As per my last article that I wrote on New Zealand Market Trends I thought it was fulling to do one for New Plymouth. Now our market here is quite different to the rest of New Zealand as you will see. We really lagged behind the rest of the country when it come to price going up. Our average sale price was still steady while the rest of New Zealand was increasing. But 2 years into the increases New Plymouth experienced the boom, and it was in catch up mode to the rest of New Zealand. Our prices accelerated at a very quick rate.
Here is the market trend calculated monthly over the last year.
As you can see its fairly steady but starting to fall away over the last few months.
The average calculated monthly over the last five years captures the boom period. But this is over now and long gone and you can see the cooling off period clearly with the start of a downturn period.
The long term stats in the third graph here shows the long term average in New Plymouth calculated monthly from 1992 (that’s 16 years). You can clearly here see the long term trend and the long time it took for the prices to jump in New Plymouth.
In this view you can also see clearly the peak and then the start of a downturn (if it happens). It will be interesting to see what happens in the Next 12 months.