REINZ regional commentaries - May 2011
The REINZ May 2011 regional commetaries
Tuesday, June 14th 2011, 9:30AM
by The Landlord
Regional Commentaries - May 2011
Auckland Region
The Auckland region median house price eased $15,500 or 3.2% in May after hitting an all time high in April 2011. Despite this easing prices rose in Rodney and Outer Auckland, but fell in Auckland City and Manukau City. Sales volumes across the region were stronger than the national result with particular volume strength in Rodney, Waitakere City and Outer Auckland.
A common theme amongst real estate agents in Auckland is the low level of new listings and increasing buyer frustration in finding properties that meet their needs.
The Auckland region's days to sell at 36 days was again the shortest recorded for all regions in May 2011, although this represented an easing of 2 days compared to April 2011, but one day better than May 2010.
Wellington
The median house price fro the Wellington region eased by $11,500 or 3.0% in May 2011 compared to April 2010 and by $10,000 or 2.6% compared to May 2010. There were noticeable falls in price in Hutt Valley, Western Wellington and Central Wellington.
Volumes across the region were again noticeably weaker than the national result with the Wellington region being one of only three to record lower volumes in May 2011 than April 2011. Volumes were down noticeably in Western Wellington, Eastern Wellington and Central Wellington, although there was a noticeable life in volumes in Upper Hutt and to a lesser extent in Northern Wellington.
The Wellington region's median days to sell eased by 5 days from 42 days in April 2011 to 47 in May 2011. Compared to May 2010 the days to sell eased by two days.
Northland
The median house price in Northland eased further during May, down 2.4% compared to April 2011, although prices are down 12.3% compared to May 2010. However, prices have risen in Whangarei City against the regional and national trend. Volumes for Northland were the highest for 12 months, bouncing back after a weak April result.
Northland's days to sell eased six days from 73 in April 2011 to 79 in May 2011 and 63 days in May 2010.
Waikato/Bay of Plenty/Gisborne
Volumes were up 18.4% across the region in May 2011 compared to April 2011 and up 23.1% compared to May 2010. The Waikato/Bay of Plenty/Gisborne area recorded the second highest rise in volumes compared to May 2010. The lift in volumes was widespread with only Rotorua and Taupo recording a decline in volumes.
The median house price for the Waikato/Bay of Plenty/Gisborne region rose just $2,125, or 0.7% in May 2011 compared to April 2011, although there were strong price increases in Taupo and Mt Maunganui/Papamoa. Prices were weaker in Hamilton City and Rotorua.
The median days to sell across the region eased to 64 days in May 2011 compared to April 2011 and 55 days in May 2010.
Hawkes Bay
The median house price in Hawkes Bay eased by $3,500 or 1.3% in May 2011 compared to April 2011. Compared to May 2010 the median house price has eased by $8,000 or 2.9%. Volumes across the region were noticeably stronger in May 2011 after a weak April 2011 result, but also show strength compared to May 2010 with a 7.7% increase in volumes across the region.
Anecdotal evidence from agents in the Hawkes Bay indicate that properties prices below $400,000 have been selling well and that there is an emerging feeling of optimism coming into the property market.
The median days to sell for the Hawkes Bay region eased noticeably to 58 days in May 2011 from 41 days in April 2011. The median days to sell for May 2010 was 49 days.
Manawatu/Wanganui
The median house price for the Manawatu/Wanganui region rose by 4.5% in the month of May 2011, the strongest regional performance across New Zealand. Compared to May 2010 the Manawatu/Wanganui region recorded the second strongest rise in prices. Prices rose noticeably in Fielding.
The lift in volumes was also above the national median with 27.4% more houses sold in May 2011 compared to April 2011 and almost 20% compared to May 2010. Palmerston North City showed consistent volume growth across both periods, while other parts of the region had more mixed results.
There appears to be an emerging shortage of listings occurring in Palmerston North City with a noticeable increase in buyer interest, although this trend is not consistent across the region.
The region's days to sell eased 13 days from 49 days in April 2011 to 62 days in May 2011, although the May 2011 result is one day better than May 2010.
Taranaki
The median house price for the Taranaki region eased by $24,500 or 8.8% during May 2011 compared to April 2011, although Harwera did buck the regional trend with a 13.2% rise in the median price. Compared to May 2010 prices were also down 7.3%. There was a noticeable rise in volumes across the region during May 2011, although the almost 70% lift in volumes in New Plymouth City comes on the back of a weak April 2011 result. However, compared to May 2010 the lift in volumes is almost twice the national result.
There is also emerging evidence of a shortage of listings in the Taranaki region with the main concern of vendors being worries about falling prices; in line with the results from the June BNZ-REINZ Market Survey.
The median days to sell in Taranaki fell to 64 days in May 2011, compared to 45 days in April 2011 and 50 days in May 2010.
Nelson/Marlborough
The median house price for the Nelson/Marlborough region eased by $9,500 in May 2011 compared to April 2011, after an increase of $10,000 in April 2011 compared to March 2011. The region's median house price eased only $500 compared to May 2010. The result for the Nelson/Marlborough region is almost exactly in line with the national result.
Volumes rose 23.6% in May 2011 compared to April 2011, although are only up 2.6% compared to May 2010. Care needs to exercised with the Richmond result given the small number of sales occurring in that suburb.
The Nelson/Marlborough region's days to sell remained steady at 57 days in May 2011 compared to April 2011, and increased by 13 days compared to May 2010.
Canterbury/Westland
The median house price in the Canterbury/Westland region eased by $2,000 or 0.6% in May 2011 compared to April 2011, and increased by $4,250 compared to May 2010. There were noticeable price increases in Mid-Canterbury and West Coast, with some lift in prices in Christchurch City.
Volumes in Christchurch City were up nearly 10% in May 2011 compared to April 2011, although still 30% down in May 2010 due to the on going effects of the two earthquakes in the region. There has been a noticeable lift in volumes in Mid-Canterbury, Timaru and on the West Coast. Anecdotal evidence indicates that towns on the outskirts of Christchurch are busy and there is increasing activity in the western and northern suburbs of Christchurch City. There is also an emerging shortage of listing in Christchurch City.
The median days to sell in the Canterbury/Westland region improved by eight days from 49 days in April 2011 to 41 days in May 2011. The days to sell in May 2010 was also 41 days.
Central Otago Lakes
After a strong lift in prices and volumes in April 2011 the Central Otago Lakes region experienced something of a lull with a 16.1% fall in the median house price and an 11.3% drop in volumes compared to April 2011. However, volumes are significantly stronger than May 2010.
The median days to sell for the Central Otago Lakes region leapt from 47 days in April 2011 to 89 days in May 2011 and compares with 67 days in May 2010. The jump in days to sell is due to a number of properties that have been on the market for some time being sold during May.
Otago
The median house price for the Otago region was flat in May 2011 compared to April 2011, although there was an easing of prices in Dunedin City but a noticeable lift in prices in North Otago. Prices in May 2011 were up $5,000 or 2.2% compared to May 2010, although across that same period prices increased in Dunedin City and fell in North Otago.
Volumes across the region were down 4.4% in May 2011 compared to April 2011, the second poorest regional performance in the month. Compared to May 2010 volumes were up 3.9%, although this rise is modest compared to the national result.
Anecdotal evidence suggests rising buyer interest with steady inquiry from Christchurch residents looking to relocate once insurance matters are finalized on their Christchurch properties.
The median days to sell remained steady at 47 days in May 2011 compared with April 2011, and is a one day improvement on the 48 days to sell recorded in May 2010.
Southland
The median house price for the Southland region eased by $12,750 or 6.6% in May 2011 compared to April 2011, reversing the rise recorded in April 2011. Prices eased 8.4% compared with May 2010. Despite the fall in prices across the region the volumes were noticeably stronger than the national result, with a 27% lift in volumes compared to April 2011 and a 17.6% lift in volumes compared to May 2010.
The Southland region's days to sell improved by seven days to 43 days from 50 days in April 2011. However, compared to May 2010 the days to sell eased by eight days from 35 days
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