ERGO Graphs and Stats documented below are based on data received at the time of publication from internet marketed residential property sold by licensed Real Estate sales persons within Post Codes 4310, 4312, 4314. Due to the nature of the market new data is continually sourced and this information will be incorporated in our next publication.
New Plymouth Market October 2017
Reviewing numbers for October, the big change has been in the number of new listings that have come to the market in the last couple of weeks. The month started with 180 properties being marketed and closed with 220. The other aspect of why the improvement in the numbers is there has been a decline in the number of withdrawn properties this month.
Time taken to sell a property is showing a return to what was the previous norm of 20 days. There has been continual improvement taken in the time to sell since July’s peak of 40 days.
Monthly sales have been in decline since November 2016. In the last 4 months the average monthly sales have been 85 and has halted the declining trend.
The flatness of sales is further highlighted when reviewing the rolling 12 month data, where 1183 properties were sold and in the 12 months, November 2015 to November 2016. The last 12 months we have recorded 1149 sales. The flatness of sales is further demonstrated when reviewing rolling 12 months sales values. November 2015 to November 2016 we recorded $521,000,000. For the October 2016 to October 2017 period our recorded total was $531,000,000 in residential property sales. In summary, the last 12 months there has only been an increase of $10,000,000 in sales across the New Plymouth region, with 34 less properties sold. The attached graphs demonstrate the flatness of the market.
Another aspect that demonstrates the flatness of the market is a report from Westpac dated 06 November, that while most regions were showing an increase in the lending to first home buyers, up 12% on the previous year. The Taranaki region had gone in reverse in the last 12 months with a decline of 15%. For Taranaki to be on the same level as the rest of the country first home buyers lending would need to increase by 27%. A review of our own data for sales in the $0 – $400,000 price band, where you can use a Welcome Home Loan to purchase, we have seen a decline of 30% in sales numbers over the last 12 months.
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