22 Market Activity Market activity continues to trend downwards, especially in Auckland where volumes are 32% below the same time last year. This suggests sales volumes, which are already very subdued, will continue to be weak for the rest of Winter at least. It’s not just Auckland either. Hamilton is down 28%, although it looks to have bottomed out now, as does Tauranga. Wellington is now showing a very real and consistent decline – down 17% year-on-year. Dunedin is the only main centre that looks to be going through a typical Winter cycle with volumes similar to the same time last year. Market Activity Index Latest 3 Weeks Year-on-Year Percentage change Auckland -31% Hamilton City -28% Tauranga City -10% Wellington Region -17% Christchurch City -26% Dunedin City -1% This market activity is based on the number of automated valuations run by bank staff using our systems each week. This number of valuations correlates very closely to the number of sales that will subsequently occur so this is an extremely timely measure of buyer demand, more than any measure of sales. We can also track across any geographic area.