I love a complex spreadsheet. I love the hidden data trends waiting to be discovered and the insights they can deliver with the benefit of advanced analysis. But I’m fully aware that not everyone shares this fascination.
This is exactly why we also love delivering our insights in new ways. Our fancy geospatial team calls it “data visualisation” and if you're at all interested in NZ’s property market, it’s makes it very, very easy to become obsessed.
Our latest ‘Mapping the Market’ report is one such tool, which uses location analytics and geospatial expertise to give an incredible visual overview of the NZ property market, comparing median property values across a five-year snapshot between February 2014 - 2019.
Spoiler alert: you’ll see a lot of value shifts.
The tool is fascinating to use, because you can so easily see how the value of property varies across cities and NZ, and how values have moved so hugely over time. It’s ideal if you prefer to learn visually: the changing dynamics of NZ’s property market moves right in front of your eyes, using the power of GIS technology (and millions of data-points in the background).
Colour-blocking shows median values of one area relative to their surrounds. Anything dark purple means the suburb median is above $1.2 million, while the pale orange sections show where you can still buy property for under $450,000, so it’s very easy to see which local suburbs sit within a particular budget. Don’t expect to see any light orange areas in Auckland though.
Auckland’s moving picture is staggering. At the end of February 2014, just 13.8% of suburbs had a median property value of at least $1m. Now that figure has risen to 48.0% and there are no longer any suburbs in our largest city with a median property value below $500,000. The lowest is $532,200 in Auckland Central. Five years ago, 20.4% of all Auckland suburbs were below that $500k threshold.
The Capital’s visualisation shows that at the end of February 2014, 67.0% of Wellington suburbs had a median property value below $500,000, whereas now just 14.9% do but the real show-stopper is Dunedin: In February 2014, 61.7% of Dunedin suburbs had a median value below $300,000. In February 2019, just one remained (1.7%): South Dunedin. At the end of February 2014, four suburbs had a median property value greater than $400,000 (but none above $500,000). That figure has increased tenfold: 40 suburbs now exceed $400,000, and 14 exceed $500,000.
Intrigued? Jump on the tool here to see the trends emerging before your very eyes. We also share some key insights for each major city. Sorry for that lost chunk of time you’re about to experience. You’re welcome.