March 2021
WEST COAST
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
Buller District 295,000 289,000 188,000 37 38 13
R Grey District 289,250 275,000 220,000 27 36 17
R Westland District 405,000 335,000 325,000 13 16 5
West Coast Region 300,000 295,000 220,000 77 90 35
Vs… Feb-21 Mar-20 Vs… Feb-21 Mar-20
Buller District 2.1% 56.9% -2.6% 184.6%
Grey District 5.2% 31.5% -25.0% 58.8%
Westland District 20.9% 24.6% -18.8% 160.0%
West Coast Region 1.7% 36.4% -14.4% 120.0%
50 | REINZ Monthly Property Report
GRAPH COMMENTARY
The median price trend has been increasing strongly over the past year and a half. Sales
volume has also increased rapidly over the past year. The days to sell median trend has
been improving strongly over the past 18 months. The House Price Index for Nelson/
Tasman/Marlborough/West Coast has had the fourth best performance over the past
month.
West Coast Region Median Price
Past 5 Years
325,000
275,000
225,000
175,000
125,000
Source: REINZ West Coast Median Price 12 month MA
West Coast Region Sales Volumes
Past 5 Years
80
70
60
50
40
30
20
10
0
Source: REINZ West Coast Volumes 12 month MA
51 | REINZ Monthly Property Report
March 2021
West Coast Region Days To Sell
Past 5 Years
180
160
140
120
100
80
60
40
20
0
Source: REINZ West Coast DTS 12 month MA
Nelson/Marlborough/Tasman/West Coast House Price Index
Past 5 Years
3,300
3,100
2,900
2,700
2,500
2,300
2,100
1,900
1,700
1,500
Source: REINZ
S ou r c e : RE I NZ Nelson/Marlborough/Tasman/West Coast HPI
52 | REINZ Monthly Property Report
March 2021
“The Canterbury region reached a record median price
of $575,000 in March 2020, up 17.8% year-on-year from
$488,000 in March 2021. Sales volumes for the region
increased 33.0% annually to 1,366, up from 1,027 at the
same time last year, the highest number of sales for a March
month since 2004 (17 years). Inventory is down -20.0%
year-on-year as new listings aren’t coming to the market fast
enough to match the speed at which they are selling, putting
further pressure on stock as supply is being outweighed
by demand. Properties are selling faster, with median days
to sell down -5 days from the same time last year to just 24
days, the lowest median number of days to sell for a March
month since 2005. The REINZ HPI for Canterbury also
reached a new record level in March, up 20.3% annually to
3,120.”
Wendy Alexander
REINZ ACTING CEO
CANTERBURY
REGIONAL C OMMENT AR Y
Compared to March 2020 The current Days to Sell of 24 days
• Median Price up 17.8% is less than the 10-year average for
March which is 30 days. There were
• Sales Count up 33.0%
9 weeks of inventory in March 2021
• Days to Sell decreased 5 days which is 7 weeks less than the same
time last year.
Compared to February 2021
• Median Price up 2.7%
• Seasonally adjusted median
price up 0.6%
• Sales Count up 14.4%
• Seasonally adjusted sales
count up 0.7%
• Days to Sell decreased 5 days
53 | REINZ Monthly Property Report
March 2021
CANTERBURY
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
Ashburton District 382,000 410,000 389,000 72 53 64
R Christchurch City 600,000 580,000 500,000 918 757 656
Hurunui District 490,000 465,000 420,000 26 20 21
Kaikoura District 575,000 492,000 - 11 14 4
Mackenzie District - 685,000 437,000 4 11 6
Selwyn District 650,000 655,000 545,000 123 138 114
R Timaru District 430,000 420,000 375,000 85 115 62
R Waimakariri District 565,000 540,000 472,500 117 78 88
Waimate District 315,000 278,000 285,000 10 8 12
Canterbury Region 575,000 560,000 488,000 1,366 1,194 1,027
Vs… Feb-21 Mar-20 Vs… Feb-21 Mar-20
Ashburton District -6.8% -1.8% 35.8% 12.5%
Christchurch City 3.4% 20.0% 21.3% 39.9%
Hurunui District 5.4% 16.7% 30.0% 23.8%
Kaikoura District 16.9% - -21.4% 175.0%
Mackenzie District - - -63.6% -33.3%
Selwyn District -0.8% 19.3% -10.9% 7.9%
Timaru District 2.4% 14.7% -26.1% 37.1%
Waimakariri District 4.6% 19.6% 50.0% 33.0%
Waimate District 13.3% 10.5% 25.0% -16.7%
Canterbury Region 2.7% 17.8% 14.4% 33.0%
54 | REINZ Monthly Property Report
GRAPH COMMENTARY
The median price trend continues to increase rapidly, with sales volume also increasing
over the past 12 months. The days to sell median trend is strongly improving. Despite a
strong performance, the House Price Index is the second worst performer over the past
12 months when compared to other regions.
Canterbury Region Median Price
Past 5 Years
600,000
550,000
500,000
450,000
400,000
Source: REINZ
S ou r c e : RE I NZ Canterbury Median Price 12 month MA
Canterbury Region Sales Volumes
Past 5 Years
1,600
1,400
1,200
1,000
800
600
400
200
Source: REINZ Canterbury Volumes 12 month MA
55 | REINZ Monthly Property Report
March 2021
Canterbury Region Days To Sell
Past 5 Years
70
60
50
40
30
20
10
0
ou
r
NZ
I
c
Source: REINZ Canterbury DTS 12 month MA
: RE
S
e
Canterbury Region House Price Index
Past 5 Years
3,300
3,100
2,900
2,700
2,500
2,300
2,100
1,900
1,700
1,500
Source: REINZ Canterbury HPI
56 | REINZ Monthly Property Report
March 2021
Queenstown Lakes Dunedin City
“Queenstown-Lakes District ($1,185,000) reached a record “Dunedin City reached a record median house price in
median price in March. 27.3% of all properties in the Otago March of $650,000, up 21.5% year-on-year, from $535,000
region sold for $1 million or more in March 2021, up from 13.5% in March 2020. Vendor expectations are high as a result of
in March 2020, showing the ongoing increases experienced prices achieved over recent months; however, this is likely
in the region. Buyer enquiry started easing towards the to diminish as the new investor/housing regulations begin.
end of March after the government announcement. The Demand continues to outweigh supply, particularly as
Queenstown-Lakes District sales volume has remained listings slow towards the winter months, although this may
steady with 115 properties sold in March, up 76.9% from the improve as investor activity appears to be easing slightly. The
same time last year (65 properties sold).” fear of missing out is still a factor for a number of potential
purchasers, wanting to secure a property before any further
Gail Hudson changes or price increases. Activity is expected to remain
REINZ Regional Director strong over the coming months, provided there is enough
supply to service demand.”
OTAGO Liz Nidd
REINZ Regional Commentator
REGIONAL C OMMENT AR Y
Compared to March 2020 The current Days to Sell of 28 days
• Median Price up 30.8% is less than the 10-year average for
March which is 31 days. There were
• Sales Count down 1.3%
16 weeks of inventory in March 2021
• Days to Sell is the same
which is 4 weeks more than the same
Compared to February 2021 time last year.
• Median Price up 7.5%
• Seasonally adjusted median
price up 4.2%
• Sales Count down 23.1%
• Seasonally adjusted sales
count down 22.8%
• Days to Sell decreased 2 days
57 | REINZ Monthly Property Report
March 2021
OTAGO
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 Central Otago District 770,000 670,000 568,000 42 56 32
R Clutha District 400,000 350,000 247,700 24 26 30
R Dunedin City 650,000 621,000 535,000 125 214 196
R Queenstown-Lakes District 1,185,000 1,000,000 1,080,000 115 132 65
Waitaki District 435,000 440,000 355,000 61 49 49
Otago Region 700,000 651,000 535,000 367 477 372
Vs… Feb-21 Mar-20 Vs… Feb-21 Mar-20
Central Otago District 14.9% 35.6% -25.0% 31.3%
Clutha District 14.3% 61.5% -7.7% -20.0%
Dunedin City 4.7% 21.5% -41.6% -36.2%
Queenstown-Lakes District 18.5% 9.7% -12.9% 76.9%
Waitaki District -1.1% 22.5% 24.5% 24.5%
Otago Region 7.5% 30.8% -23.1% -1.3%
58 | REINZ Monthly Property Report
GRAPH COMMENTARY
The median price trend has increased strongly over a long period of time. The sales
volume trend has increased slowly over the past 12 months. The days to sell median
trend is steady to easing. The House Price Index is the worst performing index over the
past 1, 3 and 12 months.
Otago Region Median Price
Past 5 Years
700,000
650,000
600,000
550,000
500,000
450,000
400,000
350,000
300,000
250,000
Source: REINZ Otago Median Price 12 month MA
Otago Region Sales Volumes
Past 5 Years
600
500
400
300
200
100
0
Source: REINZ Otago Volumes 12 month MA
59 | REINZ Monthly Property Report
March 2021
Otago Region Days To Sell
Past 5 Years
60
50
40
30
20
10
0
Source: REINZ Otago DTS 12 month MA
Otago Region House Price Index
Past 5 Years
4,000
3,500
3,000
2,500
2,000
1,500
Source: REINZ Otago HPI
60 | REINZ Monthly Property Report
March 2021
“A record median house price of $415,000 was reached
in the Southland region in March 2021, up 12.2% from the
same time last year. The REINZ HPI for Southland increased
20.5% year-on-year to a record level of 4,124 in March
2021, showing the ongoing increase in the underlying value
of property in the region. Sales volumes increased 21.2%
annually from 179 in March 2020 to 217 in March 2021,
showing the ongoing popularity of the Southland region.
Purchasers are acting quickly when they find a property they
want to secure, as days to sell are down - 6 days year-on-
year to a median of 21 days, the lowest for a March month
since 2007 (14 years). Activity is expected to remain steady
in the Southland region over the coming months, although
investor interest may ease slightly with the reintroduction of
LVRs and the new bright line and tax deductibility changes
announced in late March.”
Wendy Alexander
REINZ ACTING CEO
SOUTHLAND
REGIONAL C OMMENT AR Y
Compared to March 2020 The current Days to Sell of 21 days is
• Median Price up 12.2% much less than the 10-year average
• Sales Count up 21.2% for March which is 32 days. There
were 9 weeks of inventory in March
• Days to Sell decreased 6 days
2021 which is 8 weeks less than the
Compared to February 2021
same time last year.
• Median Price up 6.4%
• Seasonally adjusted median
price up 3.9%
• Sales Count up 17.9%
• Seasonally adjusted sales
count down 3.6%
• Days to Sell decreased 2 days
61 | REINZ Monthly Property Report
March 2021
SOUTHLAND
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
Gore District 336,000 379,000 369,000 25 24 23
Invercargill City 430,000 388,200 360,000 141 120 124
R Southland District 400,500 396,000 415,000 51 40 32
Southland Region 415,000 390,000 370,000 217 184 179
Vs… Feb-21 Mar-20 Vs… Feb-21 Mar-20
Gore District -11.3% -8.9% 4.2% 8.7%
Invercargill City 10.8% 19.4% 17.5% 13.7%
Southland District 1.1% -3.5% 27.5% 59.4%
Southland Region 6.4% 12.2% 17.9% 21.2%
62 | REINZ Monthly Property Report
GRAPH COMMENTARY
The median price trend has been increasing for many years, with sales volume bouncing
back strongly over the past 12 months. The days to sell median trend has been steady to
easing over the past 6 months. The House Price Index for Southland has had the third
worst return over the past 3 and 12 months.
Southland Region Median Price
Past 5 Years
450,000
400,000
350,000
300,000
250,000
200,000
150,000
Source: REINZ Southland Median Price 12 month MA
Southland Region Sales Volumes
Past 5 Years
250
200
150
100
50
0
Source: REINZ Southland Volumes 12 month MA
63 | REINZ Monthly Property Report
March 2021
Southland Region Days To Sell
Past 5 Years
60
50
40
30
20
10
0
Source: REINZ Southland DTS 12 month MA
Southland Region House Price Index
Past 5 Years
4,500
4,000
3,500
3,000
2,500
2,000
1,500
Source: REINZ Southland HPI
64 | REINZ Monthly Property Report
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