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13.6% increase in new property listings for Wellington

Press Release – Realestate.co.nz
Real-time data from realestate.co.nz shows new property listings rose year on year for the first time since November. New properties to market hit 9,899 in April, representing a 1.9 per cent increase compared to the same period last year.

In April, the Wellington region recorded 754 new listings, which was the second highest increase of new listings of any region. It represented a 13.6 per cent increase on April 2017.

In April the Wellington region experienced a 1.4 per cent fall in average asking price compared with the prior month. The April average asking price was $603,949, compared to $612,697 in March (which was a record high).

“With an increase in new listings and fine tuning in asking prices, Wellington is looking healthy right now,” says Vanessa Taylor, spokesperson for the country’s largest property listing site.

Given that the region has been tightly held, it’s no surprise that Wellingtonians lead the online search for property in their region, followed by Aucklanders and Cantabrians.

The region is also attracting attention from offshore, with the next largest group searching for Wellington property originating from New South Wales.

The most popular search was for Te Aro, followed by Wellington Central, Khandallah, and Waikanae.

Auckland registered a 4.6 per cent fall in new listings (3,380) compared to April 2017. Auckland asking prices remained static, with a 0.6 per cent increase to $955,577 compared to March 2018.

“Typically, when Auckland gets cold, the rest of the country also suffers, but this time when it came to new property listings the rest of the country made up the numbers, led by Canterbury and Wellington,” says Vanessa.

While metrics are slow in our biggest city, Aucklanders are continuing to hunt in other regions of New Zealand. Property searchers from Auckland dwellers dominated the Northland, Coromandel, Bay of Plenty, Central North Island, Taranaki, Gisborne, Nelson and Bays and Marlborough regions.

NB: The data was collated on the penultimate day of the month.

Glossary of terms
Being the only provider of real estate data in real time, realestate.co.nz offers valuable property market information not available from other sources.

Average asking price gives an indication of current market sentiment. Statistically, asking prices tend to correlate closely with the sales prices recorded in future months when those properties are sold. As it looks at different data, average asking prices may differ from recorded sales data released at the same time.
Inventory is a measure of how long it would take, theoretically, to sell the current stock
at current average rates of sale if no new properties were to be listed for sale. It provides a measure of the rate of turnover in the market.
New listings are a record of all the new listings on realestate.co.nz for the relevant
calendar month. As realestate.co.nz reflects 97 per cent of all properties listed through registered
estate agents in New Zealand, this gives a representative view of the New Zealand property market.
• *Demand: the increase or decrease in the number of views per listing in that region, taken over a rolling three-month time frame, compared to the same three-month time frame the previous year – including the current month.
Seasonal adjustment is a method realestate.co.nz uses to better represent the core underlying trend of the property market in New Zealand. This is done using methodology from the New Zealand Institute of Economic Research.
• Truncated mean is the method realestate.co.nz uses to provide statistically relevant asking prices.
The top and bottom 10 per cent of listings in each area are removed before the average is calculated, to prevent exceptional listings from providing false impressions.

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