22 Market Activity Market activity surged in late February and early March before falling in the weeks leading up to Easter. The ANZAC long weekend then followed just a week later meaning that there was two weeks of low activity. Activity in the weeks since has continued to be much lower than earlier in the year. While a seasonal slowdown is normal, Auckland is well down on last year, while Hamilton has been hit even harder. Sales volumes will therefore be much weaker in those areas. Wellington and Dunedin are up year on year, but a long way below the level seen in February and March. Market Activity Index Latest 3 Weeks Year-on-Year Percentage change Auckland -11% Hamilton City -21% Tauranga City -2% Wellington Region +8% Christchurch City -7% Dunedin City +3% 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.