Source: MIL-OSI Submissions
CoreLogic NZ’s latest ‘Mapping the Market’ (September 2020) report released today delivers location analytics and geospatial expertise.
Download at: www.corelogic.co.nz/mapping-market
According to CoreLogic Economist, Kelvin Davidson, “The constantly changing dynamics of the NZ property market mean that many would-be homeowners often find it challenging to understand which suburbs match their budgets. That’s especially true in this new COVID world”.
This updated visualisation tool, however, uses a geographic information system (GIS) – and millions of data-points in the background – to deliver an easy to interpret explanation of the current property market. By clicking on any particular NZ suburb readers can instantly see its current median property value, values a year ago, and the % and $ change over that period.
· The latest refresh of the data confirms the rebound in Auckland’s property market over a 12-month horizon, with suburbs like Dannemora, Sunnyhills, and Kingsland all showing solid increases in median property values.
· Most suburbs around the other main centres have also seen median values increase, although Hamilton and Dunedin don’t yet have any $1m+ suburbs.
· However, we all know that the world has changed since March and suburb-level data will become even more interesting as the months tick by. There are already signs that pricier suburbs in Auckland (especially central city and North Shore) have started to underperform since lockdown, although most parts of the other main centres have seen values either hold flat or even continue to rise gently in the past few months.
· A tight supply/demand balance and low mortgage rates have been key factors behind the general resilience of property values to date.
The map is colour-blocked and, as Davidson notes, “At a glance, it’s very easy to see which local suburbs sit within a particular budget and which have changed the most or least”. In addition to the visual demonstration, the smart map also provides key market commentary from the CoreLogic research team, with data highlights and trends provided for each major city. However – users can easily focus in on any part of the country they want.