properties available for sale." Graph Commentary The trend in median price has moved from steady to improving, with the trend in sales volume also rising. The days to sell trend continues to improve, with the overall trend for the region moving from improving to rising. Hamilton City Waikato Country Tauranga Mt Maunganui/Papamoa Rotorua Taupo Eastern BOP Country Gisborne Waikato/Bay of Plenty Mar-16 $472,000 $318,000 $511,500 $616,500 $270,000 $352,500 $316,000 $232,500 $415,000 Price Volumes Median Price Feb-16 $439,000 $325,000 $493,500 $585,000 $288,000 $390,000 $280,000 $212,500 $402,500 Mar-15 $350,000 $265,000 $432,000 $517,000 $262,550 $350,000 $260,000 $225,000 $340,000 Feb-16 7.5% -2.2% 3.6% 5.4% -6.3% -9.6% 12.9% 9.4% 3.1% Mar-15 34.9% 20.0% 18.4% 19.2% 2.8% 0.7% 21.5% 3.3% 22.1% Vs… Hamilton City Waikato Country Tauranga Mt Maunganui/Papamoa Rotorua Taupo Eastern BOP Country Gisborne Waikato/Bay of Plenty Mar-16 415 305 226 160 175 106 80 62 1,715 Days to Sell Overall Volume Sold Feb-16 305 261 174 111 137 101 91 65 1,436 Mar-15 329 277 184 128 106 68 51 61 1,360 Feb-16 36.1% 16.9% 29.9% 44.1% 27.7% 5.0% -12.1% -4.6% 19.4% Mar-15 26.1% 10.1% 22.8% 25.0% 65.1% 55.9% 56.9% 1.6% 26.1% Vs… Waikato/BOP Region Median Price Waikato/BOP Region Sales Volumes Past 5 Years Past 5 Years Source: REINZ 12 month MA Source: REINZ Waikato/BOP Volumes 12 month MA Jan-16 Jul-15 Oct-15 Jan-15 Apr-15 Oct-14 Jul-14 Apr-14 Jan-14 Oct-13 Jul-13 Apr-13 Jan-13 Oct-12 Jul-12 Jan-16 Jul-15 Oct-15 Jan-15 Apr-15 Oct-14 Jul-14 Jan-14 Apr-14 Jul-13 Waikato/BOP Median Price Oct-13 Jan-13 Apr-13 Oct-12 Jul-12 Jan-12 Apr-12 Jul-11 Oct-11 Apr-11 $300,000 Apr-12 $325,000 Jan-12 $350,000 Jul-11 $375,000 Oct-11 $400,000 Apr-11 2,000 1,800 1,600 1,400 1,200 1,000 800 600 400 200 0 $425,000 REINZ Hawke's Bay Region Analysis for March 2016 Commentary Price Hawkes Bay Region Trends Sales volumes in Hawke's Bay rose 13% compared to March 2015, with sales rising 30% in Hastings and 18% in Napier, but falling across the rest of the region. Compared to February sales volumes fell 5%, with sales steady in Dannevirke, falling 2% in Napier and falling 13% in Hastings. The median price rose $35,500 (+13%) compared to March 2015. Prices rose 20% in Dannevirke, 16% in Napier and 12% in Hastings. Compared to February the median price fell $19,500 (-6%) with prices rising 76% in Dannevirke and 6% in Hawke's Bay Country, but falling across the rest of the region. Mar-16 $337,000 $322,500 $240,000 $194,000 $310,500 Napier City Hastings City Hawkes Bay Country Dannevirke Hawkes Bay Median Price Feb-16 $345,000 $330,017 $227,500 $110,000 $330,000 Vs… The median days to sell for Hawke's Bay was steady at 31 days in March. The number of days to sell improved by 14 days compared to March 2015. Over the past 10 years the median number of days to sell for the Hawke's Bay region in March has been 46 days. REINZ Chief Executive, Colleen Milne noted that, "The Hawke's Bay market has taken a pause in March, with the median price pulling back after a strong lift since November. Sales volume continues to be strong and the drop in the number of days to sell to its lowest level for March since 2004 is indicative of continuing tight listings across the region." Mar-15 $291,500 $287,500 $277,250 $161,500 $275,000 Feb-16 -2.3% -2.3% 5.5% 76.4% -5.9% Napier City Hastings City Hawkes Bay Country Dannevirke Hawkes Bay Volumes Mar-16 123 104 12 15 277 Mar-15 15.6% 12.2% -13.4% 20.1% 12.9% Days to Sell Overall Volume Sold Feb-16 125 120 14 15 292 Mar-15 104 80 24 20 245 Vs… Feb-16 -1.6% -13.3% -14.3% 0.0% -5.1% Mar-15 18.3% 30.0% -50.0% -25.0% 13.1% Graph Commentary The median price trend has moved from easing to steady, although the sales volume trend continues to rise. The days to sell trend is steady, 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 $340,000 350 300 $315,000 250 200 $290,000 150 100 $265,000 50 Source: REINZ 12 month MA Source: REINZ Hawkes Bay Volumes 12 month MA Jan-16 Jul-15 Oct-15 Jan-15 Apr-15 Jul-14 Oct-14 Jan-14 Apr-14 Oct-13 Jul-13 Apr-13 Jan-13 Oct-12 Jul-12 Apr-12 Jan-12 Oct-11 Jul-11 Apr-11 Jan-16 Oct-15 Jul-15 Jan-15 Apr-15 Jul-14 Oct-14 Apr-14 Jan-14 Jul-13 Hawkes Bay Median Price Oct-13 Jan-13 Apr-13 Oct-12 Jul-12 Jan-12 Apr-12 Jul-11 Oct-11 0 Apr-11 $240,000 REINZ Manawatu/Wanganui Region Analysis for March 2016 Commentary Price Manawatu/Wanganui Region Trends Sales volumes rose 33% compared to March 2015, with sales rising 58% in Wanganui and 40% in Manawatu Country and 30% in Levin. Compared to February sales volumes rose 14%, with sales rising 33% in Levin, 12% in Feilding and 8% in Palmerston North. March was the highest number of monthly sales since May 2007. The median price across the region rose $7,000 (+3%) compared to March 2015 with prices rising 26% in Manawatu Country and 15% in Wanganui, but falling across the rest of the region. Compared to February the median price fell $5,000 (-2%), with prices rising 9% in Levin, 7% in Wanganui and 3% in Feilding. Palmerston North Feilding Levin Manawatu Country Wanganui Manawatu/Wanganui Mar-16 $285,000 $265,000 $189,000 $214,000 $172,500 $233,000 Median Price Feb-16 $295,000 $257,500 $174,250 $258,250 $162,000 $238,000 Mar-15 $301,500 $282,500 $200,000 $170,000 $150,500 $226,000 Feb-16 -3.4% 2.9% 8.5% -17.1% 6.5% -2.1% Mar-15 -5.5% -6.2% -5.5% 25.9% 14.6% 3.1% Vs… The number of days to sell improved by 15 days in March, from 44 days in February to 29 days in March. The number of days to sell improved by 16 days compared to March 2015. Over the past 10 years the average number of days to sell during March for the region has been 43 days. REINZ Chief Executive, Colleen Milne noted that, "Sales volumes continue to rise across the region with a 33% lift in the number of sales compared to March 2015 and the biggest increase in Wanganui. Price increases remain modest in comparison with other North Island regional markets, however, the availability of properties for sale remains a major problem for the region. The number of days to sell, at 29 days, is the lowest for March in 11 years." Palmerston North Feilding Levin Manawatu Country Wanganui Manawatu/Wanganui Volumes Mar-16 145 29 61 35 82 399 Days to Sell Overall Volume Sold Feb-16 134 26 46 36 79 351 Mar-15 114 28 47 25 52 300 Vs… Feb-16 8.2% 11.5% 32.6% -2.8% 3.8% 13.7% Mar-15 27.2% 3.6% 29.8% 40.0% 57.7% 33.0% 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 Source: REINZ Manawatu/Wanganui Median Price Source: REINZ Manawatu/Wanganui Volumes Jan-16 Jul-15 Oct-15 Jan-15 12 month MA Apr-15 Jul-14 Oct-14 Jan-14 Apr-14 Oct-13 Jul-13 Apr-13 Jan-13 Oct-12 Jul-12 Jan-16 Oct-15 Jul-15 Jan-15 12 month MA Apr-15 Jul-14 Oct-14 Apr-14 Jan-14 Jul-13 Oct-13 Jan-13 Apr-13 Oct-12 Jul-12 Jan-12 Apr-12 Jul-11 Oct-11 Apr-11 $175,000 Apr-12 $200,000 Jan-12 $225,000 Oct-11 $250,000 Jul-11 450 400 350 300 250 200 150 100 50 0 Apr-11 $275,000 REINZ Taranaki Region Analysis for March 2016 Commentary Price Taranaki Region Trends Sales volume for the Taranaki region fell 2% compared to February with sales up 7% in New Plymouth, but down 20% in Hawera, 23% in Bell Block and 47% in Taranaki Country. Compared to March 2015 sales volumes fell by 16% with sales up 26% in Hawera, but down 21% in New Plymouth and 43% in Taranaki Country. The median price across the region fell $7,000 (-2%) compared to March 2015, with prices up 21% in Bell Block, but down 1% in new Plymouth and down 20% in Hawera. Compared to February the median price fell $13,000 (-4%) with prices falling 8% in Bell Block, 15% in New Plymouth and 23% in Hawera. Mar-16 $357,050 $111,000 $428,750 $177,750 $315,000 New Plymouth Taranaki Country Bell Block Hawera Taranaki Median Price Feb-16 $420,210 $242,500 $464,000 $230,500 $328,000 Vs… The number of days to sell improved by 17 days compared to February, from 50 days in February to 33 days in March. Compared to March 2015 the number of days to sell eased by five days. Over the past 10 years the median number of days to sell across the region in March has averaged 43 days. REINZ Chief Executive, Colleen Milne noted that "The Taranaki market is stable at present although the number of listings has declined over the past month. Sales volumes fell in March, along with prices easing back, which is generally against trend for this time of the year. Higher priced properties are seeing an increase in enquiry although the rest of the market is steady." Mar-15 $360,000 $240,000 $355,000 $220,000 $322,000 Feb-16 -15.0% -54.2% -7.6% -22.9% -4.0% New Plymouth Taranaki Country Bell Block Hawera Taranaki Volumes Mar-16 88 20 10 24 177 Mar-15 -0.8% -53.8% 20.8% -19.2% -2.2% Days to Sell Overall Volume Sold Feb-16 82 38 13 30 181 Mar-15 111 35 22 19 210 Vs… Feb-16 7.3% -47.4% -23.1% -20.0% -2.2% Mar-15 -20.7% -42.9% -54.5% 26.3% -15.7% Source: REINZ Taranaki Median Price 12 month MA Source: REINZ Taranaki Volumes 12 month MA Jan-16 Jul-15 Oct-15 Jan-15 Jul-14 Oct-14 Jan-14 Apr-14 Oct-13 Jul-13 Apr-13 Jan-13 Oct-12 Jul-12 Apr-12 Apr-11 Jan-16 Oct-15 Jul-15 Jan-15 Apr-15 Jul-14 Oct-14 Apr-14 Jan-14 0 Jul-13 $225,000 Oct-13 50 Jan-13 $250,000 Apr-13 100 Oct-12 $275,000 Jul-12 150 Jan-12 $300,000 Apr-12 200 Jul-11 $325,000 Oct-11 250 Apr-11 $350,000 Jan-12 Past 5 Years Oct-11 Taranaki Region Sales Volumes Past 5 Years Jul-11 Taranaki Region Median Price Apr-15 Graph Commentary The median price trend continues to ease, with the sales volume trend moving back to steady. The days to sell trend is improving, although the overall trend has eased back to steady. REINZ Wellington Region Analysis for March 2016 Commentary Price Wellington Region Trends The median price for the Wellington region rose $38,000 (+9%) compared to March 2015 to reach another record high. Prices rose 23% in Eastern Wellington and Western Wellington, and 18% in Hutt Valley and Southern Wellington. Compared to February the median price rose $8,000 (+2%) with prices rising 14% in Eastern Wellington, 12% in Western Wellington, and 6% in Hutt Valley. Compared to March 2015 sales volumes rose 28% across the region with sales rising 81% in Central Wellington, 40% in Western Wellington and 36% in Upper Hutt. Compared to February sales volumes rose 23%, with sales rising 71% in Central Wellington, 56% in Northern Wellington and 32% in Western Wellington. The number of days to sell improved by four days in March, from 28 days in February to 24 days in March. Compared to March 2015 the number of days to sell improved by nine days. Over the past 10 years the median number of days to sell across the region in March has averaged 32 days. REINZ Regional Director Euon Murrell noted that "The Wellington market is one of high activity in most price brackets. An extreme shortage of properties is seeing multiple offers on properties after a very short time frame of coming to the market. Prices being achieved are reaching new levels." Graph Commentary The trend in the median price continues to rise, although the volume trend is now improving. The days to sell trend is improving, with the overall trend for the Wellington region remaining steady. Mar-16 $375,000 $437,000 $583,000 $368,598 $733,000 $762,895 $613,421 $470,000 $459,000 Upper Hutt Hutt Valley Northern Wellington Central Wellington Eastern Wellington Western Wellington Southern Wellington Pukerua Bay / Tawa Wellington Median Price Feb-16 $366,500 $410,000 $555,555 $483,750 $645,500 $684,000 $658,000 $464,000 $451,000 Vs… Wellington Region Median Price Mar-15 $334,000 $370,000 $527,000 $534,000 $595,000 $621,500 $521,278 $439,000 $421,000 Feb-16 2.3% 6.6% 4.9% -23.8% 13.6% 11.5% -6.8% 1.3% 1.8% Upper Hutt Hutt Valley Northern Wellington Central Wellington Eastern Wellington Western Wellington Southern Wellington Pukerua Bay / Tawa Wellington Volumes Mar-16 105 189 123 150 58 74 58 133 1,149 Mar-15 12.3% 18.1% 10.6% -31.0% 23.2% 22.8% 17.7% 7.1% 9.0% Days to Sell Overall Volume Sold Feb-16 88 189 79 88 62 56 60 102 936 Mar-15 77 201 95 83 47 53 48 104 897 Vs… Feb-16 19.3% 0.0% 55.7% 70.5% -6.5% 32.1% -3.3% 30.4% 22.8% Mar-15 36.4% -6.0% 29.5% 80.7% 23.4% 39.6% 20.8% 27.9% 28.1% Wellington Region Sales Volumes Past 5 Years Past 5 Years $480,000 1,400 $460,000 1,200 1,000 $440,000 800 $420,000 600 $400,000 Source: REINZ 12 month MA Source: REINZ Wellington Volumes 12 month MA Jan-16 Jul-15 Oct-15 Jan-15 Apr-15 Oct-14 Jul-14 Apr-14 Jan-14 Oct-13 Jul-13 Apr-13 Jan-13 Oct-12 Jul-12 Apr-12 Jan-12 Jul-11 Apr-11 Jan-16 Jul-15 Oct-15 Jan-15 Apr-15 Oct-14 Jul-14 Jan-14 Apr-14 Jul-13 Wellington Median Price Oct-13 Jan-13 Apr-13 Oct-12 Jul-12 Jan-12 Apr-12 Jul-11 0 Oct-11 $360,000 Apr-11 200 Oct-11 400 $380,000 REINZ Nelson/Marlborough Region Analysis for March 2016 Commentary Price Nelson/Marlborough Region Trends The median price across the region rose $54,500 (+15%) compared to March 2015 to reach another record high, with prices rising 18% in Marlborough/Kaikoura, 15% in Motueka and 6% in Nelson. Compared to February the median price rose $14,500 (+4%) with prices rising 10% in Marlborough/Kaikoura and 8% in Motueka, but falling by 4% in Nelson. Sales volume compared to March 2015 rose 18%, with sales rising 31% in Richmond, 21% in Nelson and 9% in Marlborough/Kaikoura. Compared to February sales volumes rose by 10%, with sales rising 17% in Nelson, 3% in Marlborough/Kaikoura and 2% in Richmond. Nelson City Richmond Motueka Marlborough/Kaikoura Nelson/Marlborough Mar-16 $405,500 $440,000 $429,000 $374,500 $412,500 Median Price Feb-16 $420,000 $565,000 $397,000 $340,000 $398,000 Vs… The number of days to sell improved by eight days in March, from 36 days in February to 28 days in March. Compared to March 2015 the number of days to sell improved by six days. Over the past 10 years the median number of days to sell in March has averaged 37 days across the region. REINZ Chief Executive, Colleen Milne noted that "The market has seen another record median price with strong demand from investors and an uplift in enquiry from first home buyers. The median price across the region is now over $400,000 with strong price growth coming from Motueka and Marlborough/Kaikoura." Mar-15 $383,000 $432,500 $372,000 $316,500 $358,000 Feb-16 -3.5% -22.1% 8.1% 10.1% 3.6% Nelson City Richmond Motueka Marlborough/Kaikoura Nelson/Marlborough Volumes Mar-16 111 42 27 120 335 Mar-15 5.9% 1.7% 15.3% 18.3% 15.2% Days to Sell Overall Volume Sold Feb-16 95 41 29 117 305 Mar-15 92 32 28 110 284 Vs… Feb-16 16.8% 2.4% -6.9% 2.6% 9.8% Mar-15 20.7% 31.3% -3.6% 9.1% 18.0% 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 improving, 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 $425,000 400 350 $400,000 300 $375,000 250 $350,000 200 150 $325,000 100 $300,000 50 Source: REINZ Nelson/Marlborough Median Price Source: REINZ Nelson/Marlborough Volumes Jan-16 Jul-15 Oct-15 Jan-15 12 month MA Apr-15 Jul-14 Oct-14 Jan-14 Apr-14 Oct-13 Jul-13 Apr-13 Jan-13 Oct-12 Jul-12 Apr-12 Jan-12 Oct-11 Jul-11 Apr-11 Jan-16 Jul-15 Oct-15 Jan-15 12 month MA 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 Jul-11 Oct-11 0 Apr-11 $275,000 REINZ Canterbury/Westland Region Analysis for March 2016 Commentary Canterbury/Westland Region Trends Sales volume across the region rose by 24% compared to February, with sales rising 81% in West Coast, 53% in Mid Canterbury and 50% in Rangiora. Compared to March 2015 sales volume rose 19%, with sales volumes rising 192% in West Coast, 60% in North Canterbury and 55% in Rangiora. The median price rose $10,000 (+2%) compared to March 2015 with prices rising 24% in Mid Canterbury, 15% in West Coast and 14% in North Canterbury to equal the record median price reached in April 2015 and January 2016. Compared to February the median price rose $5,000 (+1%) with prices rising 16% in North Canterbury, 14% in Mid Canterbury and 1% in Christchurch. REINZ Regional Director, Jim Davis commented that, "The Canterbury Westland market continued to show good strong sales over the month of March. The level of buyer enquiry remains strong across all areas of the market. March is typically one of the busiest sales months of the year and March 2016 was no exception. It is noticeable that stock levels are decreasing again as new listings are, once again, in short supply and sold stock is not being replaced as quickly. This slowdown of new listing stock coupled with strong sales has meant prices have tended to remain strong and steady so far this year across the market and the drop in days on market is a good indication of the markets current strength." The number of days to sell improved by 13 days in March, from 41 days in February to 28 days in March. Compared to March 2015 the number of days to sell improved by two days. Over the past 10 years the average number of days to sell in March across the region has been 33 days. Graph Commentary The median price trend continues to ease, with the sales volume trend improving to steady. The days to sell trend has moved up to easing. The overall trend for the region continues to ease. Mar-16 $445,000 $426,000 $457,500 $355,000 $312,000 $270,500 $224,000 $425,000 Christchurch Rangiora North Canterbury Mid-Canterbury Timaru South Canterbury West Coast Canterbury/Westland Median Price Feb-16 $440,000 $446,500 $393,000 $311,000 $325,000 $299,000 $243,000 $420,000 Vs… Price Mar-15 $440,000 $490,000 $402,500 $285,000 $285,000 $249,500 $195,000 $415,000 Feb-16 1.1% -4.6% 16.4% 14.1% -4.0% -9.5% -7.8% 1.2% Christchurch Rangiora North Canterbury Mid-Canterbury Timaru South Canterbury West Coast Canterbury/Westland Volumes Mar-15 1.1% -13.1% 13.7% 24.6% 9.5% 8.4% 14.9% 2.4% Mar-16 769 48 48 58 77 42 38 1,199 Days to Sell Overall Volume Sold Feb-16 645 32 45 38 57 37 21 967 Mar-15 664 31 30 59 73 46 13 1,006 Feb-16 19.2% 50.0% 6.7% 52.6% 35.1% 13.5% 81.0% 24.0% Mar-15 15.8% 54.8% 60.0% -1.7% 5.5% -8.7% 192.3% 19.2% Vs… 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 $380,000 800 $360,000 Source: REINZ Canterbury/Westland Median Price Source: REINZ Canterbury/Westland Volumes Jan-16 Jul-15 Oct-15 Jan-15 12 month MA Apr-15 Oct-14 Jul-14 Apr-14 Jan-14 Oct-13 Jul-13 Apr-13 Jan-13 Oct-12 Jul-12 Apr-12 Jan-12 Jul-11 Apr-11 Jan-16 Oct-15 Jul-15 Jan-15 12 month MA Apr-15 Jul-14 Oct-14 Apr-14 Jan-14 Jul-13 Oct-13 Jan-13 Apr-13 Oct-12 Jul-12 Jan-12 0 Apr-12 200 $280,000 Jul-11 $300,000 Oct-11 400 Apr-11 $320,000 Oct-11 600 $340,000 REINZ Central Otago Lakes Region Analysis for March 2016 Commentary Price Central Otago Lakes Region Trends Sales volume for the Central Otago Lakes Region rose by 5% compared to March 2015, with sales rising 21% in Queenstown but falling 8% in Central. Compared to February, sales volume rose 2%, with sales rising 52% in Queenstown but falling 26% in Central. Sales were the highest for March since 2002, 14 years ago. The median price across the region rose $147,000 (+27%) compared to March 2015, with prices rising 27% in Queenstown and 21% in Central to reach a new record high, beating the old record set in July 2008 by $137,000. Compared to February, the median price rose $145,889 (+26%) with prices rising 16% in Central and 4% in Queenstown. The number of days to sell improved by 10 days compared to February, from 41 days in February to 31 days in March. Compared to March 2015 the number of days to sell improved by 14 days. Over the past 10 years the average number of days to sell in March across the region has been 56 days. Mar-16 $525,000 $815,000 $702,000 Central Queenstown Central Otago Lakes Volumes Median Price Feb-16 Mar-15 $452,500 $433,000 $782,000 $640,000 $556,111 $555,000 Vs… Feb-16 16.0% 4.2% 26.2% Central Queenstown Central Otago Lakes Mar-16 73 82 155 Mar-15 21.2% 27.3% 26.5% Days to Sell Overall Volume Sold Feb-16 98 54 152 Mar-15 79 68 147 Vs… Feb-16 -25.5% 51.9% 2.0% Mar-15 -7.6% 20.6% 5.4% REINZ Regional Director, Gail Hudson commented that "The Central Otago Lakes region has seen a significant lift in the median price, especially in Queenstown, where the median price has risen $175,000 over the past 12 months, along with a 21% increase in the number of sales. Central Otago has seen sales numbers decline, although the median price has lifted by $92,000 over the past 12 months. The number of days to sell is now the lowest it has been for March since 1994, 22 years ago." Graph Commentary The median price trend is now improving with the volume trend continuing to rise and the days to sell trend also rising. The overall trend for the region is improving. Along with Waikato/Bay of Plenty, Central Otago Lakes is the strongest real estate market at present. Central Otago Lakes Region Median Price Central Otago Lakes Region Sales Volumes Past 5 Years Past 5 Years Source: REINZ Central Otago Lakes Median Price Source: REINZ Central Otago Lakes Volumes Jan-16 Jul-15 Oct-15 Jan-15 12 month MA Apr-15 Jul-14 Oct-14 Jan-14 Apr-14 Oct-13 Jul-13 Apr-13 Jan-13 Jan-16 Oct-15 Jul-15 Jan-15 12 month MA Apr-15 Jul-14 Oct-14 Apr-14 Jan-14 Jul-13 Oct-13 Jan-13 Apr-13 Oct-12 Jul-12 Jan-12 Apr-12 Jul-11 Oct-11 Apr-11 $375,000 Oct-12 $425,000 Jul-12 $475,000 Apr-12 $525,000 Jan-12 $575,000 Oct-11 $625,000 Jul-11 $675,000 Apr-11 200 180 160 140 120 100 80 60 40 20 0 $725,000 REINZ Otago Region Analysis for March 2016 Commentary Otago Region Trends The median price across Otago rose $20,832 (+8%) compared with March 2015. Prices rose 45% in South Otago and 9% in Dunedin. Compared to February the median price rose by $10,000 (+4%) with prices rising 12% in South Otago , but falling 2% in Dunedin and North Otago. Sale volumes across the region rose 39% compared to March 2015 with sales rising 55% in North Otago, 52% in South Otago and 33% in Dunedin. Compared to February sales volumes rose 25%, with sales rising 29% in Dunedin, 23% in North Otago, but falling 11% in South Otago. The number of days to sell in Otago improved by one day in March, from 28 days in February to 27 days in March. Compared to March 2015 the number of days to sell improved by three days. Over the past 10 years the average number of days to sell in Otago in March was 33 days. Mar-16 $305,000 $212,000 $196,250 $280,000 Dunedin North Otago South Otago Otago Price Median Price Feb-16 $310,000 $216,500 $175,000 $270,000 Vs… Mar-15 $280,000 $215,000 $135,000 $259,168 Feb-16 -1.6% -2.1% 12.1% 3.7% Dunedin North Otago South Otago Otago Volumes Mar-16 277 59 32 383 Mar-15 8.9% -1.4% 45.4% 8.0% Days to Sell Overall Volume Sold Feb-16 215 48 36 307 Mar-15 208 38 21 276 Vs… Feb-16 28.8% 22.9% -11.1% 24.8% Mar-15 33.2% 55.3% 52.4% 38.8% REINZ Regional Commentator, Liz Nidd commented that, "The Otago market is robust at present with a significant influx of 'out of town' buyers over the past year; not just from Auckland but from other parts of New Zealand and offshore buyers becoming more noticeable. From an investor's perspective the market is described as one of the country's best kept secrets." Graph Commentary The trend in the median price remains steady, with the trend in sales volume moving from improving to rising. The trend in days to sell continues to improve, with the overall trend for the region continuing to improve. Otago Region Median Price Otago Region Sales Volumes Past 5 Years Past 5 Years Source: REINZ 12 month MA Source: REINZ Otago Volumes Jan-16 Jul-15 Oct-15 Jan-15 Apr-15 Jul-14 12 month MA Oct-14 Jan-14 Apr-14 Oct-13 Jul-13 Apr-13 Jan-13 Oct-12 Jul-12 Jan-16 Oct-15 Jul-15 Jan-15 Apr-15 Jul-14 Oct-14 Apr-14 Jan-14 Jul-13 Otago Median Price Oct-13 Jan-13 Apr-13 Oct-12 Jul-12 Jan-12 Apr-12 Jul-11 Oct-11 Apr-11 $200,000 Apr-12 $225,000 Jan-12 $250,000 Oct-11 $275,000 Jul-11 450 400 350 300 250 200 150 100 50 0 Apr-11 $300,000 REINZ Southland Region Analysis for March 2016 Commentary Southland Region Trends The median price across Southland rose $25,000 (+14%) compared to March 2015, with prices rising 19% in Gore and 14% in Invercargill. Compared to February the median price fell $5,000 (-2%) with prices falling under 1% in Gore and falling 3% in Invercargill. Mar-16 $212,000 $168,500 $210,000 Invercargill Gore Southland Sales volumes rose 11% compared to March 2015, with a 23% increase in Invercargill, but a 27% fall in Gore. Compared to February sales volumes also rose 11%, with a 39% increase in Gore and a 6% increase in Invercargill. The number of days to sell in Southland improved by two days compared to February, from 37 days in February to 35 days in March. Compared to March 2015 the number of days to sell improved by 12 days. Over the past 10 years the number of days to sell in March for the Southland region has been 35 days. Price Volumes Median Price Feb-16 Mar-15 $218,000 $186,000 $169,000 $141,500 $215,000 $185,000 Vs… Feb-16 -2.8% -0.3% -2.3% Invercargill Gore Southland Mar-16 147 32 220 Mar-15 14.0% 19.1% 13.5% Days to Sell Overall Volume Sold Feb-16 139 23 199 Mar-15 120 44 198 Vs… Feb-16 5.8% 39.1% 10.6% Mar-15 22.5% -27.3% 11.1% REINZ Chief Executive, Colleen Milne commented that "The Southland market continues to see rising sales volumes and a steady lift in the median price trend, albeit somewhat slower than other regions in the South Island. Overall the market is more balanced between buyers and sellers with the days to sell metric about in line with the 10 year average." Graph Commentary The median price trend has moved back to steady, with the sales trend also moving from improving to rising. The days to sell trend has also moved from improving to rising, with the overall trend for the region now moving back to improving. 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 12 month MA Source: REINZ Southland Volumes 12 month MA Jan-16 Jul-15 Oct-15 Jan-15 Apr-15 Jul-14 Oct-14 Jan-14 Apr-14 Oct-13 Jul-13 Apr-13 Jan-13 Oct-12 Jul-12 Apr-12 Jan-12 Oct-11 Jul-11 Apr-11 Jan-16 Jul-15 Oct-15 Jan-15 Apr-15 Oct-14 Jul-14 Jan-14 Apr-14 Jul-13 Southland Median Price Oct-13 Jan-13 Apr-13 Oct-12 Jul-12 Jan-12 Apr-12 Jul-11 Oct-11 0 Apr-11 $150,000