Presentation at the debate on the NZ Housing Market held at the University of Auckland - 13th August 2009

1. The Housing market Conundrum University of Auckland Thursday 13 th August 2009

2. Disclosure of interest Industry owned – 93% of all licensed real estate offices subscribe

4. Boom or Bust – everyone has an opinion

5. Access to accurate, timely and comprehensive data is critical

6. The web has opened up a richer source of data on the dynamics of the market for property

7. Turnover Value Pace Asking price Better informed decisions based on richer information Demand Supply Sales Price Property sales Valuations Days on the market Inventory Weeks of sale New listings Website traffic Lead generation

8. New monthly report

9. Asking price – truncated mean

10. Current data lags the market by up to 4 months

11. Property is a local business – small markets can distort data

12. Principles of real estate

13. Analysis of new indicators of the market Turnover Value Pace Demand Supply Sales Price Property sales Valuations Days on the market Inventory Weeks of sale New listings Asking price Website traffic Lead generation

14. Property sales – all time low

15. Putting sales into perspective

16. Supply – inventory building

17. Supply – true inventory more balanced

18. Demand – web traffic as a surrogate of consumer confidence

19. Demand - Lead generation showing strong interest and enquiry

20. Buyers now feel in control

21. Property Prices - stability

22. Property Prices – 20 months post peak

23. Property Prices - no inflated expectations in asking price

24. Property Prices – Comparison to UK

25. Fundamentals in NZ are vastly different -3.4% -20.6%

26. Factors that drove the UK / US property markets were unique

27. 2.1 million 4.0 million 3.5 million 2004 2007 2009 NZ property market is not the US Vacant homes in US

28. Property Prices - future path of property prices – UK 80’s / 90’s