CoreLogic has today released the ‘Mapping the Market' report, a new interactive map of New Zealand's property landscape which could ease pressure on people struggling to locate homes within their actual budget.
Using location analytics, CoreLogic NZ's ‘Mapping the Market' report delivers crucial real estate intelligence, with readers able to zero in on any city, click on a suburb and instantly see the current median property value for that suburb. The smart map also gives buyers a clear visual indication on which suburbs are within their budget by displaying values relative to their surrounds.
CoreLogic Head of Research, Nick Goodall says the map would help buyers, sellers and industry players to make more informed property purchases at a glance: "We analysed five year trends in median property values across NZ, comparing median property values at the end of May 2018 to May 2013. The beauty of this app is that you can quickly appreciate key data trends and highlights for each suburb, region and city - drilling right down to a suburb of interest. Key commentary is included too”.
"It gives people an instant snapshot of the nation's property values and shows how values have trended over the past five years,” Goodall explains.
"If we look at Tauranga, the report shows that in 2013, around 90 percent of suburbs had a median property value of under $500,000, but by the end of 2018, only 21 per cent of suburbs had a median value under $500,000, which shows the big surge in property values in that five-year period, most of which occurred between the start of 2015 and the end of 2016”
"The map uses a simple colour legend to indicate property value. Anything dark purple means the suburb median is above $1.2 million, while the light orange sections show where you can still buy property under $450,000” Mr Goodall said.
Auckland's inner-city zones (excluding apartment heavy ones) are virtually all dark purple. Yet Christchurch's inner-city appears mostly orange, indicating you can still get bargains in suburbs like Phillipstown (although as-is where-is sales must be taken into account here).
The data showcased in the app represents the majority of the New Zealand residential property market, not just the main centres. Matt Lythe, Head of Geospatial Solutions for CoreLogic notes that GIS technology supports the discovery property trends through the power of visual context:
"At a glance, users can gain an understanding of the median property values relative to the suburb's distance from the CBD, allowing them to make more informed decisions when buying or selling. Being able to visualise data creates context, and that's what our latest ‘Mapping the Market' Report is all about”.
Lythe goes on to say that the technology behind the map harnesses millions of data points to produce a map that is user-friendly and informative.
Use the CoreLogic ‘Mapping the Market' Report app here.