1. JUNE 2015 REAL ESTATE AGENTS AUTHORITY ANNUAL PERCEPTIONS RESEARCH

2. Copyright ©2012 The Nielsen Company. Confidential and proprietary. 2 3 RESEARCH OBJECTIVES NOTES TO THE REPORT PERCEPTIONS OF THE REAL ESTATE INDUSTRY AMONG NEW ZEALANDERS CONTENTS PAGE APPENDIX: KEY INDICATORS KEY RESULTS FOR THE ANNUAL REPORT 4 5 33 PERCEPTIONS OF THE REAL ESTATE TRANSACTION PROCESS AND RATINGS OF REAL ESTATE AGENTS AMONG THOSE WHO HAVE HAD A REAL ESTATE TRANSACTION IN THE LAST 12 MONTHS 20

3. Copyright ©2014 The Nielsen Company. Confidential and proprietary. 3 RESEARCH OBJECTIVES In order to get an understanding of perceptions of the real estate industry among the general public, four questions were added to Nielsen’s Online Omnibus. This survey asked questions about confidence in the real estate industry, awareness of REAA, the perceived impact that the REAA has on consumer protection and knowledge of people’s rights and obligations in real estate transactions. Note: The Nielsen Omnibus runs fortnightly and surveys 700 people from the New Zealand population. The sample is structured so that it is representative of the New Zealand population by age, gender and region. The final sample is then weighted to account for any minor imbalances the sampling matrix was unable to account for. A separate stand-alone survey was conducted online among those who had bought, sold, put an offer or received an offer on a property in the last 12 months. The survey asked specific questions about the process and materials available to consumers, perceptions of their real estate agent, awareness of, and interactions with REAA. Loose regional quotas were used to ensure a range of geographic areas were covered. Quotas were not set for age or gender as there are natural skews given the type of people being surveyed. Fieldwork for both surveys took place between 28 May and 3 June 2015. TO UNDERSTAND CONSUMER PERCEPTIONS OF THE REAL ESTATE INDUSTRY AMONG ALL NEW ZEALANDERS TO UNDERSTAND THE PERCEPTIONS OF REAL ESTATE AGENTS AND THE TRANSACTION PROCESS AMONG THOSE WHO HAVE HAD A REAL ESTATE TRANSACTION WITHIN THE LAST YEAR

4. Copyright ©2014 The Nielsen Company. Confidential and proprietary. 4 NOTES TO THE REPORT All differences mentioned in this report are statistically significant at a 95% confidence interval. This means that the difference is a true difference statistically and not due to random variation. When subgroup differences are mentioned in the text boxes, the results outlined are always in comparison to the total result of all those who answered the question unless stated otherwise. For example, in slide 6 it says that those aged over 55 years (83%) are more likely to be aware of the REAA. This means that 83% of those aged over 55 are aware of the REAA, which is significantly different from the total population in which 71% are aware of the REAA. ‘Don’t know’ responses have been included in the main report as it is a valid response and we need to see these changes over time. However, key indicators shown in annual reporting exclude ‘don’t knows’ and are included in the Appendix.

5. PERCEPTIONS OF THE REAL ESTATE INDUSTRY AMONG NEW ZEALANDERS Results from the Nielsen Online Omnibus reflective of the New Zealand population

6. Copyright ©2014 The Nielsen Company. Confidential and proprietary. 6 OVERVIEW Similarly to the previous measures, 7 in 10 have at least heard of the Real Estate Agents Authority. Awareness continues to be higher amongst older New Zealanders and lower among younger New Zealanders aged 15 to 24. Levels of awareness is similar across the country. However, those living in Auckland are more likely to know a reasonable amount about what the REAA does. Two thirds of New Zealanders are confident that the Real Estate Industry is professional (65% rating it 3, 4 or 5 out of 5 with 5 being a lot of confidence). Just over half (55%) believe it is well-regulated, and well-monitored (54%). Some 51% feel that the industry is fair. Compared to previous measures there is less confidence in the industry in terms of being professional and fair. Half (50%) of New Zealanders have at least some knowledge of their rights and obligations with respect to real estate transactions, a slight drop from previous measures. Those who know more about the REAA and what they do continue to be more likely to say they have more knowledge of their rights and obligations.

7. Copyright ©2012 The Nielsen Company. Confidential and proprietary. 7 Q2. Do you know what the Real Estate Agents Authority (REAA) does? Base: All respondents AWARENESS OF REAA AMONG NEW ZEALANDERS SEVEN IN TEN (71%) NEW ZEALANDERS have heard of the REAA, a result which has remained stable since 2012. TOTAL AWARENESS OVER TIME 2015: 71% 2014: 70% 2013: 70% 2012: 70%

8. Copyright ©2012 The Nielsen Company. Confidential and proprietary. 8 Q2. Do you know what the Real Estate Agents Authority (REAA) does? Base: All respondents WHO IS MORE OR LESS AWARE OF REAA? WHO ARE MORE LIKELY TO BE AWARE OF THE REAA (compared to the total result of 71%)? Those with a personal income of $40,000 to $59,999 (80%), $60,000 to $79,999 (87%) or $80,000 or more (83%) Those who are aged 55 years and older (83%) Those who are working full time (81%) Those who are older with no children living at home (80%) WHO ARE LESS LIKELY TO BE AWARE OF THE REAA (compared to the total result of 71%)? Those with a household income of $19,999 or less (49%) Those who are not a main household shopper (55%) Those who are currently not working (64%) Those who are aged 15 to 24 (67%) Females (67%) SUBGROUP DIFFERENCES TOTAL 71% TOTAL 71% While those living in Auckland are no more aware of the REAA at a total level, they are more familiar with 16% stating that they know a reasonable amount about what the REAA does (cf. 11%). Significantly higher / lower than total result

9. Copyright ©2014 The Nielsen Company. Confidential and proprietary. 9 Q1. To what extent do you have confidence that the Real Estate Industry in NZ is … CONFIDENCE IN THE REAL ESTATE INDUSTRY Two thirds of New Zealanders are confident that the Real Estate Industry is professional (65% rating it 3, 4 or 5 out of 5 with 5 being a lot of confidence). Just over half (55%) believe it is well- regulated, and well-monitored (54%). Some 51% feel that the industry is fair. As seen in the previous measures, New Zealanders confidence with the Real Estate Industry being professional continues to be highest amongst all attributes. However, there has been a significant decrease in this attribute compared to 12 months ago and confidence in the professionalism of the industry is at the lowest level to date. Confidence in the industry being well regulated has also decreased significantly and returned to levels seen in 2012. Perceptions of the industry being fair is showing a downward trend over time. Base: All respondents % RATED 3, 4 OR 5 WITH 5 BEING A LOT OF CONFIDENCE PROFESSIONALWELL REGULATED WELL MONITOREDFAIR 2015 (n=700) 2014 (n=701) 2013 (n=702) 2012 (n=700) Significant decrease from 2013 to 2015 Significantly higher / lower than previous wave

10. Copyright ©2014 The Nielsen Company. Confidential and proprietary. 10 Q1. To what extent do you have confidence that the Real Estate Industry in NZ is … WHO HAS MORE OR LESS CONFIDENCE IN THE REAL ESTATE INDUSTRY? Base: All respondents 2015 (n=700) 65% 55% 51% 54% PROFESSIONAL Those who know a little about what REAA does (75%) are significantly more confident that the real estate industry is professional, while households with children aged 5 to 15 years old (56%) or households with an income of less than $19,999 (41%) are less likely to say they are confident. WELL MONITORED Those who know a little about what the REAA does are more likely to be confident that the Real Estate Industry is well monitored (65% cf. 54%). While those with a household income of less than $19,999 or less (33%) are significantly less likely to be confident. FAIR Older couples with no children living at home (58%) or those who work full time (56%) are significantly more likely to say they are confident the Real Estate Industry is fair (cf. total 51%). While those with a personal income of $19,999 or less (42%) are significantly less likely to be confident. WELL REGULATED Those with personal income of $19,999 or less (47%) or those who are unemployed are significantly less likely to say they are confident (50% cf. total 55%).

11. Copyright ©2012 The Nielsen Company. Confidential and proprietary. 11 TOTAL 51% TOTAL 54% TOTAL 55% TOTAL 65% Base: All respondents 2015 (Total n=700, 15 to 24 n=142, 25 to 39 n=176, 40 to 54 n=189, 55+ n=193) PROFESSIONAL FAIR WELL REGULATED WELL MONITORED CONFIDENCE IN THE INDUSTRY BY AGE Confidence in the industry among those aged 55 years or over are significantly higher across all aspects. Those aged 25 to 39 are significantly less confident than they have been in the past. Q1. To what extent do you have confidence that the Real Estate Industry in NZ is … % rated 3, 4 or 5 with 5 being a lot of confidence Significantly lower than previous wave Significantly higher than total result

12. Copyright ©2012 The Nielsen Company. Confidential and proprietary. 12 TOTAL 51% TOTAL 54% TOTAL 55% TOTAL 65% Base: All respondents 2015 (Total n=700, Auckland n=251, North n=143, Central n=149, South n=157) CONFIDENCE IN THE INDUSTRY BY REGION Levels of confidence in the industry are consistent across all regions. Q1. To what extent do you have confidence that the Real Estate Industry in NZ is … % rated 3, 4 or 5 with 5 being a lot of confidence PROFESSIONAL FAIR WELL REGULATED WELL MONITORED

13. Copyright ©2012 The Nielsen Company. Confidential and proprietary. 13 TOTAL 51% TOTAL 54% TOTAL 55% TOTAL 65% Q1. To what extent do you have confidence that the Real Estate Industry in NZ is … % rated 3, 4 or 5 with 5 being a lot of confidence * Warning small base size Base: All respondents 2015 (Total n=700, know a reasonable amount n=75*, know a little n=195, heard of but know nothing about n=219, never heard of n=211) CONFIDENCE IN THE INDUSTRY BY AWARENESS OF REAA Those who know a little about what REAA does are more likely to have higher confidence in the industry, while those who are not aware of the REAA continue to have lower levels of confidence. Those who have never heard of the REAA are driving the overall decreases in confidence. PROFESSIONAL FAIR WELL REGULATED WELL MONITORED Significantly lower than previous wave Significantly higher / lower than total result

14. Copyright ©2012 The Nielsen Company. Confidential and proprietary. 14 Almost three quarters (74%) of those who know at least a little about what the REAA does say that REAA makes at least some difference to their consumer protection when buying or selling property. This proportion has remained consistent after a slight drop in 2014 (75%, from 80% in 2013). * Warning small base size ** Warning VERY small base size Base: All respondents who know what the Real Estate Agents Authority (REAA) does DO NEW ZEALANDERS THINK THE REAA MAKES A DIFFERENCE TO CONSUMER’S PROTECTION WHEN BUYING OR SELLING PROPERTY? Q3. What difference do you think the Real Estate Agents Authority makes to your consumer protection when buying or selling a property? 74% 81% 75% 74%

15. Copyright ©2012 The Nielsen Company. Confidential and proprietary. 15 TOTAL 74% TOTAL 74% * Warning small base size ** Warning VERY small base size Base: All respondents who know what the Real Estate Agents Authority (REAA) does PERCEPTIONS OF THE REAA’S INFLUENCE ON CONSUMER’S PROTECTION BY AGE AND REGION Q3. What difference do you think the Real Estate Agents Authority makes to your consumer protection when buying or selling a property? % rated 3, 4 or 5 with 5 being a lot of difference SUBGROUP DIFFERENCES

16. Copyright ©2012 The Nielsen Company. Confidential and proprietary. 16 DO NEW ZEALANDERS KNOW THEIR RIGHTS AND OBLIGATIONS IN REAL ESTATE TRANSACTIONS? Knowledge of their rights and obligations with respect to real estate transactions has decreased slightly (though this decrease is not significant). Q4. Do you consider you have enough knowledge of your rights and obligations with respect to real estate transactions? Base: All respondents 55% 54% 56% 50%

17. Copyright ©2012 The Nielsen Company. Confidential and proprietary. 17 WHO ARE MORE OR LESS LIKELY TO KNOW THEIR RIGHTS AND OBLIGATIONS? Q4. Do you consider you have enough knowledge of your rights and obligations with respect to real estate transactions? Base: All respondents WHO ARE MORE LIKELY TO KNOW THEIR RIGHTS AND OBLIGATIONS IN REAL ESTATE TRANSACTIONS? (compared to the total result who rated their knowledge 3, 4 or 5, 50%) Those who: Know a reasonable amount about what the REAA does (77%) or know a little (73%) Have personal income of $80,000 or over (70%) Are aged 55 or over (68%) Have a household income of $60,000 to $79,999 (62%) Are an older couple with no children living in the household (62%) Are male (55%) SUBGROUP DIFFERENCES WHO ARE LESS LIKELY TO KNOW THEIR RIGHTS AND OBLIGATIONS IN REAL ESTATE TRANSACTIONS? (compared to the total result who rated their knowledge 3, 4 or 5, 50%) Those who: Have never heard of the REAA (20%) Aged 15 to 24 (34%) Have personal income of $19,999 or less (37%) Are couple with children aged 5 to 15 years old (42%) or couple with children aged 16 years or over living at home (40%) TOTAL 50% TOTAL 50% % rated 3, 4 or 5 out of 5 with 5 being a lot of knowledge

18. Copyright ©2012 The Nielsen Company. Confidential and proprietary. 18 TOTAL 50% DOES KNOWLEDGE OF RIGHTS VARY BY KNOWLEDGE OF REAA? The majority of those who know a little bit or a reasonable amount about the REAA continue to be more likely to feel they have at least some knowledge of their rights and obligations with respect to real estate transactions. Among those who have never heard of the REAA, knowledge has decreased significantly. Q4. Do you consider you have enough knowledge of your rights and obligations with respect to real estate transactions? Q2. Do you know what the Real Estate Agents Authority (REAA) does? Base: All respondents 2015 (Total n=700, know a reasonable amount n=75*, know a little n=195, heard of but know nothing about n=219, never heard of n=211) TOTAL KNOW A REASON ABLE AMOUNT KNOW A LITTLE HAVE HEARD OF THEM BUT KNOW ALMOST NOTHING NEVER HEARD 1 - No knowledge at all 20%10%5%17%41% 2 22%11%20%28%22% 3 - Some knowledge 39%36%56%44%18% 4 9%29%15%4%1% 5 - A lot of knowledge 2%12%2%1%0% Don't know 7%1%2%6%16% % rated 3, 4 or 5 out of 5 with 5 being a lot of knowledge Significantly lower than previous wave Significantly higher / lower than total result

19. Copyright ©2014 The Nielsen Company. Confidential and proprietary. 19 Q4. Do you consider you have enough knowledge of your rights and obligations with respect to real estate transactions? Q2. Do you know what the Real Estate Agents Authority (REAA) does? % Rated Knowledge of Real Estate Transactions Rights and Obligations (rated 3, 4 or 5 out of 5 with 5 being a lot of knowledge) AND HOW DOES THIS COMPARE OVER TIME? Base: All respondents Total Yes, I know a reasonable amount about what they do I know a little about what they do I have heard of them but know almost nothing about what they do I have never heard of them * Warning small base size Significantly lower than previous wave

20. PERCEPTIONS OF THE REAL ESTATE TRANSACTION PROCESS AND RATINGS OF REAL ESTATE AGENTS Results from the stand alone survey asked only of those who have had a real estate transaction in the last year

21. Copyright ©2014 The Nielsen Company. Confidential and proprietary. 21 OVERVIEW A good spread of the various real estate transactions was achieved in this survey with 43% who bought a property, 37% who put an offer on a property but didn’t end up buying it, 28% who sold a property, and 16% who received an offer but didn’t end up selling it in the last 12 months. Among those who sold a property, two thirds (64%) recall receiving the New Zealand Residential Property Agency Agreement guide prior to agreeing a contract. This is slightly lower than the 2014 result which was a significant decrease from 2013. The majority (74%) however, still found this guide to be at least somewhat useful. Around two thirds (65%) of those who should have received the New Zealand Property Sale and Purchase Agreement Guide prior to making or accepting an offer recall receiving a copy. Nine in ten (90%) found the guide at least somewhat useful. The majority (89%) continue to feel at least somewhat empowered and able to participate effectively in their real estate transaction. Those who received an offer on their property but didn’t end up selling it are more likely to say that they do not feel at all empowered. Overall ratings of the real estate agent are still quite positive with at least eight in ten rating their real estate agent at least good across a wide range of attributes. Eight in ten (83%) of those who have had a real estate transaction in the last 12 months have at least heard of the Real Estate Agents Authority. Awareness is significantly higher than levels seen among all New Zealanders (71%), in addition they are more familiar with what the REAA does. Among those who are aware of the REAA and had a real estate transaction in the last 12 months, a third (33%) have had an interaction with the REAA (16% visited the website, 14% received guidance from staff via the phone, 9% received guidance via email). These interactions are all rated highly with at least 92% finding the information and/or guidance they received useful.

22. Copyright ©2014 The Nielsen Company. Confidential and proprietary. 22 Base: All respondents WHAT TRANSACTIONS HAVE TAKEN PLACE IN THE LAST 12 MONTHS? Among those surveyed, the most common transaction that has taken place in the last 12 months continues to be the purchase of property. After a significant drop in 2014, the proportion who have sold a property has remained stable, while the proportion who have put an offer in but didn’t end up buying it has increased since 2013 and is now at a similar level as the baseline measure conducted in 2012. Q1. Have you in the last year bought, sold, received or put an offer in on a residential property using a real estate agent? Those aged 40 to 54 (61%), working full time (51%) and females (50%) are more likely to have bought a property in the last 12 months (compared to the total result of 43%) Those who are aged 55 years and over are more likely to have sold a property in the last year (39% cf. 28%), as those who are retired (49%) Those aged 25 to 39 are more likely to have put an offer on a property but didn’t end up buying it (48% cf. 37%). Significantly lower than previous wave Significant increase from 2013 to 2015

23. Copyright ©2014 The Nielsen Company. Confidential and proprietary. 23 AWARENESS OF REAA AMONG THOSE WHO HAVE HAD A REAL ESTATE TRANSACTION IN THE LAST 12 MONTHS Q23. Do you know what the Real Estate Agents Authority (REAA) does? Base: Those who have had a real estate transaction in the last 12 months (n=200) OVER EIGHT IN TEN (83%) OF THOSE WHO HAVE HAD A REAL ESTATE TRANSACTION IN THE LAST 12 MONTHS ARE AWARE OF THE REAA This is significantly higher than the 71% of all New Zealanders who are aware of REAA. In addition, those who have had a transaction are significantly more likely to be familiar with what the REAA does. AWARENESS AMONG ALL NEW ZEALANDERS: 11% know a reasonable amount 28% know a little 31% have heard of them but know almost nothing 29% have never heard of them SEVEN IN TEN (71%) NEW ZEALANDERS HAVE HEARD OF THE REAA

24. Copyright ©2014 The Nielsen Company. Confidential and proprietary. 24 INTERACTIONS WITH THE REAA Base: Those who have had a real estate transaction in the last 12 months and who know that the REAA does (n=165) Q24. During the last year, have you done any of the following? Among those who are aware of the REAA, a third (33%) have had an interaction with them in the last year. The website is the most common form of interaction, followed by phone and then email. Ratings of all channels in terms of how useful each source was in finding the information or advice the consumer was looking for are high, particularly the ratings of those who sought guidance via email (though results are indicative only). Base: Those who have visited website or received guidance from the REAA Q25. Overall, how useful did you find each of the following in terms of getting the information and/or advice you were looking for? 16% VISITED THE WEBSITE (n=26**) 14% RECEIVED GUIDANCE FROM AN REAA STAFF MEMBER VIA PHONE (n=23**) 9% RECEIVED GUIDANCE FROM AN REAA STAFF MEMBER VIA EMAIL (n=15**) RATING THE USEFULNESS OF EACH INTERACTION

25. Copyright ©2012 The Nielsen Company. Confidential and proprietary. 25 DID THOSE WHO RECEIVED THE RESIDENTIAL PROPERTY AGENCY AGREEMENT GUIDE PRIOR TO AGREEING A CONTRACT FOR THE SALE OF THEIR PROPERTY FIND IT USEFUL? Two thirds (64%) of those who sold/put an offer on a property received a copy of the New Zealand Residential Property Agency Agreement Guide (this result is trending downwards since the high result achieved in 2013). Of those who said they received a copy, three quarters (74%) found it to be at least somewhat useful, a significant decrease from previous results. 64% RECEIVED A RESIDENTIAL PROPERTY AGENCY AGREEMENT GUIDE Q2. Prior to agreeing a contract with the real estate agent for the sale of your property did you receive a copy of the New Zealand Residential Property Agency Agreement Guide from your real estate agent? % who said yes Q3. Did you find the guide useful? 74% FOUND THE GUIDE USEFUL (rated 3, 4 or 5) 2012 (n=63*) 201 (n=86*) 2014 (n=64*) 2015 (n=54*) 78%81%89%74% Significantly higher / lower than previous wave Base: Those who have bought a property or put an offer on a property in the last 12 months * Warning small base size Base: Those who have recall receiving a copy of the New Zealand Residential Property Agency Agreement Guide

26. Copyright ©2012 The Nielsen Company. Confidential and proprietary. 26 DID THOSE WHO RECEIVED THE RESIDENTIAL PROPERTY SALE AND PURCHASE AGREEMENT GUIDE PRIOR TO MAKING OR ACCEPTING AN OFFER ON A PROPERTY FIND IT USEFUL? Just over two thirds (65%) recall receiving a copy of the New Zealand Residential Property Sale and Purchase Agreement Guide prior to making or accepting an offer on a property. Of those who recalled receiving it, the majority (90%) found it to be at least somewhat useful. 65% RECEIVED A RESIDENTIAL PROPERTY SALE AND PURCHASE AGREEMENT GUIDE * Warning small base size Q4. Prior to making, or accepting an offer on a residential property did you receive a copy of the New Zealand Residential Property Sale and Purchase Agreement Guide from your real estate agent? % who said yes 90% FOUND THE GUIDE USEFUL (rated 3, 4 or 5) 2012 (n=135) 2013 (n=156) 2014 (n=134) 2015 (n=129) 84%85%92%90% Q5. Did you find the guide useful? Base: All respondents who have had a real estate transaction in the last 12 months Base: Those who have recall receiving a copy of the New Zealand Residential Property Agency Agreement Guide Significantly higher / lower than previous wave

27. Copyright ©2014 The Nielsen Company. Confidential and proprietary. 27 Q1. Have you in the last year bought, sold, received or put an offer in on a residential property using a real estate agent? AND Q4. Prior to making, or accepting an offer on a residential property did you receive a copy of the New Zealand Residential Property Sale and Purchase Agreement Guide from your real estate agent? WHO RECEIVED A COPY OF THE RESIDENTIAL PROPERTY SALE AND PURCHASE AGREEMENT GUIDE PRIOR TO MAKING OR ACCEPTING AN OFFER ON A PROPERTY? Those who bought or sold a property are the most likely to recall receiving a copy of the Sale and Purchase Agreement Guide. While the proportion who recalled receiving a copy of the Guide decreased significantly in 2014 across all groups, these have now improved slightly (except for recall among those who bought a property) though remain lower than levels seen in 2013. Base: Those who have had a real estate transaction in the last 12 months % who recall receiving a copy of the Guide prior to making or accepting an offer on a property Significantly lower than previous wave

28. Copyright ©2014 The Nielsen Company. Confidential and proprietary. 28 HOW EMPOWERED DO PEOPLE FEEL? As seen in previous measures, the majority continue to feel at least somewhat empowered and able to participate effectively in their real estate transaction. The proportion indicating that they did not feel empowered was previously showing a downward trend which has rebounded slightly. Q6. Overall, did you consider yourself empowered and able to participate effectively in the real estate transaction? Base: Those who have had a real estate transaction in the last 12 months 88% FELT EMPOWERED AND ABLE TO PARTICIPATE EFFECTIVELY IN THEIR REAL ESTATE TRANSACTION (rated 3, 4 or 5) 2012 (n=200) 2013 (n=200) 2014 (n=218) 2015 (n=200) % who feel empowered (rated 3, 4 or 5) 86%92%90%88% % who don’t feel empowered (rated 1 or 2) 13%8%7%10% Significant decrease from 2012 to 2014 Those living in the top half of the North Island (excluding Auckland) are more likely to feel very empowered (30% cf. 20% rating 5), as are those who know a reasonable amount about what the REAA does (31%). Those who received an offer on their property but didn’t end up selling it are more likely to not feel empowered at all (13% cf. 3% rating 1).

29. Copyright ©2014 The Nielsen Company. Confidential and proprietary. 29 Q1. Have you in the last year bought, sold, received or put an offer in on a residential property using a real estate agent? AND Q6. Overall, did you consider yourself empowered and able to participate effectively in the real estate transaction? Base: Those who have had a real estate transaction in the last 12 months DOES EMPOWERMENT VARY BY TRANSACTION? Those who received an offer for a property but didn’t end up selling are most likely to not feel empowered and able to participate effectively in the real estate transaction. * Warning small base size ** Warning VERY small base size 90% 81% 96% 87% 2012 91% 92% 93% 95% 2013 85% 93% 74% 91% 2015 95% 88% 79% 94% 2014 Significantly lower than previous wave % who feel empowered (rated 3, 4 or 5) Base sizes vary

30. Copyright ©2014 The Nielsen Company. Confidential and proprietary. 30 WHAT DO PEOPLE THINK OF THEIR REAL ESTATE AGENT? Overall ratings of real estate agents continue to be positive with at least eight in ten rating them excellent, very good or good on all of the attributes. In the current measure, ‘being knowledgeable about the market’ is the highest rated attribute. Base: Those who have had a real estate transaction in the last 12 months (n=200) Q7. Thinking about when you bought, sold, received or put an offer in on a residential property, how would you rate your real estate agent in terms of… % who rated excellent, or very good or good 85% 79% 83% 80% 79% 20122013 85% 84% 85% 87% 86% 85% 2015 88% 85% 84% 85% Significantly higher than previous wave 2014 83% 79% 81% 79% 80% 81% n=200 n=218

31. Copyright ©2014 The Nielsen Company. Confidential and proprietary. 31 DOES THE RATING OF REAL ESTATE AGENTS VARY BY TRANSACTION TYPE? Those who bought a property are more likely to rate their real estate agent positively in terms of being knowledgeable about the relevant legal requirements and acting ethically, honestly and openly. * Warning small base size ** Warning VERY small base size Q7. Thinking about when you bought, sold, received or put an offer in on a residential property, how would you rate your real estate agent in terms of… Q1. Have you in the last year bought, sold, received or put an offer in on a residential property using a real estate agent? TOTAL (n=200) BOUGHT A PROPERTY (n=85*) SOLD A PROPERTY (n=55*) PUT AN OFFER ON A PROPERTY BUT DIDN'T END UP BUYING IT (n=73*) RECEIVED AN OFFER FOR A PROPERTY BUT DIDN'T END UP SELLING IT (n=31**) BEING KNOWLEDGEABLE ABOUT THE MARKET 88 91938681 PROVIDING ME WITH ALL THE INFORMATION I NEEDED 85 88898477 CLEARLY EXPLAINING THE PROCESS 85 89 8174 BEING PROFESSIONAL 84 88918665 BEING KNOWLEDGEABLE ABOUT THE RELEVANT LEGAL REQUIREMENTS 84 93898168 ACTING ETHICALLY, HONESTLY AND OPENLY 84 91878474 Base: Those who have had a real estate transaction in the last 12 months % Rated Real Estate Agent Good, Very Good or Excellent Significantly higher / lower than the total result Significantly higher than previous wave

32. Copyright ©2014 The Nielsen Company. Confidential and proprietary. 32 Q22. How often do you use the following social media channels? USE OF SOCIAL MEDIA CHANNELS Over eight in ten people who have had a real estate transaction in the past year use YouTube (84%) or Facebook (84%) at least some of the time, while 37% use LinkedIn and 30% use Twitter. Looking specifically at the social media channel used weekly or more often, Facebook is used significantly more (75%). Base: Those who have had a real estate transaction in the last 12 months (n=200) % ONCE A WEEK OR MORE OFTEN (Daily, Several times a week, Once a week) % SEVERAL TIMES A MONTH OR MORE OFTEN (Daily, Several times a week, Once a week, Several times a month) % AT LEAST SOME OF THE TIME (Daily, Several times a week, Once a week, Several times a month, Once a month, Less often than once a month)

33. APPENDIX: KEY INDICATORS This section shows the results for some of the key questions covered previously in this report but excludes those that said don’t know. These results are reflected in the REAA Annual Report.

34. Copyright ©2014 The Nielsen Company. Confidential and proprietary. 34 KEY INDICATORS EXCLUDING DON’T KNOW RESPONSES – CONFIDENCE CONFIDENCE IN THE REAL ESTATE INDUSTRY % rated 3, 4 or 5 with 5 being a lot of confidence TARGET 201220132014 65% 68% 72% 70% 2015 65% 63% 59% 74% 64% % who feel confident (rated 3, 4 or 5) This indicator combines confidence that the Real Estate Industry is Professional, Well Regulated, Well Monitored and Fair. The result is expressed as a percentage of positive responses (% rated 3, 4 or 5 with 5 being a lot of confidence) and excludes those who said ‘don’t know’. Among those who gave an opinion, two thirds (65%) have confidence in the Real Estate Industry. This is a drop from previous measures but is in line with the target result. Q1. To what extent do you have confidence that the Real Estate Industry in NZ is … Base: All respondents, excluding those who said don’t know Significantly lower than previous wave

35. Copyright ©2014 The Nielsen Company. Confidential and proprietary. 35 KEY INDICATORS EXCLUDING DON’T KNOW RESPONSES – KNOWLEDGE KNOWLEDGE OF RIGHTS AND OBLIGATIONS % rated 3, 4 or 5 with 5 being a lot of knowledge TARGET 20122013 2014 60% 59% 57% 59% 2015 54% 57% 59% 54% 59% % who say they are knowledgeable (rated 3, 4 or 5) The result is expressed as a percentage of positive responses (rated 3, 4 or 5 with 5 being a lot of knowledge) and excludes those who said ‘don’t know’. Among those who gave an opinion, just over half (54%) feel that they have enough knowledge of their rights and obligations with respect to real estate transactions. This is a slight drop from 59% in 2014, though it is not a significant change. Q4. Do you consider you have enough knowledge of your rights and obligations with respect to real estate transactions? Base: All respondents, excluding those who said don’t know

36. Copyright ©2014 The Nielsen Company. Confidential and proprietary. 36 KEY INDICATORS EXCLUDING DON’T KNOW RESPONSES – EMPOWERMENT EMPOWERED AND ABLE TO PARTICIPATE IN A REAL ESTATE TRANSACTION % rated 3, 4 or 5 with 5 being very empowered TARGET 20122013 2014 90% 88% 93% 2015 90% 93% 88% 90% 93% % who say they feel empowered (rated 3, 4 or 5) The result is expressed as a percentage of positive responses (rated 3, 4 or 5 with 5 being very empowered) and excludes those who said ‘don’t know’. Among those who gave an opinion, nine in ten (90%) of those who have had a real estate transaction in the last 12 months feel empowered and able to participate effectively in real estate transactions. This is in line with the target result. Q6. Overall, did you consider yourself empowered and able to participate effectively in the real estate transaction? Base: All respondents