Property Dashboard - Christchurch
The property market in Christchurch barely moved in September from the challenging state it has experienced for many months. The market is firmly a sellers' market. Having made that statement the picture is much improved from a year ago when the market was far more dynamic and constrained for buyers - some ray of light for those in the market.
The pace of the market eased marginally in September from a clearance rate in August of 25.2% to 24.7%. The available inventory of property on the market improved once again in September as it oscillates month to month with a September level of 17.5 weeks of available stock from 17.2 weeks in August. This level is certainly far from the record low of 13.8 weeks seen in August last year but still leaves the market weak from a buyers perspective.
The trend in prices seems to be showing some stabilisation with the September level now hovering below the 10% mark.
Latest Property Dashboard - October 2014
12 months prior - October 2013
Archived Property Dashboards:
Notes on Dials and Data:
The Inventory indicates the level of available properties for sale at the end of the prior month, relative to the rate of sale of properties in the month. Thereby indicating that based on this rate of sale, how long it would take to sell all the stock of houses.
It is expressed in terms of weeks of available inventory. The number of properties on the market is the actual at the end of the prior month. The sales are the seasonally adjusted sales in the prior month
For example if there are 900 properties on the market and the sales in the month total 150 then the inventory will be 26 weeks - meaning if that rate of sale continued it would take 26 weeks (6 months) to sell all the properties.
The Pace indicates the rate of sale, in other words how active the market is.
This is measured as a clearance rate. It is the proportion of properties on the market that are sold in the month. The measure of sales is the 12 month moving average. The properties on the market is the actual number at the end of the prior month.
The source data is the REINZ property sales data and the Realestate.co.nz monthly Property Report
For example with 900 properties for sale on the market and sales on a 12 month moving average of 150 the clearance rate is 16.7%
The Price movement is the variance expressed as a % of the current month's price vs. the same month a year earlier.
The source data is the REINZ median sales price for provincial regions with the Stratified Median Price Index for the 3 main cities. The variance is based on a 12 month moving average price.
The range is set to reflect the 2% Policy Target of the Reserve Bank being the vertical position of the dial.