I revised the format of the Property Dashboard a couple of months ago now and have received good feedback as to the interest people have in it, how they are using it, and how it could be further improved.
One change I have made for this report and for all future reports, a change which has been forced upon me is that I have ceased to use the data from the monthly Realestate.co.nz NZ Property Report. I had been relying on this report for inventory data. However this report has become less reliable over the past few months. It was originally a report which was published on the very first day of each month as the most up-to-date view of property market trends, sadly it no longer seems to hold the same priority in the company and its publication is often the last published report of the month. For this month, it appears to have been released to the media but no copy has been published online, nor data set of tables made available.
I find this disappointing to see such a valuable insight be ignored and wither. I fortunately have been collecting for the past few months a weekly set of inventory data which I will now use as a mean inventory for each month. In this way I can publish the Property Dashboard solely from the REINZ data and supplemented by data I collect myself.
September Property Dashboard
So what can we see as emerging trends from this month's dashboard covering all of the 16 regions and cities across the country?
From a national perspective we see a market still constrained by a tight inventory of available property for sale matched to a healthy pace of sales and prices that whilst easing from higher still show an 8% year on year growth.
Here's a quick one-liner for all the regions, check out more details on each regions own dashboard.
Northland shows a stable market with just a slight concern over low inventory
Auckland is still a tight sellers' market, there is some easing but not much so buyers beware
Waikato is a very active market favouring sellers with still strong price inflation
Bay of Plenty is definitely a sellers market, its tough for buyers
Gisborne is a balanced market with some price pressure
Hawkes Bay is a well balanced market although there is pressure on inventory
Taranaki is a challenging market with high price growth despite ample inventory
Manawatu / Wanganui is a balanced market but is seeing prices falling
Wellington is a well balanced market enjoying a good pace of sales with little price pressure
Nelson is moving into a sellers' market as faster pace of sales meets low inventory
Marlborough is a well balanced market with the pace of sales picking up
Canterbury is a very strong sellers' market as it has been for a long period
West Coast is a very slow property market yet with a high price inflation
Central Otago is a sellers' market with very strong sales pace and tight inventory
Otago is a well balanced market with neither buyer nor seller advantage
Southland is a challenging market especially for sellers, buyer approach cautiously!