Monthly Property Market Updates

Latest Monthly Residential Property Market Reports - with helpful information for buyers, sellers and homeowners in these areas

About The Monthly Property Market Updates For Remuera, Kohimarama, St Heliers, Orakei, Mission Bay, Glendowie, Stonefields, St Johns, Meadowbank, Wai O Taiki Bay

I publish a lot of market statistics on our blog, and regular readers are quite familiar with our methodology. But if you’re new, here are common questions that are not addressed in the monthly statistics.

Timing / Scope of publication

Published on or around the time that The Real Estate Institute of New Zealand (REINZ) releases its monthly statistics (typically around the 12th of each month), my monthly report is a snapshot of the local property market in specific suburbs of Auckland.

The report tracks high level numbers such as the median price, days to sell and the number of sales that have occurred for the past month. Comparisons are also made to the previous month and the same month in the previous year.

The purpose of my monthly update is to uncover trends in the local marketplace, and to compare current trends to previous months and years. Just because the overall numbers has increased or decreased does not mean the value of individual homes has followed suit.

Importantly, as the local property market has a smaller volume (compared to other parts of Auckland), numbers can be very volatile and sometimes the statistics are simply unavailable due to the low volume of sales.

I have access to the specific sales which have occurred for the particular suburbs. When considering the value of your home, this is likely to be the most accurate measure when you have the information and data to compare ‘like-for-like’ homes.

Why use REINZ’s data and not data from other sources?

The number one advantage between REINZ data and other housing data on the market is that REINZ has access to sales data from the time the price is locked in (unconditional data) as opposed to when the house changes hands (settlement date) which can often be weeks/months later.

Therefore, the REINZ data is the best and most timely measure of recent housing market activity as it captures the exact price at the time when the sale is made (i.e. market sentiment). The REINZ House Price Index was developed in partnership with the Reserve Bank of New Zealand and provides a more complete picture of the New Zealand housing market.

My monthly market update does include (where appropriate) other statistics from the Reserve Bank of New Zealand, Statistics New Zealand and Quotable Value.

Definition of "Suburbs" in my monthly updates

(The following is reproduced directly from REINZ’s website)

New Zealand has no official suburb boundary, with different sources drawing different lines on a map. REINZ has standardised around the address file suburbs, which are based almost exclusively on the New Zealand Emergency Services suburbs.

Why is the “median” (and not average) used for REINZ’s statistics?

(The following is reproduced directly from REINZ’s website)

There are technical reasons why the median provides a more accurate picture of what is happening to the prices of houses rather than the “average.”

As an example, assume there are 11 houses sold in Glendowie in a month with a price range of $200,000 to $300,000 and an average price of $250,000. Now replace one of those houses with a Glendowie property that sold for $1 million. The average is now $318,182, even though 10 of the 11 houses for the month sold for less than this value.

The median would be the price of the middle house sold in the range (in this case the sixth house), which more accurately reflects what the majority of the houses sold for.

REINZ uses medians to provide a more accurate measure of the “mid-point” of house prices that reflects what most people are going to be buying and selling houses for.

The Monthly Property Market Reports

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