Figures Released by Statistics New Zealand Mislead

Real Estate Figures Released by Statistics New Zealand Misleading

The Real Estate Institute of New Zealand (REINZ) has disputed figures produced by Statistics New Zealand regarding real estate office numbers. According to information released recently by Statistics New Zealand, 7,605 businesses were mainly engaged as real estate agents as at February 2003, an increase of 11.5 per cent when compared with February 2002. However the REINZ argues that 1,898 businesses were engaged in real estate in February 2003, making the increase only 0.3 per cent.

REINZ National President Mr Graeme Woodley said today Statistics New Zealand had based its figures on the numbers of people registered for Goods and Services Tax (GST) and had incorrectly concluded all of them were real estate businesses.

“Most salespeople are registered for GST, but that doesn’t make them into a business”, he said. The release headed ‘Large Increase in Real Estate Agencies’ distributed by Statistics New Zealand on 20 November also claimed that approximately 15,000 full-time equivalent persons were engaged in real estate businesses throughout the country, despite the REINZ figures which show that 13,655 people were engaged as real estate salespersons in February 2003, up from the 12,478 figure accorded in February 2002.

Information released in February by the REINZ has not changed considerably from October’s figures, which state that 1,927 businesses were engaged as real estate agents as at October 2003, up from the 1,876 businesses as at October 2002. A total of 14,406 salespersons were occupied in full-time positions in real estate businesses in October 2003, an increase when compared to the 12,046 salespersons employed in full time positions in October 2002.

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