Property Dashboard - Wellington
The property market in Wellington is well balanced in respect of inventory and price inflation, there continues to be a strong pace to the market but with two of the three indicators in the green the market is neither favouring sellers nor buyers at this time.
The pace of the market as measured by the clearance rate continues to hover around the amber zone in September recording a rate of 26.6% down slightly from the 27.3% in August. This level considerably lower than the 32.1% clearance rate seen last year. The level of available inventory of property on the market eased in September and now sits more comfortably in the green segment offering buyers a good selection of properties for sale based on current rate of sales.
The rate of price growth continues to hover around the 1% annual rate of increase barely moving from 1.1% in August to 1.2% in September.
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.