REINZ Auckland Region Analysis for May 2016 REINZ Spokesman, Bryan Thomson noted that, "We continue to see strong demand across the Auckland region. The listing situation remains very tight and vendor expectations continue to be optimistic. The supply/demand equation remains well in play for buyers and sellers in this region." Graph Commentary The trend in the median price continues to improve with the volume trend continuing to fall. The days to sell trend continues to ease. Vs… May-15 553 410 947 698 2,749 221 402 3,151 Apr-16 12.3% 10.9% 33.0% 1.6% 16.6% -5.1% -0.9% 13.7% May-15 0.9% 8.8% 10.2% -19.9% -0.8% 8.6% 14.7% 1.2% Vs… Auckland Median Price Source: REINZ Auckland Volumes Dec-14 12 month MA Mar-15 Jun-14 Sep-14 Dec-13 Mar-14 Jun-13 Sep-13 Dec-12 Mar-13 Jun-12 Sep-12 Mar-12 Jun-11 Mar-16 Sep-15 Dec-15 Jun-15 Dec-14 12 month MA Mar-15 Jun-14 Sep-14 Mar-14 Sep-13 0 Dec-13 500 $450,000 Jun-13 1,000 $500,000 Dec-12 1,500 $550,000 Mar-13 2,000 $600,000 Jun-12 2,500 $650,000 Sep-12 3,000 $700,000 Mar-12 3,500 $750,000 Sep-11 Past 5 Years Dec-11 Auckland Region Sales Volumes 4,000 Dec-11 Volume Sold Apr-16 497 402 785 550 2,340 253 465 2,805 Past 5 Years $800,000 Jun-11 May-15 8.9% 12.0% -4.8% 12.6% 8.2% 16.0% 12.9% 7.5% May-16 558 446 1,044 559 2,728 240 461 3,189 Auckland Region Median Price $850,000 Sep-11 Apr-16 -1.9% 2.2% -6.9% -0.9% -0.6% 2.3% -4.2% -0.9% North Shore City Waitakere City Auckland City Manukau City Metro Auckland Rodney District Outer Auckland Auckland Region Overall Mar-16 The number of days to sell was steady compared to April at 32 days. Compared to May 2015, the number of days to sell eased by three days. Over the past 10 years the average number of days to sell during May for Auckland has been 34 days. Auckland's level of inventory fell from 10.3 weeks to 9.3 weeks between April and May and fell by two days compared to May 2015. North Shore City Waitakere City Auckland City Manukau City Metro Auckland Rodney District Outer Auckland Auckland Region May-15 $946,000 $687,000 $880,000 $695,000 $771,500 $710,000 $580,000 $749,000 Days to Sell Sep-15 Compared to May 2015 the median price rose by $56,000 (+8%) with prices rising 16% in Rodney, and 13% in Outer Auckland and Manukau. Compared to April the median price fell by $7,000 (-1%) , with pricing rising 2% in Rodney and Waitakere but falling across the rest of the region. On a seasonally adjusted basis Auckland's median price fell 0.6% compared to April. Median Price May-16 Apr-16 $1,030,250 $1,050,000 $769,500 $753,000 $838,000 $900,000 $782,888 $790,000 $835,000 $840,000 $823,750 $805,000 $655,000 $684,000 $805,000 $812,000 Volumes Dec-15 Sales volume in the Auckland region rose 14% compared to April with volume up 33% in Auckland City, 12% in North Shore and 11% in Waitakere. Compared to May 2015 sales numbers rose 1% with volume up 15% in Outer Auckland, 10% in Auckland City and 9% in Rodney. However, on a seasonally adjusted basis the number of sales in the Auckland region fell 2% compared to April, indicating that the increase from April was far less than normal. Source: REINZ Price Auckland Region Trends Jun-15 Commentary REINZ Northland Region Analysis for May 2016 Commentary Price Northland Region Trends Sales volume in Northland continues to rise strongly, with volume up 60% compared to May 2015, with increases in Kerikeri (+57%), Whangarei City (+50%) and Otamatea County (+48%). Compared to April, sales volumes increased 26% across the region, with a 85% rise in Otamatea County, 31% in Whangarei County and 15% in Whangarei City. Sales for May were the third highest for Northland for any month, and only 10 sales below a new record. The median price across the region rose by $18,250 (+6%) compared to May 2015, with prices rising 42% in Kerikeri, 31% in Whangarei County and 16% in Whangarei City. Compared to April, the median price fell by $4,250 (-1%) with prices rising 12% in Kerikeri, 11% in Whangarei County and 4% in Whangarei City. May-16 $335,000 $562,500 $320,000 $595,000 $350,750 Whangarei City Whangarei County Otamatea County Kerikeri Northland Median Price Apr-16 $321,000 $505,000 $505,000 $530,000 $355,000 May-15 $290,000 $430,000 $400,000 $420,000 $332,500 Apr-16 4.4% 11.4% -36.6% 12.3% -1.2% May-15 15.5% 30.8% -20.0% 41.7% 5.5% Vs… The number of days to sell has eased by one day compared to April, from 43 days in April to 44 days in May. The number of days to sell improved by 10 days compared to May 2015. Over the past 10 years the average number of days to sell during May for Northland has been 60 days. The number of weeks of inventory has fallen by 22 weeks since May 2015. REINZ Spokesman, Bryan Thomson noted that, "The Northland market is experiencing very strong sales growth with an increasing number of investors in the market and continuing declines in the number of properties available for sale to ever lower levels." Whangarei City Whangarei County Otamatea County Kerikeri Northland Volumes Days to Sell May-16 142 46 37 33 356 Volume Sold Apr-16 123 35 20 37 283 Vs… Overall May-15 95 37 25 21 222 Apr-16 15.4% 31.4% 85.0% -10.8% 25.8% May-15 49.5% 24.3% 48.0% 57.1% 60.4% 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 also now rising, 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 $380,000 400 350 $355,000 300 $330,000 250 $305,000 200 $280,000 150 100 $255,000 50 $230,000 12 month MA Source: REINZ Northland Volumes 12 month MA Mar-16 Sep-15 Dec-15 Jun-15 Mar-15 Sep-14 Dec-14 Jun-14 Mar-14 Dec-13 Jun-13 Sep-13 Dec-12 Mar-13 Jun-12 Sep-12 Dec-11 Mar-12 Jun-11 Sep-11 Dec-15 Mar-16 Jun-15 Sep-15 Mar-15 Dec-14 Jun-14 Sep-14 Mar-14 Sep-13 Northland Median Price Dec-13 Jun-13 Dec-12 Mar-13 Jun-12 Sep-12 Mar-12 Dec-11 Jun-11 Source: REINZ Sep-11 0 REINZ Waikato/Bay of Plenty Region Analysis for May 2016 Commentary Waikato/Bay of Plenty Region Trends Sales volumes compared to May 2015 rose 21%, with sales in Taupo rising 107%, Eastern BOP Country rising 79% and Gisborne 69%. Compared to April sales across the region rose 4% with sales rising 33% in Taupo, 18% in Waikato Country and 12% in Mt Maunganui/Papamoa. On a seasonally adjusted basis sales for May fell 6%, indicating that the increase in sales was far lower than normal. The median price across the region rose $69,000 (+20%) compared to May 2015 to reach another record high, the sixth in the past seven months. Prices rose 44% in Eastern BOP Country, 35% in Mt Maunganui/Papamoa and 33% in Tauranga. Compared to April the median price rose $2,000 (+1%), with prices rising 5% in Hamilton, 4% in Eastern Bay of Plenty Country and 4% in Rotorua. On a seasonally adjusted basis prices rose 1.3% compared to April. The number of days to sell improved by two days in May, from 33 days in April to 31 days in May. The number of days to sell improved by 14 days compared to May 2015. Over the past 10 years the average number of days to sell during May for the region has been 51 days. The level of inventory across the region has fallen by 14 weeks over the past 12 months. REINZ Regional Director, Philip Searle noted that "The strong rise in median prices across the region over the past nine months is making it more difficult for first home buyers, particularly in markets such as Hamilton and Taupo. The tightening supply of listings is also having an impact on sales to investors, with many being left unsatisfied and strong competition driving prices upwards. At the end of May there was just over 10 weeks of inventory across the region, another record low for property availability across the region." Graph Commentary The trend in median price has moved from improving to rising, with the trend in sales volume also rising. The days to sell trend continues to rise, 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 May-16 $480,000 $315,000 $550,250 $634,000 $285,250 $365,500 $315,500 $232,000 $419,000 Price Median Price Apr-16 $458,000 $325,000 $537,500 $622,500 $275,100 $405,500 $302,500 $251,000 $417,000 May-15 $370,000 $290,000 $413,750 $470,000 $240,000 $380,300 $218,750 $230,000 $350,000 Apr-16 4.8% -3.1% 2.4% 1.8% 3.7% -9.9% 4.3% -7.6% 0.5% May-15 29.7% 8.6% 33.0% 34.9% 18.9% -3.9% 44.2% 0.9% 19.7% Vs… Hamilton City Waikato Country Tauranga Mt Maunganui/Papamoa Rotorua Taupo Eastern BOP Country Gisborne Waikato/Bay of Plenty Volumes Days to Sell Overall May-16 359 347 186 137 158 114 86 71 1,647 Volume Sold Apr-16 371 294 190 122 183 86 92 73 1,591 May-15 335 293 202 125 95 55 48 42 1,360 Apr-16 -3.2% 18.0% -2.1% 12.3% -13.7% 32.6% -6.5% -2.7% 3.5% May-15 7.2% 18.4% -7.9% 9.6% 66.3% 107.3% 79.2% 69.0% 21.1% Vs… Waikato/BOP Region Median Price Waikato/BOP Region Sales Volumes Past 5 Years Past 5 Years Source: REINZ Waikato/BOP Volumes Mar-16 Sep-15 Dec-15 Jun-15 Dec-14 12 month MA Mar-15 Jun-14 Sep-14 Dec-13 Mar-14 Jun-13 Sep-13 Dec-12 Mar-13 Mar-16 Sep-15 Dec-15 Jun-15 Dec-14 12 month MA Mar-15 Jun-14 Sep-14 Mar-14 Sep-13 Waikato/BOP Median Price Dec-13 Jun-13 Dec-12 Mar-13 Jun-12 Sep-12 Mar-12 Dec-11 Jun-11 Source: REINZ Sep-11 $300,000 Jun-12 $325,000 Sep-12 $350,000 Mar-12 $375,000 Sep-11 $400,000 Dec-11 2,000 1,800 1,600 1,400 1,200 1,000 800 600 400 200 0 Jun-11 $425,000 REINZ Hawke's Bay Region Analysis for May 2016 Commentary Price Hawke's Bay Region Trends Sales volume in Hawke's Bay rose 21% compared to May 2015, with sales rising 50% in Dannevirke, 24% in Hawke's Bay Country and 18% in Hastings. Compared to April sales volumes fell 2%, with sales rising 31% in Hawke's Bay Country but falling across the rest of the region. On a seasonally adjusted basis sales for May fell 19% compared to April indicating that sales were far weaker than normal for May across the region. The median price rose $20,000 (+7%) compared to May 2015 with prices rising 20% in Napier, but falling across the rest of the region. Compared to April the median price fell $15,250 (-5%) with prices rising 23% in Hawke's Bay Country, but falling 13% in Hastings City, 3% in Napier and Dannevirke. May-16 $350,000 $302,000 $363,000 $136,000 $310,000 Napier City Hastings City Hawke's Bay Country Dannevirke Hawkes Bay Median Price Apr-16 $360,000 $348,250 $296,250 $140,000 $325,250 Vs… The median days to sell for Hawke's Bay improved by four days in May, from 33 days in April to 29 days in May. The number of days to sell improved by 34 days compared to May 2015. Over the past 10 years the median number of days to sell for the Hawke's Bay region in May has been 51 days. This is the fewest number of days to sell for a May for Hawke's Bay and the lowest since February 2004. REINZ Spokesman, Bryan Thomson noted that, "There has been a noticeable up-lift in the number of first home buyers in the market spurred on by the easing of LVR restrictions in regional markets and low interest rates. Investors are also more active across the region. The region is experiencing a dramatic shortage of listings with the weeks of inventory falling by 67% over the past 12 months and less than eight weeks supply on hand. " May-15 $292,500 $320,000 $385,000 $169,000 $290,000 Apr-16 -2.8% -13.3% 22.5% -2.9% -4.7% Napier City Hastings City Hawke's Bay Country Dannevirke Hawke's Bay May-15 19.7% -5.6% -5.7% -19.5% 6.9% Volumes Days to Sell Overall May-16 128 105 21 21 301 Volume Sold Apr-16 133 112 16 28 308 May-15 110 89 17 14 248 Vs… Apr-16 -3.8% -6.3% 31.3% -25.0% -2.3% May-15 16.4% 18.0% 23.5% 50.0% 21.4% 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 now also rising, with the overall trend for the region continuing to improve. Hawke's Bay Region Median Price Hawke's 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 Mar-16 Sep-15 Dec-15 Jun-15 Mar-15 Sep-14 Dec-14 Jun-14 Mar-14 Dec-13 Jun-13 Sep-13 Dec-12 Mar-13 Jun-12 Sep-12 Dec-11 Mar-12 Jun-11 Sep-11 Dec-15 Mar-16 Jun-15 Sep-15 Mar-15 Dec-14 Jun-14 Sep-14 Mar-14 Sep-13 Hawkes Bay Median Price Dec-13 Jun-13 Dec-12 Mar-13 Jun-12 Sep-12 Mar-12 Dec-11 Jun-11 0 Sep-11 $240,000 REINZ Manawatu/Wanganui Region Analysis for May 2016 Commentary Price Manawatu/Wanganui Region Trends Sales volumes rose 35% compared to May 2015, with sales rising 54% in Levin, 52% in Manawatu Country and 30% in Wanganui. Compared to April sales volumes rose 11%, with sales rising 24% in Levin, 8% in Wanganui and 6% in Palmerston North. On a seasonally adjusted basis sales across the region fell 1%, indicating that the rise in sales in April was about in line with normal. The median price across the region rose $16,900 (+8%) compared to May 2015 with prices rising 36% in Levin, 17% in Wanganui and 15% in Feilding. Compared to April the median price fell $1,000 (-0.4%), with prices rising 18% in Wanganui, 12% in Levin and 2% in Feilding. On a seasonally adjusted basis the median price increased 1% compared to April. The number of days to sell improved by one day in May, from 35 days in April to 34 days in May. The number of days to sell improved by 14 days compared to May 2015. Over the past 10 years the average number of days to sell during May for the region has been 53 days. The weeks of inventory in the region has fallen by 18 weeks over the past 12 months to 17 weeks, and by two weeks compared to April. REINZ Spokesman, Bryan Thomson noted that, "First home buyers continue to be very active in the region, although investors appear to have taken a step back from the market. The number of properties available for sale continues to fall rapidly, with the weeks of inventory falling more than 50% over the past 12 months. Vendor expectations are lifting, albeit slowly." Palmerston North Feilding Levin Manawatu Country Wanganui Manawatu/Wanganui May-16 $302,500 $273,000 $251,000 $176,500 $170,000 $238,000 Median Price Apr-16 $302,300 $267,500 $223,500 $254,250 $144,000 $239,000 May-15 $281,000 $238,250 $184,500 $185,000 $145,000 $221,100 Apr-16 0.1% 2.1% 12.3% -30.6% 18.1% -0.4% May-15 7.7% 14.6% 36.0% -4.6% 17.2% 7.6% Vs… Palmerston North Feilding Levin Manawatu Country Wanganui Manawatu/Wanganui Volumes Days to Sell Overall May-16 140 31 57 47 90 418 Volume Sold Apr-16 132 32 46 49 83 376 May-15 109 36 37 31 69 310 Vs… Apr-16 6.1% -3.1% 23.9% -4.1% 8.4% 11.2% May-15 28.4% -13.9% 54.1% 51.6% 30.4% 34.8% 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 Manawatu/Wanganui Median Price 12 month MA Source: REINZ Manawatu/Wanganui Volumes 12 month MA Mar-16 Sep-15 Dec-15 Jun-15 Mar-15 Sep-14 Dec-14 Jun-14 Mar-14 Dec-13 Jun-13 Sep-13 Dec-12 Mar-13 Jun-12 Dec-15 Mar-16 Jun-15 Sep-15 Mar-15 Dec-14 Jun-14 Sep-14 Mar-14 Sep-13 Dec-13 Jun-13 Dec-12 Mar-13 Jun-12 Sep-12 Mar-12 Dec-11 Jun-11 Source: REINZ Sep-11 $175,000 Sep-12 $200,000 Dec-11 $225,000 Mar-12 $250,000 Jun-11 450 400 350 300 250 200 150 100 50 0 Sep-11 $275,000 REINZ Taranaki Region Analysis for May 2016 Commentary Price Taranaki Region Trends Sales volume for the Taranaki region rose 8% compared to April with sales up 128% in Bell Block and 27% in Hawera. Compared to April 2015 sales volumes rose by 4% with sales up 67% in Taranaki Country, 33% in Bell Block and steady in New Plymouth. On a seasonally adjusted basis sales fell 10% compared to April, indicating that the increase in sales was less than expected for May. The median price across the region rose $49,250 (+17%) compared to May 2015 to reach a new record high, with prices up 50% in Taranaki Country, 36% in Bell Block and 10% in New Plymouth. Compared to April the median price rose $750 (+0.2%) with prices rising 33% in Bell Block, 21% in Hawera and 8% in Taranaki Country. The number of days to sell eased by six days compared to April, from 36 days in April to 42 days in May. Compared to May 2015 the number of days to sell improved by three days. Over the past 10 years the median number of days to sell across the region in May has averaged 49 days. The weeks of inventory across the region has fallen by eight weeks over the past 12 months and by six weeks compared to April. REINZ Spokesman, Bryan Thomson noted that "The uptake in the number of sales over the past few months and rising median price are indicative of a more robust market in Taranaki, although the main constraint continues to be the decline in the number of properties available for sale. As with many other regions there has been a noticeable decline in inventory over the past 12 months in Taranaki and quite a sharp decline over the past month alone." May-16 $406,000 $270,000 $466,500 $232,500 $343,250 New Plymouth Taranaki Country Bell Block Hawera Taranaki Median Price Apr-16 $394,000 $250,000 $350,000 $192,500 $342,500 Vs… May-15 $368,750 $180,000 $344,250 $290,000 $294,000 Apr-16 3.0% 8.0% 33.3% 20.8% 0.2% New Plymouth Taranaki Country Bell Block Hawera Taranaki May-15 10.1% 50.0% 35.5% -19.8% 16.8% Volumes Days to Sell Overall May-16 96 40 16 28 212 Volume Sold Apr-16 102 40 7 22 197 May-15 96 24 12 31 203 Vs… Apr-16 -5.9% 0.0% 128.6% 27.3% 7.6% May-15 0.0% 66.7% 33.3% -9.7% 4.4% Source: REINZ Taranaki Median Price 12 month MA Source: REINZ Taranaki Volumes 12 month MA Mar-16 Sep-15 Dec-15 Mar-15 Sep-14 Dec-14 Jun-14 Mar-14 Dec-13 Jun-13 Sep-13 Dec-12 Mar-13 Jun-12 Sep-12 Jun-11 Dec-15 Mar-16 Jun-15 Sep-15 Mar-15 Dec-14 Jun-14 Sep-14 Mar-14 0 Sep-13 $225,000 Dec-13 50 Jun-13 $250,000 Dec-12 100 Mar-13 $275,000 Jun-12 150 Sep-12 $300,000 Mar-12 200 Dec-11 $325,000 Jun-11 250 Sep-11 $350,000 Dec-11 Past 5 Years Mar-12 Taranaki Region Sales Volumes Past 5 Years Sep-11 Taranaki Region Median Price Jun-15 Graph Commentary The median price trend is now steady, with the sales volume trend also steady. The days to sell trend continues to rise, although the overall trend remains steady. REINZ Wellington Region Analysis for May 2016 Commentary Price Wellington Region Trends The median price for the Wellington region rose $59,450 (+15%) compared to May 2015. Prices rose 24% in Western Wellington, 23% in Upper Hutt and 21% in Eastern Wellington. Compared to April the median price rose $10,000 (+2%) to reach another record high, with prices rising 22% in Central Wellington, 9% in Western Wellington and 6% in Hutt Valley. Compared to May 2015 sales volumes rose 14% across the region with sales rising 58% in Western Wellington, 37% in Central Wellington and 27% in Upper Hutt. Compared to April sales volumes fell 5%, with sales rising 5% in Northern Wellington, 2% in Eastern Wellington and 1% in Central Wellington. On a seasonally adjusted basis sales fell 5% compared to April, indicating that sales were lower than normal for May. The number of days to sell improved by two days in May, from 29 days in April to 27 days in May. Compared to May 2015 the number of days to sell improved by 11 days. Over the past 10 years the median number of days to sell across the region in May has averaged 40 days. Inventory levels in the region are extremely low at just five weeks excluding Wairarapa and have fallen nine weeks over the past 12 months. REINZ Regional Director Euon Murrell noted that, "The number of sales has eased back from the strong sales of March and April, but remains one seventh higher than May last year. The supply of properties in the market has fallen almost 60% over the past 12 months and is now just over seven weeks of supply. As a result properties that are on the market are getting significant numbers at open homes, with properties selling well above registered valuation. The jump in the median price since February is simply a lack of supply and very strong demand." Graph Commentary The trend in the median price remains steady , although the volume trend is now rising. The days to sell trend continues to rise with the overall trend for the Wellington region still improving. May-16 $407,500 $397,000 $570,500 $577,500 $665,500 $713,788 $595,000 $486,250 $465,000 Upper Hutt Hutt Valley Northern Wellington Central Wellington Eastern Wellington Western Wellington Southern Wellington Pukerua Bay / Tawa Wellington Median Price Apr-16 $407,000 $375,000 $561,500 $475,000 $680,000 $653,000 $621,500 $481,000 $455,000 Vs… Apr-16 0.1% 5.9% 1.6% 21.6% -2.1% 9.3% -4.3% 1.1% 2.2% Upper Hutt Hutt Valley Northern Wellington Central Wellington Eastern Wellington Western Wellington Southern Wellington Pukerua Bay / Tawa Wellington Wellington Region Median Price May-15 $330,850 $347,650 $480,000 $488,500 $550,000 $575,000 $550,000 $438,500 $405,550 May-15 23.2% 14.2% 18.9% 18.2% 21.0% 24.1% 8.2% 10.9% 14.7% Volumes Days to Sell Overall May-16 81 176 90 82 46 46 41 90 873 Volume Sold Apr-16 97 187 86 81 45 57 64 97 920 May-15 64 156 76 60 40 29 61 85 764 Vs… Apr-16 -16.5% -5.9% 4.7% 1.2% 2.2% -19.3% -35.9% -7.2% -5.1% May-15 26.6% 12.8% 18.4% 36.7% 15.0% 58.6% -32.8% 5.9% 14.3% 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 Source: REINZ Wellington Volumes Mar-16 Sep-15 Dec-15 Jun-15 Dec-14 12 month MA Mar-15 Jun-14 Sep-14 Dec-13 Mar-14 Jun-13 Sep-13 Dec-12 Mar-13 Jun-12 Sep-12 Mar-12 Sep-11 Jun-11 Mar-16 Sep-15 Dec-15 Jun-15 Dec-14 12 month MA Mar-15 Jun-14 Sep-14 Mar-14 Sep-13 Wellington Median Price Dec-13 Jun-13 Dec-12 Mar-13 Jun-12 Sep-12 Mar-12 Dec-11 Jun-11 0 Sep-11 200 $360,000 Dec-11 400 $380,000 REINZ Nelson/Marlborough Region Analysis for May 2016 Commentary Price Nelson/Marlborough Region Trends The median price across the region rose $33,500 (+9%) compared to May 2015, with prices rising 22% in Richmond, 21% in Marlborough/Kaikoura and 13% in Nelson. Compared to April the median price rose $3,000 (+1%) with prices rising 10% in Nelson and 7% in Marlborough/Kaikoura but falling across the rest of the region. Sales volume compared to May 2015 rose 18%, with sales rising 56% in Marlborough/Kaikoura, 23% in Richmond and 3% in Nelson. Compared to April sales volumes fell by 2%, with sales rising 17% in Marlborough/Kaikoura and 15% in Richmond. On a seasonally adjusted basis sales in May fell 13% compared to April, indicating that the drop in sales occurred where a rise in sales would normally be expected. The number of days to sell in April was steady at 28 days compared to April. Compared to May 2015 the number of days to sell improved by 16 days. Over the past 10 years the number of days to sell in May across the region has averaged 43 days. Over the past 12 months the number of weeks of inventory has fallen by 18 weeks in Marlborough and by 14 weeks in Nelson to 16 and eight weeks respectively. REINZ Spokesman, Bryan Thomson noted that "There have been more first home buyers in the market and a drop in the number of investors over the past month. The supply of properties across the region has fallen by 57% over the past year with less than 12 weeks of supply available and an increase in this rate of decline. This is restricting choice for purchasers and the increased competition due to this, may explain the decline in the number of investors in the market." Nelson City Richmond Motueka Marlborough/Kaikoura Nelson/Marlborough May-16 $436,175 $505,000 $393,000 $351,501 $395,000 Median Price Apr-16 $395,000 $545,000 $435,000 $330,000 $392,000 Vs… May-15 $386,250 $415,000 $356,250 $289,500 $361,500 Apr-16 10.4% -7.3% -9.7% 6.5% 0.8% Nelson City Richmond Motueka Marlborough/Kaikoura Nelson/Marlborough May-15 12.9% 21.7% 10.3% 21.4% 9.3% Volumes Days to Sell Overall May-16 78 38 21 131 286 Volume Sold Apr-16 101 33 21 112 291 May-15 76 31 24 84 242 Vs… Apr-16 -22.8% 15.2% 0.0% 17.0% -1.7% May-15 2.6% 22.6% -12.5% 56.0% 18.2% Graph Commentary The price trend for the region has now improved to steady, although the sales volume trend is now improving. The days to sell trend is now rising, with the overall trend for the region is now improving. 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 12 month MA Source: REINZ Nelson/Marlborough Volumes 12 month MA Mar-16 Sep-15 Dec-15 Jun-15 Mar-15 Sep-14 Dec-14 Jun-14 Mar-14 Dec-13 Jun-13 Sep-13 Dec-12 Mar-13 Jun-12 Sep-12 Dec-11 Mar-12 Jun-11 Sep-11 Mar-16 Sep-15 Dec-15 Jun-15 Dec-14 Mar-15 Jun-14 Sep-14 Mar-14 Dec-13 Jun-13 Sep-13 Mar-13 Sep-12 Dec-12 Jun-12 Mar-12 Dec-11 Jun-11 0 Sep-11 $275,000 REINZ Canterbury/Westland Region Analysis for May 2016 Commentary Canterbury/Westland Region Trends Sales volume across the region rose by 9% compared to May 2015, with sales rising 39% in West Coast, 27% in North Canterbury and 17% in Timaru. Compared to April sales volumes rose by two, with sales volumes rising 12% in MidCanterbury and 4% in Christchurch, but falling across the rest of the region. On a seasonally adjusted basis the volume of sales fell by 3% compared to April. The median price rose $35,500 (+9%) compared to May 2015 to reach another record high. Prices rose 13% in MidCanterbury, 11% in South Canterbury and 8% in Christchurch. Compared to April the median price also rose $8,250 (+2%) with prices rising 16% in South Canterbury, 4% in Mid-Canterbury and 1% in Christchurch. REINZ Regional Director, Jim Davis commented that, "The listings situation in Canterbury /Westland has experienced a drop of 28% in the last 12 months, leaving the region with only 18 weeks supply. Demand remains strong across the region with the flow on effect resulting in rising prices across most of the region. Low interest rates are helping to drive demand from first home buyers in a number of markets across the region." The number of days to sell was steady compared to April at 32 days. Compared to May 2015 the number of days to sell was also 32 days. Over the past 10 years the average number of days to sell in May across the region has been 36 days. The number of weeks of inventory has fallen by seven weeks over the past 12 months to 18 weeks and by one week compared to April. Graph Commentary The median price trend continues to easing, 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. May-16 $455,000 $441,250 $395,000 $367,500 $289,000 $300,500 $197,500 $435,500 Christchurch Rangiora North Canterbury Mid-Canterbury Timaru South Canterbury West Coast Canterbury/Westland Median Price Apr-16 $450,000 $452,500 $402,500 $352,500 $332,000 $260,000 $233,250 $427,250 Vs… Price May-15 $422,000 $436,000 $417,500 $325,000 $314,750 $270,500 $215,000 $400,000 Apr-16 1.1% -2.5% -1.9% 4.3% -13.0% 15.6% -15.3% 1.9% Christchurch Rangiora North Canterbury Mid-Canterbury Timaru South Canterbury West Coast Canterbury/Westland May-15 7.8% 1.2% -5.4% 13.1% -8.2% 11.1% -8.1% 8.9% Volumes Days to Sell Overall May-16 671 34 33 56 63 40 25 1,034 Volume Sold Apr-16 648 40 45 50 67 49 34 1,032 May-15 615 41 26 53 54 46 18 945 Apr-16 3.5% -15.0% -26.7% 12.0% -6.0% -18.4% -26.5% 0.2% May-15 9.1% -17.1% 26.9% 5.7% 16.7% -13.0% 38.9% 9.4% 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 12 month MA Source: REINZ 12 month MA Mar-16 Sep-15 Dec-15 Jun-15 Dec-14 Mar-15 Jun-14 Sep-14 Dec-13 Canterbury/Westland Volumes Mar-14 Jun-13 Sep-13 Dec-12 Mar-13 Jun-12 Sep-12 Mar-12 Sep-11 Jun-11 Dec-15 Mar-16 Jun-15 Sep-15 Mar-15 Dec-14 Jun-14 Sep-14 Mar-14 Sep-13 Dec-13 Jun-13 Dec-12 Mar-13 Jun-12 0 Sep-12 $280,000 Mar-12 200 Dec-11 $300,000 Jun-11 400 Sep-11 $320,000 Dec-11 600 $340,000 REINZ Central Otago Lakes Region Analysis for May 2016 Commentary Price Central Otago Lakes Region Trends Sales volume for the Central Otago Lakes Region rose by 35% compared to May 2015, with sales up 57% in Queenstown and 17% in Central. Compared to April, sales volume fell 6%, although sales rose 15% in Queenstown and falling 22% in Central. On a seasonally adjusted basis sales rose by 1% in May, indicating that a fall in sales is expected at this time of the year. The median price across the region rose $202,000 (+40%) compared to May 2015 to reach another record high. Prices rose 19% in Queenstown and 16% in Central. Compared to April, the median price rose $41,000 (+6%) with prices rising 8% in Central but falling 7% in Queenstown. The number of days to sell improved by three days compared to April, from 36 days in April to 33 days in May. Compared to May 2015 the number of days to sell improved by 24 days. Over the past 10 years the average number of days to sell in May across the region has been 66 days. The number of weeks of inventory has fallen by 20 weeks over the past 12 months to sit at 15 weeks in May and has fallen by 5.5 weeks since April. May-16 $508,500 $818,500 $707,250 Central Queenstown Central Otago Lakes Median Price Apr-16 May-15 $473,000 $437,500 $877,500 $687,500 $666,250 $505,250 Vs… Apr-16 7.5% -6.7% 6.2% Central Queenstown Central Otago Lakes May-15 16.2% 19.1% 40.0% Volumes Days to Sell Overall May-16 84 94 178 Volume Sold Apr-16 108 82 190 May-15 72 60 132 Vs… Apr-16 -22.2% 14.6% -6.3% May-15 16.7% 56.7% 34.8% REINZ Regional Director, Gail Hudson, commented that "The significant jump in prices that occurred in March has been further consolidated in May in both Central and Queenstown. There are fewer first home buyers active in the market, but more investors and very active attendances at open homes despite the wintry weather. The number of properties available for sale has fallen with a drop of more than 50% over the past six months helping to explain the rise in the median price." Graph Commentary The median price trend is now rising with the volume trend also continuing to rise. The days to sell trend is also rising and the overall trend for the region is now rising. 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 Central Otago Lakes Median Price 12 month MA Source: REINZ Central Otago Lakes Volumes 12 month MA Mar-16 Sep-15 Dec-15 Jun-15 Mar-15 Sep-14 Dec-14 Jun-14 Mar-14 Dec-13 Jun-13 Sep-13 Dec-12 Dec-15 Mar-16 Jun-15 Sep-15 Mar-15 Dec-14 Jun-14 Sep-14 Mar-14 Sep-13 Dec-13 Jun-13 Dec-12 Mar-13 Jun-12 Sep-12 Mar-12 Dec-11 Jun-11 Source: REINZ Sep-11 $375,000 Mar-13 $425,000 Jun-12 $475,000 Sep-12 $525,000 Dec-11 $575,000 Mar-12 $625,000 Jun-11 200 180 160 140 120 100 80 60 40 20 0 $675,000 Sep-11 $725,000 REINZ Otago Region Analysis for May 2016 Commentary Otago Region Trends The median price across Otago rose $13,500 (+5%) compared with May 2015, with prices rising 52% in South Otago and 11% in North Otago and 8% in Dunedin. Compared to April the median price fell by $3,000 (-1%) with prices rising 27% in South Otago and 6% in North Otago, but falling 3% in Dunedin . Sales across the region rose 32% compared to May 2015 with sales rising 38% in Dunedin, 29% in South Otago and 13% in North Otago. Compared to April sales volumes rose 1%, with sales rising 4% in South Otago and 2% in Dunedin. On a seasonally adjusted basis sales fell 4% in May compared to April indicating that the modest lift in sales was less than expected. The number of days to sell in Otago eased four days in May from 27 days in April to 31 days in May. Compared to May 2015 the number of days to sell improved by four days. Over the past 10 years the average number of days to sell in Otago in May was 40 days. The level of inventory has fallen by nine weeks over the past 12 months, or 44%. May-16 $307,000 $253,000 $175,000 $281,000 Dunedin North Otago South Otago Otago Price Median Price Apr-16 $315,000 $239,000 $137,500 $284,000 Vs… May-15 $284,163 $228,000 $115,000 $267,500 Apr-16 -2.5% 5.9% 27.3% -1.1% Dunedin North Otago South Otago Otago May-15 8.0% 11.0% 52.2% 5.0% Volumes Days to Sell Overall May-16 259 62 27 358 Volume Sold Apr-16 254 64 26 355 May-15 188 55 21 271 Vs… Apr-16 2.0% -3.1% 3.8% 0.8% May-15 37.8% 12.7% 28.6% 32.1% REINZ Regional Commentator, Liz Nidd commented that, "Buyers in the Otago region are experiencing the side effects of the drop in the number of properties for sale with first home buyers moving quickly to secure properties. Investors, particularly out of Auckland are also very active. The region only has 11 weeks of inventory on hand going into winter, thus the supply situation is not expected to ease until the spring at least." 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 rise, with the overall trend for the region continuing to improve. Otago Region Median Price Otago Region Sales Volumes Past 5 Years Past 5 Years 12 month MA Source: REINZ Otago Volumes Mar-16 Sep-15 Dec-15 Jun-15 Mar-15 Sep-14 12 month MA Dec-14 Jun-14 Mar-14 Dec-13 Jun-13 Sep-13 Dec-12 Mar-13 Jun-12 Dec-15 Mar-16 Jun-15 Sep-15 Mar-15 Dec-14 Jun-14 Sep-14 Mar-14 Sep-13 Otago Median Price Dec-13 Jun-13 Dec-12 Mar-13 Jun-12 Sep-12 Mar-12 Dec-11 Jun-11 Source: REINZ Sep-11 $200,000 Sep-12 $225,000 Dec-11 $250,000 Mar-12 $275,000 Jun-11 450 400 350 300 250 200 150 100 50 0 Sep-11 $300,000 REINZ Southland Region Analysis for May 2016 Commentary Southland Region Trends The median price across Southland rose $15,000 (+8%) compared to May 2015, with prices rising by 7% in Invercargill, but falling 9% in Gore. Compared to May 2015 the median price rose $5,000 (+2%) with prices rising 2% in Invercargill by falling 19% in Gore. Sales volumes rose 58% compared to May 2015, with a 44% increase in Invercargill and a 33% increase in Gore. Compared to April sales volumes rose 1% with sales increasing 4% in Gore but falling 7% in Invercargill. On a seasonally adjusted basis, sales fell 10% compared to April indicating that the increase in sales was far lower than normal. The number of days to sell in Southland eased by four days in May from 35 days in April to 39 days in May. Compared to May 2015 the number of days to sell improved by eight days. Over the past 10 years the number of days to sell in May for the Southland region has been 40 days. The number of weeks of inventory has fallen by 14 weeks over the past 12 months to 18 weeks, and has fallen by four weeks compared to April. May-16 $211,750 $146,000 $210,000 Invercargill Gore Southland Price Median Price Apr-16 May-15 $198,000 $208,000 $161,000 $180,000 $195,000 $205,000 Vs… Apr-16 6.9% -9.3% 7.7% Invercargill Gore Southland May-15 1.8% -18.9% 2.4% Volumes Days to Sell Overall May-16 144 28 223 Volume Sold Apr-16 154 27 220 May-15 100 21 141 Vs… Apr-16 -6.5% 3.7% 1.4% May-15 44.0% 33.3% 58.2% REINZ Spokesman, Bryan Thomson commented that, "The Southland market continues to see strong sales volumes with the number of sales holding steady at the 220 level for the third month in a row. While Southland has seen a decline in the supply of properties available for sale, as in all other regions, it still has a relatively high level of inventory on hand, thus there has not yet been notable pressure on prices. However, vendor expectations are now rising." 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 Source: REINZ Southland Volumes 12 month MA Mar-16 Sep-15 Dec-15 Jun-15 Mar-15 Sep-14 Dec-14 Jun-14 Mar-14 Dec-13 Jun-13 Sep-13 Dec-12 Mar-13 Jun-12 Sep-12 Dec-11 Mar-12 Jun-11 Sep-11 Mar-16 Sep-15 Dec-15 Jun-15 Dec-14 12 month MA Mar-15 Jun-14 Sep-14 Mar-14 Sep-13 Southland Median Price Dec-13 Jun-13 Dec-12 Mar-13 Jun-12 Sep-12 Mar-12 Dec-11 Jun-11 0 Sep-11 $150,000