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REINZ July 2011 Report - the regions

The REINZ July 2011 regional commentaries.

Thursday, August 11th 2011, 12:00AM

by The Landlord

Regional Commentaries – July 2011

 

 Auckland Region

The number of property sales in the Auckland region eased noticeably compared to June with all markets recording double digit declines, however, compared to July 2010 all markets apart from Manukau City recorded double digit gains. The near 20% lift in volumes compared to July 2010 across the region continues the trend evident last month. The shortage of listings is cited as most pertinent issue in the Auckland real estate market at present.

However, the shortage of listings is not yet transferring into prices with only a modest lift in prices across the region compared to June 2011 and a 3.3% lift compared to July 2010. Most of the lift in prices and volumes is occurring ‘north of the bridge’ with markets in the southern part of the region fairing relatively less well.

The days to sell improved by two days to 34 days in July from 36 days in June and by four days from the 38 days in July 2010.

 

Wellington

The Wellington region recorded a $15,000 drop in the median price compared to June and a $20,000 drop compared to July 2010. Although Western Wellington and Central Wellington and Hutt Valley all recorded increases in prices, with Western Wellington recording the strongest lift in prices across the region.

Volumes were noticeably weaker in Southern and Eastern Wellington, with Upper Hutt, Northern Wellington and Central Wellington also showing volumes declines compared to June. The regional lift in volumes of 1.8% compared to July 2010 is in marked contrast to the rise in volumes recorded in a number of other markets.

The days to sell improved by 10 days from 55 in June to 45 in July and by two days compared to July 2010.

 

Northland

Sales volumes were flat in Whangarei City compared to June 2011, but were up strongly compared to July 2010; the region recorded a strong lift in volumes compared to July 2010 than the national result. However, prices eased back in most markets during July compared to both June 2011 and July 2010. Kerikeri was a notable stand out in Northland with strong increases in volumes and prices for the month of July.

The days to sell for Northland came in at 77 days for July, a 1 days improvement on the 78 days recorded in June and continues to trend of steady improvement over most of 2011. However, compared to July 2010 the days to sell weakened by 11 days.

 

Waikato/Bay of Plenty/Gisborne

As with the Auckland region and a number of other regions across New Zealand there was a 20% lift in volumes compared to July 2010, with Waikato Country, Hamilton City and Mt Maunganui/Papamoa showing noticebale strength. Compared to June 2011 volumes across the region were off by less than half the national result.

Prices across the region were mixed with only Hamilton City and Taupo showing consistent increases in prices. Most markets were mixed, with Gisborne noticeably weaker after strong increases in prices in May and June.

Somewhat against this trend the days to sell fell by eight days from 64 days in June to 56 days in July and by five days compared to July 2010.

 

Hawkes Bay

Volumes in the Hawkes Bay region jumped strongly in July compared to June, recording the second strongest regional lift in New Zealand. However, volumes were weaker in June than expected and the number of sales in July is comparable with the May 2011 result. Of more interest is the 20%+ increase in volumes compared to July 2010.

Prices were also up noticeably with the Hawkes Bay region also recording the strongest lift in prices for July compared June and the second strong lift compared to July 2010.

The days to sell for the Hawkes Bay region eased by three days from 50 days in June to 53 days in July, but improved by 1 day compared to July 2010.

 

Manawatu/Wanganui

The median house price for the Manawatu/Wanganui region eased by $15,000 to $215,000 during July compared to June, although prices remained steady in Palmerston North City. Compared to July 2010 the median price in Palmerston North City has increased by $26,000, from $255,000 to $281,000.

Volumes across the region were noticeably weaker than the national result compared to June, with a further fall in volumes in Palmerston North City and a pull back in Levin after a strong result in June.

Feilding and Wanganui City both recorded strong lifts in volumes compared to July 2010, although both off low bases. Buyers are reported to be active in the region, but are in no rush to commit.

The days to sell eased by three days from 54 days in June to 57 days in July and equal to the number of days to sell recorded in July 2010.

 

Taranaki

The Taranaki region recorded a further noticeable drop in volumes in July after a near 30% drop in

June. The 110 properties sold in July 2011 is the weakest July result for more than 10 years. Taranaki also recorded the weakest result compared to June and July 2010 for any region. A shortage of listings and lack of choice for buyers is becoming an increasing issue for the Taranaki market, with vendor reluctance seen as the biggest issue.

Prices across the region improved by $5,000 in July compared to June, but are down by $32,000 compared to July 2010.

Somewhat against these results the days to sell improved by eight days from 72 days in June to 64 days in July, although the days to sell weakened by 13 days compared to July 2010.

 

Nelson/Marlborough

Nelson/Marlborough recorded an almost 20% lift in volumes compared to July 2010 following on from a strong lift in annual volumes recorded last month. However, volumes eased compared to June with a noticeable drop in sales in Richmond.

Prices eased further in July with the median price for the region falling by $11,750 compared to June, and by $16,000 compared to July 2010.

The days to sell eased by two days from 45 in June to 47 in July and by one day compared to July 2010.

 

Canterbury/Westland

The Canterbury region recorded a strong lift in volumes in July compared to June following the Government’s announcements about the Red Zone in late June. Volumes in July were lower than July 2010, but this was confined to Christchurch City due to the earthquakes in September and February.

Other regions have all demonstrated strong increases in volumes compared to 12 months ago.

The shortage of listing and increasing demand for housing in the region is becoming apparent in prices with all markets apart from South Canterbury recording strong lifts in prices compared to July 2010. Mid‐Canterbury has been the stand out performer in terms of both volume and price for the month of July.

The days to sell eased by two days from 35 days in June to 37 days in July. This compares with 41 days in July 2010.

 

Central Otago Lakes

The Central Otago Lakes region recorded the strongest lift in sales across the country in July compared to the same month last year, although volumes were down by nearly 13% compared to last month. Due to the relatively small number of sales in the region changes can be quite volatile month to month, although the longer term trend shows an overall increase in sales over the past 12 months.

The median price eased by $20,000 compared to June, but is up almost $20,000 compared to July 2010.

The days to sell increased by 58 days from 50 days in June to 108 days in July, however, this compares with 89 days in May and 76 days in July 2010. The increase in days to sell is due to the sale of properties that have been on the market for some time.

 

Otago

Volumes eased across the Otago region compared to June, however, there was a very strong lift in volumes in North Otago. This was driven in part by people relocating from Christchurch. There are now signs of a shortage of listing in the North Otago market. A shortage of listing is also becoming apparent in Dunedin City, again due to vendor reluctance.

Although volumes eased in Dunedin City, the median price improved by $10,000, although the median price remains $13,900 below the July 2010 level. North Otago also recorded a $14,000 lift in the median price compared to June.

The days to sell eased by three days from 51 days in June to 54 days in July. The days to sell in July 2010 were also 54 days.

 

Southland

The number of properties sold in Southland increased by 1 in July compared to June, with Southland only one of four regions to show an increase in volumes compared to June. Southland also had the second strongest lift in volumes across the country compared to July 2010.

Prices also increased modestly compared to June, with the median price for the region increasing by $500 to $185,000. However, compared to July 2010 the median price has fallen by $25,000.

The days to sell eased by four days from 42 days in June to 46 days in July. The days to sell also eased by eight days compared to the 38 days recorded in July 2010.

 

« Property sales and prices down in July $30,000 fine for property finder “sets a clear precedent” »

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