MONTHLY
PROPERTY
REPORT.
15 APRIL 2021
© REINZ - Real Estate Institute of New Zealand Inc.
CONTENTS
2 PRESS RELEASE
3 KEY DATA SUMMARY
5 ANNUAL MEDIAN PRICE CHANGES
SEASONALLY ADJUSTED SALES VOLUMES
8 SEASONALLY ADJUSTED MEDIAN PRICE
REGIONAL COMMENTARIES
NORTHLAND 9
AUCKLAND 13
WAIKATO 17
BAY OF PLENTY 21
GISBORNE 25
HAWKE’S BAY 29
TARANAKI 33
MANAWATU/WANGANUI 37
WELLINGTON 41
NELSON/MARLBOROUGH/TASMAN 45
WEST COAST . 49
CANTERBURY 53
OTAGO 57
SOUTHLAND 61
March 2021
HOUSE PRICES HIT NEW
HIGHS, PROPERTIES
SELL AT FASTEST PACE &
HIGHEST PERCENTAGE OF
AUCTIONS EVER
WENDY ALEXANDER, REINZ ACTING CEO
Median prices for residential property across New Zealand increased by 24.3% from
$665,000 in March 2020 to $826,300 in March 2021 a new record high for the country.
Additionally, 12 out of 16 regions reached record median prices and so did 32 districts,
according to the latest data from the Real Estate Institute of New Zealand (REINZ),
source of the most complete and accurate real estate data in New Zealand.
Median house prices for New Zealand excluding Auckland • Otago: with a 30.8% increase from $535,000 in March
increased by 23.6% from $550,000 in March last year to 2020 to $700,000 in March 2021. Additionally, Central
$680,000, a new record high for the country. Otago District ($770,000), Clutha District ($400,000),
Dunedin City ($650,000) and Queenstown-Lakes District
Auckland’s median house price increased by 18.5% from ($1,185,000) all reach record median highs
$945,000 in March 2020 to $1,120,000 in March 2021 – a new • Southland: with a 12.2% increase from $370,000 in March
record for Auckland. Additionally, Auckland City, Manukau City, 2020 to $415,000 in March 2021. Additionally, Invercargill
North Shore City, Papakura District and Rodney District all District reached a record median high of $430,000.
reached new record median highs.
Wendy Alexander, Acting Chief Executive at REINZ says: “March
In addition to Auckland, 11 other regions reached record median was another incredibly strong month from a price perspective
prices. They were: with 12 regions and 32 districts across the country seeing record
median prices. The national median also reached a new record,
• Northland: with a 26.8% increase from $560,000 in March increasing by $46,300 since last month, showing just how
2020 to $710,000 in March 2021. Additionally, Whangarei much pressure has been placed on house prices and how we
($723,000) reached a new record median price desperately need more supply to come to the market.
• Waikato: with a 22.7% increase from $595,000 in March
2020 to $730,000 in March 2021. Additionally, Hamilton “The Manawatu/Wanganui region has now had 9 record median
City ($780,000), Hauraki District ($590,000), Matamata/ prices in a row, 10 of the last 12 months were record or equal
Piako District ($680,000), Waikato District ($720,000) and record prices for the Waikato region, 7 of the last 8 months were
Waipa District ($801,000) all reached record median highs records for the Canterbury region and the Auckland region has
• Gisborne: with a 56.9% increase from $401,618 in March hit another record median price. These sorts of price rises are
2020 to $630,000 in March 2021 unsustainable and show just why New Zealand continues to top
• Hawke’s Bay: with a 30.5% increase from $545,000 in March the league tables of most unaffordable nations in international
2020 to $711,000 in March 2021 studies,” continues Alexander.
• Manawatu/Wanganui: with a 31.9% increase from $430,000
in March 2020 to $567,000 in March 2021 – the ninth record “Additionally, we’re seeing houses sell at their fastest pace in a
median price in a row. Additionally, Horowhenua District March month ever and we’ve seen the highest percentage of
($575,000), Manawatu District ($565,000), Rangitikei auctions the country has ever seen since REINZ began keeping
District ($440,000) and Whanganui District ($521,000) all records showing just how quickly the market is moving,” she
reached record median highs continues.
• Tasman: with a 19.6% increase from $670,000 in March 2020
to $801,000 in March 2021 “Looking forward over the next couple of months, we would
• Marlborough: with a 27.7% increase from $520,000 in March expect house prices to continue rising, but we hope this will be
2020 to $664,000 in March 2021 at a slower pace than we’ve seen over the last 6 to 12 months.
• West Coast: with a 36.4% increase from $220,000 in March Hopefully the re-implementation of the LVRs, changes in
2020 to $300,000 in March 2021 – the second record government policy and the move towards winter will slow the
median price in a row. Additionally, Grey District ($289,250) rate of growth down a little, but only time will tell what effect
and Westland District ($405,000) were record median they will have,” points out Alexander.
highs
• Canterbury: with a 17.8% increase from $488,000 in March
2020 to $575,000 in March 2021. Additionally, Christchurch
City ($600,000), Timaru District ($430,000) and
Waimakariri District ($565,000) all reached record median
highs in March
2 | REINZ Monthly Property Report
KEY DATA
SUMMARY
MEDIAN HOUSE PRICE YEAR-ON-YEAR
National $826,300 - up from $665,000 + 24.3% year-on-year
New Zealand Ex Auckland $680,000 - up from $550,000 + 23.6% year-on-year
Auckland $1,120,000 - up from $945,000 + 18.5% year-on-year
MEDIAN HOUSE PRICE MONTH-ON-MONTH
National $826,300 - up from $780,000 + 5.9% since last month
New Zealand Ex Auckland $680,000 - up from $651,000 + 4.5% since last month
Auckland $1,120,000 - up from $1,100,000 + 1.8% since last month
VOLUME SOLD YEAR-ON-YEAR
National 9,721 - up from 7,408 + 31.2% year-on-year
New Zealand Ex Auckland 5,849 - up from 4,825 + 21.2% year-on-year
Auckland 3,872 - up from 2,583 + 49.9% year-on-year
VOLUME SOLD MONTH-ON-MONTH
National 9,721 - up from 8,272 + 17.5% since last month
New Zealand Ex Auckland 5,849 - up from 5,398 + 8.4% since last month
Auckland 3,872 - up from 2,874 + 34.7% since last month
REINZ HOUSE PRICE INDEX
National 3,756 - up from 3,028 + 24.0% year-on-year
New Zealand Ex Auckland 3,761 - up from 3,006 + 25.1% year-on-year
Auckland 3,749 - up from 3,056 + 22.7% year-on-year
SEASONALLY ADJUSTED MEDIAN HOUSE PRICE
National Down 0.7%, up 23.9% on March 2020
New Zealand Ex Auckland Up 2.8%, up 23.7% on March 2020
Auckland Down 3.9%, up 17.9% on March 2020
MEDIAN DAYS TO SELL
National 28 - 2 days less than the same month last year
New Zealand Ex Auckland 26 - 3 days less than the same month last year
Auckland 31 - 2 days less than the same month last year
3 | REINZ Monthly Property Report
March 2021
Highest number of properties sold in a
March month in 14 years
The number of residential properties sold in March across New “The number of properties sold in March was the highest
Zealand increased by 31.2% when compared to the same time we’ve seen for a March month in 14 years (March 2007),
last year (from 7,408 to 9,721) – the highest for the month of with 2,313 more properties sold when compared to March
March in 14 years and the highest annual percentage change in 2020 – an additional 75 properties per day. Even when
3 months. you take into account the fact at this time last year the
country was just going into the first 6 days of Alert Level 4
For New Zealand excluding Auckland, the number of properties lockdown, the number of properties sold during March is
sold increased by 21.2% when compared to the same time last still sizable,” says Alexander.
year (from 4,825 to 5,849).
“March’s result is much higher than many commentators
In Auckland, the number of properties sold in March increased would have expected, as on 1 March the first tranche of
by 49.9% year-on-year (from 2,583 to 3,872) – the highest for the the LVR restrictions came back into effect with investors
month of March since records began and the second-highest requiring a 30% deposit and owner-occupiers requiring
number of properties sold ever, superseded only by May 2003. a 20% deposit. Therefore, we would have expected sales
volumes to slow a little as buyers took this into account,
In March, 12 out of 16 regions saw annual increases in sales however, it might just be that we need a few more months
volumes. for this to really start to take effect,” points out Alexander.
In addition to Auckland, regions with the biggest increases were: “The West Coast has now had five months in a row where
we’ve seen annual increases in sales volumes in excess
• West Coast: +120.0% (from 35 to 77 – 42 more houses) – the of 40% – the last two months alone have seen an 80.0%
highest for a March month in 17 years increase and this month it’s been a 120% increase showing
• Waikato: +42.4% (from 682 to 971 – 289 more houses) – the how strong interest levels are in the region right now.
highest for a March month in 5 years Given how affordable the region is, we would expect
• Canterbury: +33.0% (from 1,027 to 1,366 – 339 more houses) sales volumes to continue at a strong pace for a few more
– the highest for a March month in 14 years months yet,” continues Alexander.
• Nelson: +28.2% (from 78 to 100 – 22 more houses) – the
highest for a March month in 3 years.
Four regions saw annual decreases in sales volumes, they were:
• Marlborough: -24.7% (from 97 to 73 – 24 fewer properties) –
the lowest for the month of March in 10 years
• Tasman: -11.5% (from 78 to 69 – 9 fewer properties)
• Gisborne: -8.9% (from 45 to 41 – 4 fewer properties) – the
lowest for the month of March in 7 years
• Otago: -1.3% (from 372 to 367 – 5 fewer properties).
4 | REINZ Monthly Property Report
ANNUAL
MEDIAN
PRICE NORTHLAND
$710,000
CHANGES R 26.8%
BAY OF PLENTY
$822,000
24.5%
AUCKLAND GISBORNE
$1,120,000 $630,000
NATIONAL MEDIAN PRICE R 18.5% R 56.9%
UP 24.3% TO
WAIKATO
R $826,300 $730,000
R 22.7%
MEDIAN DAYS TO SELL
28
TARANAKI
$515,000
21.2%
MANAWATU/WANGANUI
$567,000
R 31.9%
NELSON
$682,000 HAWKE’S BAY
TASMAN 13.7% $711,000
$801,000 R
R 19.6% 30.5%
WELLINGTON
$882,700
WEST COAST 24.9%
$300,000 MARLBOROUGH
R 36.4% $664,000
R 27.7%
CANTERBURY
SOUTHLAND $575,000
$415,000 R 17.8%
R 12.2%
OTAGO
$700,000
R 30.8%
R RECORD MEDIAN PRICES
INCREASED
STABLE
DECREASED
5 | REINZ Monthly Property Report
March 2021
REINZ HPI hits new high for
tenth consecutive month in
March
The REINZ House Price Index (HPI) for New Zealand, which
measures the changing value of property in the market,
increased 24.0% year-on-year to 3,756 a new high on the index.
This is the highest annual percentage increase in the HPI that
we’ve seen in 205 months (February 2004), and is the second
highest on record, showing just how strong the market was in
March.
The HPI for New Zealand excluding Auckland showed house
price values increased 25.1% from March 2020 to 3,761 in March
2021 a new high on the index and the highest percentage
increase in 202 months (May 2004).
Auckland’s house price values increased 22.7% year-on-year to
3,749 meaning house values in the City of Sails have increased by Inventory levels continue
more than 270% since 2003 when the index base level was set.
to fall, placing pressure on
housing market
Additionally, every region reached a new high on the index.
In March, Gisborne/Hawke’s Bay again had the highest annual The total number of properties available for sale in New
growth rate in house price values with a 32.4% increase to a new Zealand decreased by 6.1% in March to 19,437 down from
record index level of 4,220. In second place was Manawatu/ 20,702 in March 2020 – 1,265 fewer properties compared
Wanganui with a 31.7% increase and in third place was Wellington to 12 months ago and 8,791 fewer properties than in March
with a 31.2% annual increase in house price values. Both 2019.
Manawatu/Wanganui and Wellington’s increases were the largest
HPI movement for the respective regions since records began.
For the first time in a couple of months, we saw more than
one region see an annual uplift in inventory levels, with
Median days to sell lowest 7 regions seeing an increase. Gisborne had the highest
for a March month since increase in inventory levels, with an 8.5% increase on the
same time last year (from 94 to 102 properties), followed by
records began Otago (+7.3% from 493 to 529), Marlborough (+5.2% from
230 to 242) and Auckland (+5.1% from 7,880 to 8,282).
In March, the median number of days to sell a property nationally
decreased 2 days from 30 to 28 when compared to March 2020,
the lowest for a March month since records began. Regions with the largest percentage decrease in total
inventory levels were the Bay of Plenty -32.9% from 1,375
For New Zealand excluding Auckland, the median days to sell to 923 – 452 fewer properties, Waikato -27.7% from 1,539 to
decreased by 3 days from 29 to 26, the lowest median days to 1,112 – 427 fewer properties and Nelson -31.4% from 369 to
sell since December 2003 and the lowest for a March month 253 – 116 fewer properties.
since records began.
Wellington had the lowest level of inventory in the country
Auckland saw the median number of days to sell a property at 6 weeks, followed by Waikato and Bay of Plenty with 7
decrease by 2 days from 33 to 31, the lowest for the month of weeks’ inventory.
March in 6 years.
Northland and West Coast had the highest number of
Three quarters of the country (12 regions) had a median number weeks’ inventory with 28 and 23 weeks’ inventory available
of days to sell of less than 30 – the first time in we’ve seen this in respectively to prospective purchasers down from 40 and
a March month ever. 68 weeks respectively in March 2020.
Properties in Manawatu/Wanganui have sold at the fastest rate
of any region in New Zealand, with the median number of days to
sell at 20 – a record low for the region – compared to 23 days in
March 2020.
Northland had the highest days to sell of any region at 35 days,
albeit down from 52 days at the same time last year – the lowest
for the month of March since records began.
6 | REINZ Monthly Property Report
March 2021
MORE THAN A THIRD OF NZ HOMES SOLD BY AUCTION IN
MARCH – HIGHEST LEVEL OF AUCTIONS EVER
Highlighting the continued popularity of auctions as a successful sales method, March saw more than a third of all properties sold by auction
(34.0%) - the highest percentage of auctions we’ve ever seen in New Zealand.
New Zealand excluding Auckland saw 21.8% of properties sold by auction, up from 10.0% in March 2020 – the highest percentage of auctions we’ve
seen outside the Auckland region ever.
Gisborne had the highest percentage of auctions across the country with 53.7% (22 properties) sold under the hammer, up from 46.7% (21
properties) in March 2020.
Auckland was close behind in second place with 52.4% (2,029) properties sold under the hammer, up from 38.4% (992 properties) at the same time
last year. This was the highest percentage of auctions in a March month ever.
Bay of Plenty had the third highest percentage of auctions in New Zealand with 47.0% (255) properties sold under the hammer in March up from
19.0% at the same time last year (86 properties).
Also of note was Northland with 27.7% (70) properties sold under the hammer, up from 4.7% (10 properties) at the same time last year and Waikato
with 24.9% (242) properties sold under the hammer up from 9.4% (64 properties) in March 2020. For both regions this was the highest percentage
of auctions seen since records began.
PRICE BANDS
The number of homes sold for less than $500,000 across New Zealand fell from 27.9% of the market (2,065 properties) in March 2020 to 15.3% of the
market (1,489 properties) in March 2021 – the lowest percentage of properties sold in the sub-$500,000 bracket ever.
The number of properties sold in the $500,000 to $750,000 bracket fell from 32.0% (2,368 properties) to 26.7% (2,593 properties).
At the top end of the market, the percentage of properties sold for $1 million or more increased from 20.0% (1,485 properties) in March 2020 to 34.8%
(3,386 properties) in March 2021 – the highest percentage of million-dollar plus properties ever sold.
Price distribution breakdown
March 2020 March 2021
$1 million plus 1,485 20.0% 3,386 34.8%
$750,000 to $999,999 1,490 20.1% 2,253 23.2%
$500,000 to $749,999 2,368 32.0% 2,593 26.7%
Under $500,000 2,065 27.9% 1,489 15.3%
All Properties Sold 7,408 100.0% 9,721 100.0%
For further information, please contact Dee Crooks, Corporate Communications Director at REINZ, on 021 953 308.
NOTE TO EDITORS:
The monthly REINZ residential sales reports remain the most recent, complete and accurate statistics on house prices and sales in New Zealand. They are based on actual sales reported
by real estate agents. These sales are taken as of the date that a transaction becomes unconditional, up to 5:00pm on the last business day of the month. Other surveys of the residential
property market are based on information from Territorial Authorities regarding settlement and the receipt of documents by the relevant Territorial Authority from a solicitor. As such, this
information involves a lag of four to six weeks before the sale is recorded.
This report is intended for general information purposes only. This report and the information contained herein is under no circumstances intended to be used or considered as legal,
financial or investment advice. The material in this report is obtained from various sources (including third parties) and REINZ does not warrant the accuracy, reliability or completeness of
the information provided in this report and does not accept liability for any omissions, inaccuracies or losses incurred, either directly or indirectly, by any person arising from or in connection
with the supply, use or misuse of the whole or any part of this report. Any and all third party data or analysis in this report does not necessarily represent the views of REINZ. When referring to
this report or any information contained herein, you must cite REINZ as the source of the information. REINZ reserves the right to request that you immediately withdraw from publication any
document that fails to cite REINZ as the source.
7 | REINZ Monthly Property Report
March 2021
SEASONALLY ADJUSTED SALES VOLUMES
COMPARED TO FEBRUARY COMPARED TO MARCH 2020
SEASONALLY SEASONALLY
VOLUME VOLUME
ADJUSTED ADJUSTED
CHANGE CHANGE
CHANGE CHANGE
New Zealand 17.5% 3.8% 31.2% 33.1%
NZ ex Akl 8.4% -1.5% 21.2% 20.6%
Northland 2.4% -2.8% 18.2% 15.7%
Auckland 34.7% 6.2% 49.9% 59.3%
Waikato 12.9% 1.3% 42.4% 46.1%
Bay of Plenty 11.5% 1.9% 20.1% 21.8%
Gisborne -35.9% -3.5% -8.9% 0.5%
Hawke's Bay 12.8% 1.8% 7.1% 1.6%
Manawatu/Wanganui 9.5% 3.4% 11.8% 9.4%
Taranaki -7.3% -14.6% 6.1% 3.0%
Wellington 19.7% 6.7% 17.2% 16.2%
Nelson 8.7% 3.8% 28.2% 24.8%
Marlborough 9.0% -1.5% -24.7% -27.3%
Tasman 7.8% -2.6% -11.5% -7.9%
Canterbury 14.4% 0.7% 33.0% 32.1%
West Coast -14.4% -17.6% 120.0% 143.3%
Otago -23.1% -22.8% -1.3% -2.8%
Southland 17.9% -3.6% 21.2% 22.6%
SEASONALLY ADJUSTED MEDIAN PRICE
COMPARED TO FEBRUARY COMPARED TO MARCH 2020
SEASONALLY SEASONALLY
MEDIAN MEDIAN
ADJUSTED ADJUSTED
CHANGE CHANGE
CHANGE CHANGE
New Zealand 5.9% -0.7% 24.3% 23.9%
NZ ex Akl 4.5% 2.8% 23.6% 23.7%
Northland 7.7% 5.4% 26.8% 26.9%
Auckland 1.8% -3.9% 18.5% 17.9%
Waikato 2.5% 0.9% 22.7% 22.2%
Bay of Plenty -3.1% -4.6% 24.5% 23.6%
Gisborne 5.9% 5.7% 56.9% 51.8%
Hawke's Bay 3.9% 3.8% 30.5% 32.3%
Manawatu/Wanganui 4.0% 3.4% 31.9% 31.8%
Taranaki -1.2% -1.1% 21.2% 22.2%
Wellington -1.4% -1.3% 24.9% 23.8%
Nelson -1.2% -0.6% 13.7% 12.5%
Marlborough 7.9% 4.6% 27.7% 24.7%
Tasman 6.8% 3.0% 19.6% 18.3%
Canterbury 2.7% 0.6% 17.8% 18.4%
West Coast 1.7% -0.1% 36.4% 38.9%
Otago 7.5% 4.2% 30.8% 29.3%
Southland 6.4% 3.9% 12.2% 12.5%
8 | REINZ Monthly Property Report
March 2021
“The Northland region reached a record median house price
in March 2021 of $710,000, up 26.8% year-on-year from
$560,000 in March 2020. Demand has remained high for good
properties in the region, especially with out-of-towners looking
for something more affordable. However, properties sold for
$1 million or more have increased to 17.0%, up from 5.6% in
March 2020, further showing the increasing cost of property
in the region. There has been a slight uplift in investor activity,
particularly before the new legislation occurred in late March, at
which point it has eased again. Auction has become a popular
method of sale in Northland as vendors look to make the most
of a popular market with 27.7% of all sales in March sold by
auction, up from 4.7% at the same time last year.”
Wendy Alexander
REINZ ACTING CEO
SEASONALLY ADJUSTED MEDIAN PRICE
NORTHLAND
REGIONAL C OMMENT AR Y
Compared to March 2020 The current Days to Sell of 35 days is
• Median Price up 26.8% much less than the 10-year average
• Sales Count up 18.2% for March which is 55 days. There
were 28 weeks of inventory in March
• Days to Sell decreased 17
days 2021 which is 12 weeks less than the
Compared to February 2021 same time last year.
• Median Price up 7.7%
• Seasonally adjusted median
price up 5.4%
• Sales Count up 2.4%
• Seasonally adjusted sales
count down 2.8%
• Days to Sell decreased 10
days
9 | REINZ Monthly Property Report
March 2021
NORTHLAND
REGION TRENDS
DAYS TO
PRICE VOLUMES OVERALL
SELL
R RECORD MEDIAN PRICE
MEDIAN PRICE VOLUME SOLD
Mar-21 Feb-21 Mar-20 Mar-21 Feb-21 Mar-20
Far North District 625,000 650,000 645,000 86 84 60
Kaipara District 730,500 760,000 615,000 46 41 32
R Whangarei District 723,000 647,000 525,000 121 122 122
Northland Region 710,000 659,000 560,000 253 247 214
Vs… Feb-21 Mar-20 Vs… Feb-21 Mar-20
Far North District -3.8% -3.1% 2.4% 43.3%
Kaipara District -3.9% 18.8% 12.2% 43.8%
Whangarei District 11.7% 37.7% -0.8% -0.8%
Northland Region 7.7% 26.8% 2.4% 18.2%
10 | REINZ Monthly Property Report
GRAPH COMMENTARY
The trend in median price continues the steady upwards incline it has been on for the
past year and a half and sales volume has recovered to where it was in 2019. The days to
sell median has improved strongly over the past 9 months. The House Price Index was the
fifth strongest performer over the past month.
Northland Region Median Price
Past 5 Years
750,000
700,000
650,000
600,000
550,000
500,000
450,000
400,000
350,000
300,000
250,000
Source: REINZ Northland Median Price 12 month MA
Northland Region Sales Volumes
Past 5 Years
500
450
400
350
300
250
200
150
100
50
0
Source: REINZ Northland Volumes 12 month MA
11 | REINZ Monthly Property Report
March 2021
Northland Region Days To Sell
Past 5 Years
80
70
60
50
40
30
20
10
0
Source: REINZ Northland DTS 12 month MA
Northland Region House Price Index
Past 5 Years
4,000
3,500
3,000
2,500
2,000
1,500
Source: REINZ Northland HPI
12 | REINZ Monthly Property Report
March 2021
“Median house prices in the Auckland region reached a
record median price in March of $1,120,000, up 18.5% from
the same time last year. The REINZ House Price Index further
displays the increasing value of properties in the region, as it
increased 22.7% from the same time last year to a new record
of 3,749. Activity has remained strong for the majority of the
month as investors moved to secure property prior to the new
legislation and as first home buyers continue to secure property
where they can. 3,872 properties were sold in the Auckland
region during March, up 49.9% year-on-year resulting in the
second highest level of sales on record. Although, since the
announcement of the changes to the bright-line test and tax
deductibility rules, investor interest levels have eased a bit.
Auctions remain a popular choice for vendors to find the market
value of their home, with 52.4% of all sales being completed by
auction, up from 38.4% at the same time last year.”
Wendy Alexander
REINZ ACTING CEO
AUCKLAND
REINZ REGIONAL C OMMENTARY
Compared to March 2020 The current Days to Sell of 31 days
• Median Price up 18.5% is less than the 10-year average for
• Sales Count up 49.9% March which is 33 days. There were
11 weeks of inventory in March 2021
• Days to Sell decreased 2 days
which is 5 weeks less than the same
Compared to February 2021
time last year.
• Median Price up 1.8%
• Seasonally adjusted median
price down 3.9%
• Sales Count up 34.7%
• Seasonally adjusted sales
count up 6.2%
• Days to Sell decreased 3 days
13 | REINZ Monthly Property Report
March 2021
AUCKLAND
REGION TRENDS
DAYS TO
PRICE VOLUMES OVERALL
SELL
R RECORD MEDIAN PRICE
MEDIAN PRICE VOLUME SOLD
Mar-21 Feb-21 Mar-20 Mar-21 Feb-21 Mar-20
R Auckland City 1,385,000 1,300,000 1,161,000 1,112 838 779
Franklin District 826,000 827,000 706,000 103 112 108
R Manukau City 1,065,000 1,003,000 920,000 830 608 486
R North Shore City 1,350,000 1,320,000 1,125,000 637 470 441
R Papakura District 865,000 831,000 710,000 205 172 122
R Rodney District 1,150,000 1,030,000 898,000 282 243 238
Waitakere City 988,000 1,003,000 845,000 703 431 409
Auckland Region 1,120,000 1,100,000 945,000 3,872 2,874 2,583
Vs… Feb-21 Mar-20 Vs… Feb-21 Mar-20
Auckland City 6.5% 19.3% 32.7% 42.7%
Franklin District -0.1% 17.0% -8.0% -4.6%
Manukau City 6.2% 15.8% 36.5% 70.8%
North Shore City 2.3% 20.0% 35.5% 44.4%
Papakura District 4.1% 21.8% 19.2% 68.0%
Rodney District 11.7% 28.1% 16.0% 18.5%
Waitakere City -1.5% 16.9% 63.1% 71.9%
Auckland Region 1.8% 18.5% 34.7% 49.9%
14 | REINZ Monthly Property Report
GRAPH COMMENTARY
The trend in median price has trended strongly upwards over the past year, with the
sales volume trend also surging upwards. The days to sell median has improved over the
past 6 months. The House Price Index performance has been strong over the past year
but is 5th worst compared to the other regions in the country.
Auckland Region Median Price
Past 5 Years
1,150,000
1,100,000
1,050,000
1,000,000
950,000
900,000
850,000
800,000
750,000
700,000
650,000
Source: REINZ Auckland Median Price 12 month MA
Auckland Region Sales Volumes
Past 5 Years
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0
Source: REINZ Auckland Volumes 12 month MA
15 | REINZ Monthly Property Report
March 2021
Auckland Region Days To Sell
Past 5 Years
70
60
50
40
30
20
10
0
Source: REINZ Auckland DTS 12 month MA
Auckland Region House Price Index
Past 5 Years
4,000
3,500
3,000
2,500
2,000
1,500
Source: REINZ Auckland HPI
16 | REINZ Monthly Property Report
March 2021
“The Waikato region saw median house prices increase 22.7%
annually from $595,000 in March 2020 to $730,000 in March
2021, a new record high for the second consecutive month.
Open homes and auctions have been busy, with investors
still looking for a good deal and seeing value in property,
particularly in the early weeks of March. First home buyers
have been active, hoping to get into the market, with a further
increase in activity after the government announcement
around the First Home Loan and Grant. Competition has
been high between the different buyer groups, as available
inventory is down -27.7% year-on-year. The median number
of days to sell a property is down to 24 days, a record equal
low for the median number of days to sell a property for the
region.”
Neville Falconer
REINZ Regional Director
WAIKATO
REGIONAL C OMMENT AR Y
Compared to March 2020 The current Days to Sell of 24 days is
• Median Price up 22.7% much less than the 10-year average
• Sales Count up 42.4% for March which is 36 days. There
were 7 weeks of inventory in March
• Days to Sell decreased 5 days
2021 which is 7 weeks less than the
Compared to February 2021
same time last year.
• Median Price up 2.5%
• Seasonally adjusted median
price up 0.9%
• Sales Count up 12.9%
• Seasonally adjusted sales
count up 1.3%
• Days to Sell decreased 4 days
17 | REINZ Monthly Property Report
March 2021
WAIKATO
REGION TRENDS
DAYS TO
PRICE VOLUMES OVERALL
SELL
R RECORD MEDIAN PRICE
MEDIAN PRICE VOLUME SOLD
Mar-21 Feb-21 Mar-20 Mar-21 Feb-21 Mar-20
R Hamilton City 780,000 749,000 620,000 427 377 299
R Hauraki District 590,000 520,000 500,000 34 26 28
R Matamata-Piako District 680,000 620,000 570,000 67 46 48
Otorohanga District 475,000 450,000 410,000 10 9 6
South Waikato District 395,000 400,000 349,000 46 33 22
Taupo District 665,000 690,000 580,000 96 88 79
Thames-Coromandel District 825,000 865,000 630,000 91 111 65
R Waikato District 720,000 672,000 600,000 95 75 63
R Waipa District 801,000 760,000 660,000 88 88 65
Waitomo District 349,000 315,000 335,000 17 7 7
Waikato Region 730,000 712,000 595,000 971 860 682
Vs… Feb-21 Mar-20 Vs… Feb-21 Mar-20
Hamilton City 4.1% 25.8% 13.3% 42.8%
Hauraki District 13.5% 18.0% 30.8% 21.4%
Matamata-Piako District 9.7% 19.3% 45.7% 39.6%
Otorohanga District 5.6% 15.9% 11.1% 66.7%
South Waikato District -1.2% 13.2% 39.4% 109.1%
Taupo District -3.6% 14.7% 9.1% 21.5%
Thames-Coromandel District -4.6% 31.0% -18.0% 40.0%
Waikato District 7.1% 20.0% 26.7% 50.8%
Waipa District 5.4% 21.4% 0.0% 35.4%
Waitomo District 10.8% 4.2% 142.9% 142.9%
Waikato Region 2.5% 22.7% 12.9% 42.4%
18 | REINZ Monthly Property Report
GRAPH COMMENTARY
The median price trend has had a steady upwards trend over the past 18 months, with
sales volume recovering strongly over the past 12 months. The days to sell median
has been improving over the last 9 months. The House Price Index was the strongest
performer over the past month and second strongest over the past 3 months.
Waikato Region Median Price
Past 5 Years
750,000
700,000
650,000
600,000
550,000
500,000
450,000
400,000
350,000
Source: REINZ Waikato Median Price 12 month MA
Waikato Region Sales Volumes
Past 5 Years
1,100
900
700
500
300
100
Source: REINZ Waikato Volumes 12 month MA
19 | REINZ Monthly Property Report
March 2021
Waikato Region Days To Sell
Past 5 Years
70
60
50
40
30
20
10
0
Source: REINZ Waikato DTS 12 month MA
Waikato Region House Price Index
Past 5 Years
4,500
4,000
3,500
3,000
2,500
2,000
1,500
Source: REINZ Waikato HPI
20 | REINZ Monthly Property Report
March 2021
“Median house prices in the Bay of Plenty increased 24.5%
year-on-year to $822,000 in March 2021, up from $660,000
at the same time last year. Additionally, Rotorua District
reached a new record median price of $650,000. Supply
levels continue to be an issue for the region with a decrease
of -7.8% in new listings from the same time last year, and
a -32.9% decrease in available stock, leaving just 7 weeks
of available inventory. Low levels of stock and high levels
of demand have resulted in strong competition for good
properties and therefore the median number of days to sell
have dropped 4 days from the same time last year to 28
days, the lowest level for a March month on record. Auctions
continue to be a popular method of sale for the region,
with 47.0% of all sales being completed by auction, up from
19.0% at the same time last year. However, access to finance
is becoming harder for some buyers as banks continue to
place conditions on buyers.”
Neville Falconer
REINZ Regional Director
BAY OF PLENTY
REINZ REGIONAL C OMMENT AR Y
Compared to March 2020 The current Days to Sell of 28 days is
• Median Price up 24.5% much less than the 10-year average
• Sales Count up 20.1% for March which is 43 days. There
were 7 weeks of inventory in March
• Days to Sell decreased 4 days
2021 which is 5 weeks less than the
Compared to February 2021
same time last year.
• Median Price down 3.1%
• Seasonally adjusted median
price down 4.6%
• Sales Count up 11.5%
• Seasonally adjusted sales
count up 1.9%
• Days to Sell decreased 2 days
21 | REINZ Monthly Property Report
March 2021
BAY OF PLENTY
REGION TRENDS
DAYS TO
PRICE VOLUMES OVERALL
SELL
R RECORD MEDIAN PRICE
MEDIAN PRICE VOLUME SOLD
Mar-21 Feb-21 Mar-20 Mar-21 Feb-21 Mar-20
Kawerau District 335,000 312,000 310,000 10 7 9
Opotiki District 469,000 435,000 342,000 10 8 14
R Rotorua District 650,000 617,000 480,000 114 78 82
Tauranga City 901,000 905,000 730,000 295 273 255
Western Bay of Plenty District 850,000 855,000 675,000 70 79 56
Whakatane District 655,000 661,000 585,000 44 42 36
Bay of Plenty Region 822,000 848,250 660,000 543 487 452
Vs… Feb-21 Mar-20 Vs… Feb-21 Mar-20
Kawerau District 7.4% 8.1% 42.9% 11.1%
Opotiki District 7.8% 37.1% 25.0% -28.6%
Rotorua District 5.3% 35.4% 46.2% 39.0%
Tauranga City -0.4% 23.4% 8.1% 15.7%
Western Bay of Plenty District -0.6% 25.9% -11.4% 25.0%
Whakatane District -0.9% 12.0% 4.8% 22.2%
Bay of Plenty Region -3.1% 24.5% 11.5% 20.1%
22 | REINZ Monthly Property Report
GRAPH COMMENTARY
The trend in median price retains the upwards bearing it has had for several years.
Sales volume has flattened over the past couple of months. The days to sell median
has improved strongly over the past 6 months. The House Price Index had the fifth best
performance over the past 12 months.
Bay of Plenty Region Median Price
Past 5 Years
850,000
800,000
750,000
700,000
650,000
600,000
550,000
500,000
450,000
400,000
Source: REINZ BOP Median Price 12 month MA
Bay of Plenty Region Sales Volumes
Past 5 Years
800
700
600
500
400
300
200
100
0
Source: REINZ BOP Volumes 12 month MA
23 | REINZ Monthly Property Report
March 2021
Bay of Plenty Region Days To Sell
Past 5 Years
80
70
60
50
40
30
20
10
0
Source: REINZ BOP DTS 12 month MA
Bay of Plenty Region House Price Index
Past 5 Years
4,000
3,500
3,000
2,500
2,000
1,500
Source: REINZ BOP HPI
24 | REINZ Monthly Property Report
March 2021
“Gisborne region reached a record median house price
of $630,000 in March 2021, up 56.9% year-on-year from
$401,618 in March 2020. Activity levels for the region have
started to slow slightly, as purchasers start to take more of a
wait and see approach. This month, the region experienced
the lowest level of March sales since 2014 (7 years), with 41
properties sold, down from 45 at the same time last year.
Lower sales volumes, paired with a 15.3% annual increase
in new listings has resulted in an 8.5% increase in inventory
for the Gisborne region and a slight easing in pressure. The
REINZ House Price Index for the Gisborne/Hawke’s Bay
region increased 32.4% year-on-year to a record high of
4,220, showing that the underlying value of property in the
region is still increasing.”
Neville Falconer
REINZ Regional Director
GISBORNE
REGIONAL C OMMENT AR Y
Compared to March 2020 The current Days to Sell of 31 days
• Median Price up 56.9% is less than the 10-year average for
• Sales Count down 8.9% March which is 38 days. There are
11 weeks of inventory in March 2021
• Days to Sell increased 2 days
which is 4 weeks more than the same
Compared to February 2021
time last year.
• Median Price up 5.9%
• Seasonally adjusted median
price up 5.7%
• Sales Count down 35.9%
• Seasonally adjusted sales
count down 3.5%
• Days to Sell decreased 6 days
25 | REINZ Monthly Property Report
March 2021
GISBORNE
REGION TRENDS
DAYS TO
PRICE VOLUMES OVERALL
SELL
R RECORD MEDIAN PRICE
MEDIAN PRICE VOLUME SOLD
Mar-21 Feb-21 Mar-20 Mar-21 Feb-21 Mar-20
R Gisborne District 630,000 595,000 401,618 41 64 45
Gisborne Region 630,000 595,000 401,618 41 64 45
Vs… Feb-21 Mar-20 Vs… Feb-21 Mar-20
Gisborne District 5.9% 56.9% -35.9% -8.9%
Gisborne Region 5.9% 56.9% -35.9% -8.9%
26 | REINZ Monthly Property Report
GRAPH COMMENTARY
The median price trend has been increasing very strongly over the past few years
and particularly so over the past year. The sales volume trend has flattened after
some recovery in the second half of 2020. The days to sell median trend looks steady
to easing. The House Price Index for Gisborne/Hawke's Bay has had the strongest
movement of all regions over the past 3 months and 12 months.
Gisborne Region Median Price
Past 5 Years
680,000
620,000
560,000
500,000
440,000
380,000
320,000
260,000
200,000
Source: REINZ Gisborne Median Price 12 month MA
Gisborne Region Sales Volumes
Past 5 Years
100
90
80
70
60
50
40
30
20
10
0
Source: REINZ Gisborne Volumes 12 month MA
27 | REINZ Monthly Property Report
March 2021
Gisborne Region Days To Sell
Past 5 Years
70
60
50
40
30
20
10
0
Source: REINZ Gisborne DTS 12 month MA
Gisborne/Hawke's Bay Region House Price Index
Past 5 Years
4,500
4,000
3,500
3,000
2,500
2,000
1,500
Source: REINZ Gisborne/Hawke's Bay HPI
28 | REINZ Monthly Property Report
March 2021
“The Hawke’s Bay region reached a record median house
price of $711,000 in March 2021, up from $545,000 at the
same time last year, an increase of 30.5%. With decreases
in new listings and total inventory, this has put increasing
pressure on house prices in the region. Properties selling for
$1 million or more increased to 17.3% of all sales in March, up
from 4.2% in March 2020. The REINZ House Price Index for
the Gisborne/Hawke’s Bay region increased 32.4% year-on-
year to a record high of 4,220, showing that the underlying
value of property in the region is still increasing. Properties
are selling quickly, with median days to sell down -2 days
from 28 days in March 2020, to 26 days in March 2021 – this
is the lowest number of days to sell for a March month since
records began.”
Wendy Alexander
REINZ ACTING CEO
HAWKE’S BAY
REGIONAL C OMMENT AR Y
Compared to March 2020 The current Days to Sell of 26 days
• Median Price up 30.5% is less than the 10-year average for
• Sales Count up 7.1% March which is 35 days. There were
10 weeks of inventory in March 2021
• Days to Sell decreased 2 days
which is 2 weeks more than the same
Compared to February 2021
time last year.
• Median Price up 3.9%
• Seasonally adjusted median
price up 3.8%
• Sales Count up 12.8%
• Seasonally adjusted sales
count up 1.8%
• Days to Sell decreased 5 day
29 | REINZ Monthly Property Report
March 2021
HAWKE’S BAY
REGION TRENDS
DAYS TO
PRICE VOLUMES OVERALL
SELL
R RECORD MEDIAN PRICE
MEDIAN PRICE VOLUME SOLD
Mar-21 Feb-21 Mar-20 Mar-21 Feb-21 Mar-20
Central Hawke’s Bay District 485,000 438,000 450,000 20 21 24
Hastings District 737,000 772,300 546,000 113 85 89
Napier City 721,000 685,321 573,000 113 112 117
Wairoa District 347,200 310,000 195,000 9 8 8
Hawke’s Bay Region 711,000 684,000 545,000 255 226 238
Vs… Feb-21 Mar-20 Vs… Feb-21 Mar-20
Central Hawke’s Bay District 10.7% 7.8% -4.8% -16.7%
Hastings District -4.6% 35.0% 32.9% 27.0%
Napier City 5.2% 25.8% 0.9% -3.4%
Wairoa District 12.0% 78.1% 12.5% 12.5%
Hawke’s Bay Region 3.9% 30.5% 12.8% 7.1%
30 | REINZ Monthly Property Report
GRAPH COMMENTARY
The median price trend continues to rise strongly, with sales volume taking a slight dip
after recovering in the second half of 2020. The days to sell median trend looks steady.
The House Price Index for Gisborne/Hawke's Bay has had the strongest movement of all
regions over the past 3 months and 12 month
Hawke's Bay Region Median Price
Past 5 Years
750,000
700,000
650,000
600,000
550,000
500,000
450,000
400,000
350,000
300,000
250,000
Source: REINZ Hawke's Bay Median Price 12 month MA
Hawke's Bay Region Sales Volumes
Past 5 Years
350
300
250
200
150
100
50
0
Source: REINZ Hawke's Bay Volumes 12 month MA
31 | REINZ Monthly Property Report
March 2021
Hawke's Bay Region Days To Sell
Past 5 Years
60
50
40
30
20
10
0
Source: REINZ Hawke's Bay DTS 12 month MA
Gisborne/Hawke's Bay Region House Price Index
Past 5 Years
4,500
4,000
3,500
3,000
2,500
2,000
1,500
Source: REINZ Gisborne/Hawke's Bay HPI
32 | REINZ Monthly Property Report
March 2021
“Median house prices increased 21.2% annually in the Taranaki
region, from $425,000 in March 2020 to $515,000 in March
2021. New Plymouth district reached a record median
house price of $612,500, up 19.6% year-on-year and the fifth
consecutive month of record highs for the district. Sales
volumes for the Taranaki region were up 6.1% from the same
time last year, but down -7.3% from last month. A decrease
in enquiries was noticed at the end of the month after the
government’s latest housing policy was announced. The REINZ
House Price Index for the region increased 27.4% year-on-year
to a record level of 4,117.”
Wendy Alexander
REINZ ACTING CEO
TARANAKI
REGIONAL C OMMENT AR Y
Compared to March 2020 The current Days to Sell of 22 days is
• Median Price up 21.2% much less than the 10-year average
• Sales Count up 6.1% for March which is 35 days. There
were 9 weeks of inventory in March
• Days to Sell decreased 1 day
2021 which is 8 weeks less than the
Compared to February 2021
same time last year.
• Median Price down 1.2%
• Seasonally adjusted median
price down 1.1%
• Sales Count down 7.3%
• Seasonally adjusted sales
count down 14.6%
• Days to Sell increased 1 day
33 | REINZ Monthly Property Report
March 2021
TARANAKI
REGION TRENDS
DAYS TO
PRICE VOLUMES OVERALL
SELL
R RECORD MEDIAN PRICE
MEDIAN PRICE VOLUME SOLD
Mar-21 Feb-21 Mar-20 Mar-21 Feb-21 Mar-20
R New Plymouth District 612,500 600,000 512,000 114 136 119
South Taranaki District 380,000 397,000 275,000 57 52 45
Stratford District 420,000 470,000 335,000 19 17 15
Taranaki Region 515,000 521,069 425,000 190 205 179
Vs… Feb-21 Mar-20 Vs… Feb-21 Mar-20
New Plymouth District 2.1% 19.6% -16.2% -4.2%
South Taranaki District -4.3% 38.2% 9.6% 26.7%
Stratford District -10.6% 25.4% 11.8% 26.7%
Taranaki Region -1.2% 21.2% -7.3% 6.1%
34 | REINZ Monthly Property Report
GRAPH COMMENTARY
The median price trend continues the strong upwards trajectory it has been on for the
past year. The trend in sales volume has recovered well in the past year. The days to sell
median continues the improving trend it has had for the past few years. The House Price
Index was the second best performer of all regions over the past month, third strongest
over the past 3 months and fourth best over the past 12 months.
Taranaki Region Median Price
Past 5 Years
600,000
550,000
500,000
450,000
400,000
350,000
300,000
250,000
Source: REINZ Taranaki Median Price 12 month MA
Taranaki Region Sales Volumes
Past 5 Years
300
250
200
150
100
50
0
Source: REINZ Taranaki Volumes 12 month MA
35 | REINZ Monthly Property Report
March 2021
Taranaki Region Days To Sell
Past 5 Years
60
50
40
30
20
10
0
Source: REINZ Taranaki DTS 12 month MA
Taranaki Region House Price Index
Past 5 Years
4,500
4,000
3,500
3,000
2,500
2,000
1,500
Source: REINZ Taranaki HPI
36 | REINZ Monthly Property Report
March 2021
“For the ninth consecutive month, the Manawatu/Wanganui
region reached a record median house price, up 31.9% year-
on-year from $430,000 in March 2020 to $567,000 in March
2021. Horowhenua ($575,000), Manawatu ($565,000), Rangitikei
($440,000) and Whanganui ($521,000) districts also all reached
record median prices in March. The REINZ House price index
for the region increased 31.7% from the same time last year, the
largest annual increase for the region since records began. Open
homes are continuing to draw good levels of turn out, especially
with new listings. First home buyers continue to remain active in
the market, but a shortage of available listings is making it difficult
to get on the property ladder. Investor enquiries have started to
slow towards the end of the month as they start to take more of a
wait and see approach. Available properties are selling quickly, as
median days to sell are down to 20 days, the lowest number of
days on record.”
Wendy Alexander
REINZ ACTING CEO
MANAWATU/
WANGANUI
REGIONAL C OMMENT AR Y
Compared to March 2020 The current Days to Sell of 20 days is
• Median Price up 31.9% much less than the 10-year average
• Sales Count up 11.8% for March which is 35 days. There
were 8 weeks of inventory in March
• Days to Sell decreased 3 days
2021 which is 2 weeks less than the
Compared to February 2021
same time last year.
• Median Price up 4.0%
• Seasonally adjusted median
price up 3.4%
• Sales Count up 9.5%
• Seasonally adjusted sales
count up 3.4%
• Days to Sell decreased 4 days
37 | REINZ Monthly Property Report
March 2021
MANAWATU/WANGANUI
REGION TRENDS
DAYS TO
PRICE VOLUMES OVERALL
SELL
R RECORD MEDIAN PRICE
MEDIAN PRICE VOLUME SOLD
Mar-21 Feb-21 Mar-20 Mar-21 Feb-21 Mar-20
R Horowhenua District 575,000 549,000 431,250 80 77 66
R Manawatu District 565,000 550,000 475,000 43 32 38
Palmerston North City 650,000 675,000 494,000 143 125 124
R Rangitikei District 440,000 405,000 350,000 18 15 24
Ruapehu District 392,000 410,000 275,000 34 31 24
Tararua District 410,000 394,000 270,500 34 37 27
R Whanganui District 521,000 470,000 352,560 64 63 69
Manawatu/Wanganui Region 567,000 545,000 430,000 416 380 372
Vs… Feb-21 Mar-20 Vs… Feb-21 Mar-20
Horowhenua District 4.7% 33.3% 3.9% 21.2%
Manawatu District 2.7% 18.9% 34.4% 13.2%
Palmerston North City -3.7% 31.6% 14.4% 15.3%
Rangitikei District 8.6% 25.7% 20.0% -25.0%
Ruapehu District -4.4% 42.5% 9.7% 41.7%
Tararua District 4.1% 51.6% -8.1% 25.9%
Whanganui District 10.9% 47.8% 1.6% -7.2%
Manawatu/Wanganui Region 4.0% 31.9% 9.5% 11.8%
38 | REINZ Monthly Property Report
GRAPH COMMENTARY
The median price trend continues the strong upwards trajectory it has been on for the
past three years, with sales volume flattening after recovering well in the second half of
2020. The days to sell median trend looks steady to improving. The House Price Index
had the second strongest performance of all regions over the past 12 months.
Manawatu/Wanganui Region Median Price
Past 5 Years
680,000
620,000
560,000
500,000
440,000
380,000
320,000
260,000
200,000
Manawatu/Wanganui Median Price 12 month MA
Source: REINZ
Manawatu/Wanganui Region Sales Volumes
Past 5 Years
500
450
400
350
300
250
200
150
100
50
0
Manawatu/Wanganui Volumes 12 month MA
Source: REINZ
39 | REINZ Monthly Property Report
March 2021
Manawatu/Wanganui Region Days To Sell
Past 5 Years
60
50
40
30
20
10
0
Source: REINZ Manawatu/Wanganui DTS 12 month MA
Manawatu/Wanganui Region House Price Index
Past 5 Years
5,000
4,500
4,000
3,500
3,000
2,500
2,000
1,500
Source: REINZ Manawatu/Wanganui HPI
40 | REINZ Monthly Property Report
March 2021
“Median house prices in the Wellington region increased
24.9% year-on-year to $882,700 in March 2021, up from
$707,000 at the same time last year. Kapiti Coast and Upper
Hutt City both reached record median prices in March,
up 35.4% and 33.9% year-on-year respectively. First home
buyers and investors have remained relatively active in the
market during March, with sales volumes for the region
up 17.2% annually (911 properties sold during March 2021),
resulting in the highest sales count in 48 months. Inventory
is down -11.3% year-on-year, leaving just 6 weeks of available
stock for purchasers, the lowest number of weeks across
New Zealand. The REINZ House Price Index for the region
increased 31.2% from the same time last year, the largest
annual percentage increase on record.”
Mark Coffey
REINZ Regional Director
WELLINGTON
REGIONAL C OMMENT AR Y
Compared to March 2020 The current Days to Sell of 28 days
• Median Price up 24.9% is less than the 10-year average for
• Sales Count up 17.2% March of 29 days. There were 6 weeks
of inventory in March 2021 which is
• Days to Sell increased 1 day
1 week less than the same time last
Compared to February 2021
year.
• Median Price down 1.4%
• Seasonally adjusted median
price down 1.3%
• Sales Count up 19.7%
• Seasonally adjusted sales
count up 6.7%
• Days to Sell decreased 2 days
41 | REINZ Monthly Property Report
March 2021
WELLINGTON
REGION TRENDS
DAYS TO
PRICE VOLUMES OVERALL
SELL
R RECORD MEDIAN PRICE
MEDIAN PRICE VOLUME SOLD
Mar-21 Feb-21 Mar-20 Mar-21 Feb-21 Mar-20
Carterton District 610,000 661,500 530,000 19 19 21
R Kapiti Coast District 880,000 805,000 650,000 99 94 93
Lower Hutt City 801,000 839,000 655,500 225 154 153
Masterton District 585,000 640,000 446,418 48 37 50
Porirua City 960,000 980,000 700,000 74 63 62
South Wairarapa District 703,000 782,000 700,000 29 16 27
R Upper Hutt City 857,000 795,000 640,000 70 73 74
Wellington City 1,060,000 1,078,065 815,000 347 305 297
Wellington Region 882,700 895,000 707,000 911 761 777
Vs… Feb-21 Mar-20 Vs… Feb-21 Mar-20
Carterton District -7.8% 15.1% 0.0% -9.5%
Kapiti Coast District 9.3% 35.4% 5.3% 6.5%
Lower Hutt City -4.5% 22.2% 46.1% 47.1%
Masterton District -8.6% 31.0% 29.7% -4.0%
Porirua City -2.0% 37.1% 17.5% 19.4%
South Wairarapa District -10.1% 0.4% 81.3% 7.4%
Upper Hutt City 7.8% 33.9% -4.1% -5.4%
Wellington City -1.7% 30.1% 13.8% 16.8%
Wellington Region -1.4% 24.9% 19.7% 17.2%
42 | REINZ Monthly Property Report
GRAPH COMMENTARY
The trend in the median price has been strongly increasing over the past three years,
with sales volume flattening after recovering in the second half of 2020. The days to sell
median trend has been steady over the past 12 months. The House Price Index has had
the third strongest performance over 12 months.
Wellington Region Median Price
Past 5 Years
940,000
880,000
820,000
760,000
700,000
640,000
580,000
520,000
460,000
400,000
Source: REINZ Wellington Median Price 12 month MA
Wellington Region Sales Volumes
Past 5 Years
1,300
1,100
900
700
500
300
100
Source: REINZ Wellington Volumes 12 month MA
43 | REINZ Monthly Property Report
March 2021
Wellington Region Days To Sell
Past 5 Years
60
50
40
30
20
10
0
Source: REINZ Wellington DTS 12 month MA
Wellington Region House Price Index
Past 5 Years
4,500
4,000
3,500
3,000
2,500
2,000
1,500
Source: REINZ Wellington HPI
44 | REINZ Monthly Property Report
March 2021
“The Nelson/Marlborough/Tasman regions all saw an
increase in median house prices in March, with Nelson
increasing 13.7% annually to $682,000, Marlborough
increasing 27.7% annually to a record median price of
$664,000 and Tasman increasing 19.6% annually to record
median price of $801,000. Open home attendance
increased from February as more purchasers came to the
market. A lot of buyers are coming in from out of town as
the more affordable prices attract owner-occupiers to the
region, looking for bigger properties. Many properties are
selling under multi-offer as competition remains strong for
good properties. Properties are selling quickly, with Tasman
experiencing the lowest number of days to sell a property
(22 days) since August 2003 and Marlborough experiencing
the lowest number of days to sell (22 days) since February
2004.”
Wendy Alexander
REINZ ACTING CEO
NELSON/
MARLBOROUGH/ TASMAN
REGIONAL C OMMENT AR Y
Compared to March 2020 The current Days to Sell of 24 days is
• Median Price up 14.3% much less than the 10-year average
for March which is 39 days. There
• Sales Count down 10.6%
were 13 weeks of inventory in March
• Days to Sell decreased 3 day
2021 which is 6 weeks less than the
Compared to February 2021 same time last year.
• Median Price up 0.1%
• Seasonally adjusted median
price up 1.7%
• Sales Count up 69.2%
• Seasonally adjusted Sales
Count up 10.3%
• Days to Sell decreased 5 day
45 | REINZ Monthly Property Report
March 2021
NELSON/MARLBOROUGH/
TASMAN REGION TRENDS
DAYS TO
PRICE VOLUMES OVERALL
SELL
R RECORD MEDIAN PRICE
MEDIAN PRICE VOLUME SOLD
Mar-21 Feb-21 Mar-20 Mar-21 Feb-21 Mar-20
Nelson City 682,000 690,000 600,000 100 92 78
R Marlborough District 664,000 615,500 520,000 73 67 97
R Tasman District 801,000 750,000 670,000 69 64 78
Nel/Marl/Tas Region 702,000 686,000 585,000 242 223 253
Vs… Feb-21 Mar-20 Vs… Feb-21 Mar-20
Nelson City -1.2% 13.7% 8.7% 28.2%
Marlborough District 7.9% 27.7% 9.0% -24.7%
Tasman District 6.8% 19.6% 7.8% -11.5%
Nel/Marl/Tas Region 2.3% 20.0% 8.5% -4.3%
46 | REINZ Monthly Property Report
GRAPH COMMENTARY
The median price trend for the region has been climbing over the past two years, with
sales volume falling away over the past few months after recovering somewhat in the
second half of 2020. The days to sell median is steady to improving. The House Price
Index for Nelson/Tasman/Marlborough/West Coast has had the fourth best performance
over the past month.
Nelson/Marlborough/Tasman Region Median Price
Past 5 Years
750,000
700,000
650,000
600,000
550,000
500,000
450,000
400,000
350,000
300,000
Nelson/Marlborough/Tasman Median Price 12 month MA
Source: REINZ
Nelson/Marlborough/Tasman Region Sales Volumes
Past 5 Years
350
300
250
200
150
100
50
0
Nelson/Marlborough/Tasman Volumes 12 month MA
Source: REINZ
47 | REINZ Monthly Property Report
March 2021
Nelson/Marlborough/Tasman Region Days To Sell
Past 5 Years
70
60
50
40
30
20
10
0
Source: REINZ Nelson/Marlborough/Tasman DTS 12 month MA
Nelson/Marlborough/Tasman/West Coast House Price Index
Past 5 Years
3,100
2,900
2,700
2,500
2,300
2,100
1,900
1,700
Source: REINZ Nelson/Marlborough/Tasman/West Coast HPI
48 | REINZ Monthly Property Report
March 2021
“Median house prices reached a record median high of
$300,000 in the West Coast in March 2021, up 36.4% from
$220,000 in March 2020. Demand remained high for the
region with 77 properties sold in March, up 120% from the
same time last year (35 sales), resulting in the highest level
of March sales since 2004. Levels of interest from out-of-
town investors increased in March, particularly after the
government announcement around changes to the bright
line test and tax deductibility, as properties on the West
Coast are more affordable and require low capital borrowing.
Properties are selling quickly as days to sell are down -8
days year-on-year to 33 days, the lowest for a March month
since 2006. Popularity and house prices in the West Coast
region are expected to continue increasing over the coming
months as the region starts getting closer to approaching
the price points of the surrounding regions.”
Wendy Alexander
REINZ ACTING CEO
WEST COAST
REGIONAL C OMMENT AR Y
Compared to March 2020 The current Days to Sell of 33 days is
• Median Price up 36.4% much less than the 10-year average
for March which is 61 days. There were
• Sales Count up 120.0%
23 weeks of inventory in March 2021
• Days to Sell decreased 8 days
which is 45 weeks less than the same
Compared to February 2021
time last year.
• Median Price up 1.7%
• Seasonally adjusted median
price down 0.1%
• Sales Count down 14.4%
• Seasonally adjusted sales
count down 17.6%
• Days to Sell decreased 5 days
49 | REINZ Monthly Property Report
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