13 December 2017
For immediate release
November highlights significant lift in activity REINZ figures show
- Largest October/November volume increase in 6 years –
- Record median prices recorded in 7 regions –
The number of properties sold in November across New Zealand increased 17.8%
from the previous month – the largest October to November increase seen in 6
years according to the latest data from the Real Estate Institute of New Zealand
(REINZ), source of the most complete and accurate real estate data in New
Zealand.
The number of properties sold in New Zealand excluding Auckland increased
19.4% month-on-month and in Auckland it increased 13.9% month-on-month.
All regions, except the West Coast, saw sales volume increase in comparison to
October.
Bindi Norwell, Chief Executive at REINZ says: “There was a 17.8% increase in the
properties sold in New Zealand from October to November – this is the largest
October to November increase we’ve seen in six years. After taking into account
seasonal adjustment, that increase is 4.5%. While there was a significant
increase in properties sold, November traditionally sees a robust increase,
although the change in November compared to last month was stronger than we
would have expected based on past data.
“After a difficult winter and a slow start to spring, the real estate industry has
experienced a lift in optimism and activity, with increases in the properties sold
in 15 out of 16 regions across the country when compared to the previous
month,” continues Norwell.
Regions with the biggest increase in November compared to the previous month
were:
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Nelson – up 34.7% - this represents the highest number of properties sold
in a month for 2017, whereas most regions experienced their highest in
Q1 2017
Canterbury – 33.8% - this is the highest number of properties sold for the
month of November for the region in 10 years
Otago – up 32.3%
Manawatu/Wanganui – up 25.2%
Tasman – up 23.1%.

 Gisborne and Hawke’s Bay (up 15.1% and 17.8% respectively) also saw the
highest number of properties sold for the month of November for 10 years.
Record median price for NZ ex Auckland and 7 regions. Prices up in
15/16 regions year-on-year

Median prices across New Zealand rose 1.9% in November to $540,000 – up from
$530,000 in October 2017 and median prices for New Zealand excluding
Auckland rose 2.3% in November to a record $450,000 (up from $440,000 in
October) – year-on-year saw a price increase of 3.8% and 8.4% respectively.
Auckland’s median price increased 3.8% to $880,000 – up from $848,149 in
October and 0.6% year-on-year. Auckland’s median price has now increased by
$50,000 over the last 4 months.
Seven regions saw record prices in November:
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Bay of Plenty – up 7.8% month-on-month to $567,000 (up 11.0% year-onyear)
Hawke’s Bay – up 6.2% month-on-month to $420,000 (up 19.3% year-onyear)
Manawatu/Wanganui – up 4.8% month-on-month to $300,000 (up 14.9%
year-on-year)
Wellington – up 6.8% month-on-month to $549,777 (up 8.7% year-on-year)
Marlborough – up 4.0% month-on-month to $437,000 (up 9.3% year-onyear)
Canterbury – up 2.2% month-on-month to $460,000 (up 3.4% year-onyear)
Southland – up 11.8% month-on-month to $265,000 (up 16.2% year-onyear).

“There is no denying that with one of the wettest winters on record and the
election, that it has been a difficult few months for the industry. However, last
month has provided the industry with a boost in optimism and confidence which
has seen the market return to normal November conditions. Renewed confidence
in the market has seen prices rising year-on-year in 15 of the 16 regions in New
Zealand and record prices in 7 regions,” points out Norwell.
“The Auckland story paints an interesting picture with Rodney District
experiencing a 14% year-on-year median price increase to $985,000. Looking
into this data further, the increase was largely driven by a chance in the mix of
properties sold, with 41% more properties sold for more than $1million compared
to the same time last year. The REINZ HPI further confirmed the impact of the
change of mix with an annual increase of 2.2%, indicating a more stable and
moderate price growth in the Rodney District,” concludes Norwell.
REINZ House Price Index
The REINZ House Price Index for New Zealand increased 0.3% month-on-month
to reach an all-time high of 2,663 during November indicating that the ratio of
sales prices when compared to CVs is at its highest point since the Index began.

 The same is true for New Zealand excluding Auckland, with a record high of
2,476 (up 0.8% on the previous month).
The REINZ HPI also showed that all but three regions (Auckland, Taranaki and
Canterbury) reached new highs during November indicating strong value growth
across most of the country.
Regions with the highest growth year-on-year were Gisborne/Hawke’s Bay (up
17.4% to 2,335), Southland (up 12.4% to 2421), Wellington (up 9.7% to 2,423)
and Northland (up 9.6% to 2570).
Days to sell
The median number of days to sell a property nationally increased by 1 day
(from 32 to 33) when compared to November 2016.
Regionally, Marlborough saw the biggest increase in the number of days to sell
(up 14 days to 37), followed by Southland (up 5 days to 29),
Manawatu/Wanganui (up 4 days to 31) and Waikato and Canterbury (both up 3
days to 37 and 33 respectively).
Regions with the biggest decreases year-on-year included the West Coast (down
60 days to 35 – the lowest figure for the month of November for 9 years), Tasman
(down 10 days to 21), Nelson (down 5 days to 24) and Gisborne (down 2 days to
30).
Auctions
The number of properties sold by auction across New Zealand declined (from
1,771 in November 2016 to 1,217 in November 2017) – down 31.3% on the same
time last year, but up 38.9% from last month. Auctions now represent 18% of all
sales nationally.
In Auckland, which traditionally sees a large portion of sales sold by auction, 638
(33%) of all properties sold in November were via auction – this is a decrease of
34% in comparison to November 2016 but an increase of 35.7% month-on-month
indicating a return of positivity to the Auckland market.
The majority of regions saw an increase in the number of properties auctioned
month-on-month. The exceptions were Waikato and the West Coast, and Nelson,
Taranaki and Tasman saw the number of auctions remain flat.
Inventory
The number of properties available for sale nationally increased by 7.6% (from
25,538 to 27,488) compared to 12 months ago, and for New Zealand excluding
Auckland the number of properties available for sale increased by 0.5% (from
17,467 to 17,553).
Regions with the largest increase year-on-year in the number of properties for
sale were Auckland (up 23.1%), Waikato (up 15.1%), Canterbury (up 10.3%) and
Wellington (up 9.1%).
Regions with the biggest decrease year-on-year in the number of properties
available for sale were Taranaki (-18.4%), Gisborne (-16.8%), West Coast (15.7%) and Southland (-13.3%).

 Price Bands
Between November 2016 and November 2017, the number of homes sold fell in
every price bracket except for the $2million to $2.99million category which
increased by 11.8%. During November, 142 properties were sold for between $2$2.99million, up from 127 in November 2016.
The number of dwellings sold for less than $500,000 fell by 14% from 3,574 to
3,073 representing 44.6% of all homes sold across the country. However, monthon-month the number of sub $500,000 homes sold increased by 13.8%.

ENDS
Notes to Editors
The monthly REINZ residential sales reports remain the most recent, complete
and accurate statistics on house prices and sales in New Zealand. They are
based on actual sales reported by real estate agents. These sales are taken as of
the date that a transaction becomes unconditional, up to 5:00pm on the last
business day of the month. Other surveys of the residential property market are
based on information from Territorial Authorities regarding settlement and the
receipt of documents by the relevant Territorial Authority from a solicitor. As
such, this information involves a lag of four to six weeks before the sale is
recorded.
For further information, please contact Dee Crooks, Communications/PR Manager
at REINZ, on 09 356 1753 or 021 953 308.

 PRICE DISTRIBUTION BREAKDOWN

 

November 2919 November 291 1'
$1 million plus 1,115 14.8% 1,035 15-0%
$759,999 to $999,999 1,915 25.3% 1,897 27.5%
$599,999 to $749,999 950 12.7% 888 12-9%
Under $599,999 3,574 47-2% 3,073 44.5%
All Properties Sold ?,595 199.9% 9,893 199.9%

 

SEASONALLY ADJUSTED SALES VOLUMES

Newr Zealand

NZ ex ARI

Northland

Auckland

Waikato

Bay of Plenty
Gisbome

Hawke's Bay
ManawatuManganui
Taranaki

Wellington
Nelsonr'Marlborough?'asman
Canterbury

West Coast

Otago

Southland

COMPARED TO OCTOBER

COMPARED TO NOVEMBER 2015

 

Volume Change

17.8%
18.4%
4.0%
13.9%
12.1%
5.2%
15.1%
17.8%
25.2%
15.8%
17.8%
20.1%
33.8%
?24.2%
32.3%
15.0%

Seasonany

Adjusted Change

4.5%
5.7%

1.5%
0.5%

1.8%
4.4%
13.5%
4.1%

10.0%
17.4%
?21.5%
15.2%
1.3%

Volume Change



-28.2%
-15.5%
?1 5.3%
-24.3%
1.7%


5.8%
5.2%
8.5%
8.0%
?25.5%



Seasonally
Adjusted Change
92%
6.5%
-29.1%
-15.1%
?14.4%
23.0%
1.3%
58%

5.4%
5.9%
11.7%
11.0%
22.3%

-13.8%

 SEASONALLY ADJUSTED MEDIAN PRICE

COMPARED TO OCTOBER COMPARED TO NOVEMBER 2016

 

Seasona?y
Adjusted Change

Seasona?y

Median Change Adjusted Change

Median Change

New Zealand 1.9% 0.2% 3.8% 4.0%
NZ ex Akl 2.3% 0.8% 8.4% 8.8%
Norihland 2.4% 1.6% 2.1% 4.6%
Auckland 3.8% 1.1% 0.6% 1.2%
Waikato 2.2% 4.3% 4.4%
Bay of Plenty 2.8% 4.5% 11.0% 10.2%
Gisbome 12.6% 11.6%
Hawke's Bay 6.2% 4.5% 19.3% 20.5%
Manawatur'Wanganui 4.8% 5.6% 14.9% 14.3%
Taranaki 2.9% 0.8% 0.5%
Wellington 6.8% 2.0% 8.2% 9.1%
NelsoniMariboroughFI'asman 10.9% 9.6% 8.2% 9.0%
Canterbury 2.2% 1.2% 3.4% 3.5%
West Coast ?19.1 23.5% ?1 5.3% ?15.0%
Otago 0.0% -1 3% 17.1% 17.2%
Southland 11.8% 9.2% 16.2% 14.6%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

House Price Ind ex Index Level 1 onth 3 Months From Pealt
New lealand 2663 0.3% 1.9% 3.5% 9.6% New High
NE excl. Auckland 2426 0.8% 2.4% 6.2% 2.8% New High
Huthlar? 2520 0.6% 4.0% 9.6% 9.5% New High
Auckland 2889 1.3% 0.3% 11.8% 
Waikato 2699 0.9% 2.1% 2.2% 10.3% New High
Elan.r of Plenty L558 0.9% 2.6% 5.1% 10.9% New High
GisbomefHaMte's Bay 2335 1.0% 3.2% 12.4% 8.6% New High
Manawatu-Wanganui 2463 0.8% 3.4% 10.0% 6.6% New High
Taranaki 2681 0.3% 3.2% 5.6% 
Wellington 2423 1.1% 2.1% 9.2% 8.5% New High
Coast 2125 0.3% 2.2% 8.9% 6.3% New High
Canterbury 2436 1.0% 1.6% 4.1% 
Dugo 2544 0.2% 3.6% 8.2% 9.2% New H'gh
Southland 2421 1.9% 5.2% 12.4% 5.2% New H'gh

 

 

 

Source: Compound Growth Rate