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18-01-2012

REINZ Regional Commentaries - December 2011

Landlords.co.nz

Auckland sees strongest December sales since 2006, Wellington numbers down on November and December 2010 and Manawatu/Wanganui sees a 45% year-on-year sales rise.

Auckland Region

Compared to December 2010 sales volume was up strongly at almost 28%, with all parts of the region recording noticeable increases in sale volume, and Auckland's transaction numbers were the strongest they have been since 2006.
 
Volumes were lower than November (as expected given the shortened working month) and were down by almost 20% on an unadjusted basis; however, on a seasonally adjusted basis (taking into account factors such as Christmas) sales volume was up 2.4%.
 
After hitting a new record high median house price in November, prices eased back in December with the median house price falling $5,625. Most parts of the region also saw an easing in prices, however, Waitakere City saw a noticeable increase in the median price. Compared to December 2010 prices across the region increased by 6.5%, giving Auckland the third strongest lift in prices over this period.
 
The number of days to sell for Auckland improved by two days to 31 days in December compared to 33 days in November, and also by two days compared to December 2010.

Wellington

The Wellington regions sales volumes for December are something of a mixed bag with sizeable falls relative to both November 2011 and December 2010 in some parts of the region offset by noticeable increases in others. Western and Northern Wellington reported relatively strong results, while Eastern and Southern Wellington reported noticeably weaker results. Wellington was only one of two regions to report lower sales volumes in December 2011 compared to December 2010.
 
The median price across the region increased by $3,750 compared to November, but eased back by $13,000 compared to December 2010. Eastern Wellington and Northern Wellington reported lower median prices, while Western Wellington, Upper Hutt and Wairarapa all reported lifts in the median price.
 
The number of days to sell for Wellington improved by one day to 33 days in December, compared to 34 days in November, and improved by five days compared to December 2010.

Northland

The Northland region saw an increase over December 2010 volumes of almost 19%, although the Whangarei City and Kerikeri areas recorded decreases. Across all areas volumes were lower in December 2011 than in November, as is usual with December's shorter trading month.
 
Prices also eased across the region with the Northland region reporting the second largest fall in prices compared to November. The number of days to sell for Northland eased by one day to 54 days in December compared to 53 days in November, however, the number of days to sell improved by 34 days compared to December 2010.

Waikato/Bay of Plenty/Gisborne

Compared to December 2010 all parts of the Waikato/Bay of Plenty region saw noticeable increases in sales volume. Volumes would generally be expected to drop compared with November given the shorter working month and this effect was evident in some areas. Surprisingly though some areas - notably Rotorua, Taupo, Eastern BOP Country and Gisborne City ? recorded noticeable increases in sales volume over November figures.
 
The median prices eased across the region, with a $5,000 drop compared to November and a $10,000 drop compared to December 2010.
 
The number of days to sell for Waikato/Bay of Plenty eased by four days to 47 days in December, compared to 43 days in November, and improved by six days compared to December 2010.

Hawkes Bay

Sales volume in Hawkes Bay eased by almost 15% in December, after a strong lift in November, with noticeable weakness in Hastings City. Hawkes Bay was only one of two region to record lower sales volume compared to December 2010.
 
The median price for the region eased by almost 6%, also after a strong increase in November, with the median price falling by $17,000 compared to November and by $13,250 compared to December 2010. Hawkes Bay recorded the largest fall in median price compared to December 2010 of all regions in New Zealand.
 
The number of days to sell for Hawkes Bay rose by 18 days to 61 days in December, compared to 4 days in November, and rose by 11 days compared to December 2010.

Manawatu/Wanganui

The Manawatu/Wanganui region recorded a relatively modest drop in sales volume in December compared with November, although on a seasonally adjusted basis sales volume increased by 12%.
 
Of more note is the change in sales volumes compared to December 2010, where the region reported the largest increase in sales volume for New Zealand at 45.8%.
 
The median price for the region eased in December, although there was a modest increase in Palmerston North. Feilding's median price eased back after rising in both October and November, while the rest of the region reported mixed results. Compared to December 2010 the median price across the region has increase by just $750.
 
The number of days to sell for Manawatu/Wanganui improved by three days to 41 days in December, compared to 44 days in November, and improved by 12 days compared to December 2010.

Taranaki

Compared to December 2010 the Taranaki region recorded the second largest increase in sales volume across New Zealand. Along with all other regions in New Zealand region reported an easing of a sales volumes in December (which is to be expected given the shorter working month) following on from a solid increase in November, although Taranaki Country recorded a noticeable increase in sales volume for the month.
 
The region also recorded the second largest increase in the median price across New Zealand with a $12,500 increase compared to November, and a $17,000 increase compared to December 2010. Throughout most of 2011 the results for the region have been rather ordinary, however towards the end of the year the Taranaki market appears to have come into its own.
The number of days to sell Taranaki remained steady at 48 days in December compared to November and improved by 16 days compared to December 2010.

Nelson/Marlborough

Sales volume in the Nelson/Marlborough region were 28.3% higher than December 2010, and eased back after increases in October and November. All parts of the region saw increased sales volume compared to December 2010.
 
The median price across the region rose modestly by $1,500 compared to November and by $4,500 compared to December 2010, with the only drop in prices coming in Nelson City.
The number of days to sell for Nelson/Marlborough improved by one day to 37 days in December compared to 38 days in November, and improved by five days compared to December 2010.

Canterbury/Westland

Compared to December 2010 sales volume was up in all parts of the region other than South Canterbury, with Rangiora, North and Mid Canterbury all reporting substantial increases in sales volume; due no doubt to earthquake related relocations. Christchurch City has also seen an increase in sales volume with 14% more sales in December compared to 12 months ago. Sales volume across the Canterbury/Westland region eased in December compared to November, although far more modestly than most regions in New Zealand.
 
The region saw a 6.6% increase in the median price ($20,000) compared to December 2010, with most of the increase coming from Mid Canterbury, Timaru and West Coast. The increase in median price in Christchurch City has been relatively modest in comparison.
The number of days to sell for Canterbury/Westland improved by two days to 29 days in December, compared to 31 days in November, and improved by seven days compared to December 2010.

Central Otago Lakes

The Central Otago Lakes region saw a modest increase in sales volume for December, the only region to record an increase in sales compared to November. Compared to December 2010 the region recorded an almost 30% increase in sales volume, including a near doubling of sales in Central.
 
Central Otago Lakes also recorded the strong lift in median price compared to both November and December 2010, with a $30,000 increase compared to November and $35,000 increase compared t December 2010.
 
The number of days to sell for Central Otago Lakes eased by eight days to 59 days in December, compared to 51 days in November, and eased by 15 days compared to December 2010.

Otago

Sales volume in Otago fell only modestly in December compared to November, but also only ros modestly compared to December 2010. Whereas most regions saw sales volume increase by more than 20% compared to December 2010, Otago increased by just over 5%.
 
The median price across the region held steady at $245,000 compared to November and managed a $10,000 increase compared to December 2010, with North Otago reporting a slight easing in the median price.
 
The number of days to sell for Otago eased by one day to 31 days in December compared to 30 days in November, and improved by seven days compared to December 2010.

Southland

The Southland region recorded a drop in sales volume in December in line with the New Zealand market compared to November, although there was a modest increase compared to December 2010. Southland recorded the third weakest change in sales volume compared to December 2010.
 
The median price across the region eased by $500 compared to November, although it increased by $11,500 compared to December 2010. The median price in Gore fell away noticeably.
 
The number of days to sell for Southland improved by 10 days to 30 days in December, compared to 40 days in November, and also improved by 10 days compared to December 2010. 

Source: Landlords.co.nz

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