Property Dashboard - Taranaki
The property market in the Taranaki region continues to be a challenging market. The indicators of the market continue to be in opposing quadrants as neither buyers nor sellers can really claim ascendancy.
The key feature of the market is the continuing weakness in the pace of sales with the clearance rate in September slipping agin from 13.3% in August to 12.7%. The clearance rate has remained stubbornly in the red zone for over 6 months now. As a consequence the levels of inventory of properties for sale continues at a high level with 34.1 weeks of equivalent stock of houses for sale up from the August level 32.6 weeks. This does provide ample choice for buyers a much improved situation than a year ago.
The trend in annual price growth remains strong with an annual rate of 6.5% in September significantly higher than a year ago when price was rising at a rate of just 2.7%.
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.