Home | March 2024 Market News
Trends we are noticing are:
REINZ Chief Executive Jen Baird says the market is clearly more active compared to a year ago, with high listing numbers, increased stock levels, higher sales counts, and higher median sale prices.
“Listings increased substantially, up by 23.9% nationally compared with March 2023, reinforcing a trend we have seen since the beginning of 2024 with more property coming to market. New Zealand’s stock levels also saw a year-on-year increase, which means more available properties for sale and more choices for buyers. Agents are seeing activity among a range of buyer groups, with first-home buyers and owner-occupiers being the most active,” says Baird.
New Zealand’s inventory levels have increased by 13.5% from 29,284 to 33,245 properties year-on-year – the highest level since 2015.
The total number of properties sold for New Zealand increased in March (+7.4%) compared to February 2024, from 6,073 to 6,521, and up 8.0% year-on-year, from 6,040 to 6,521. Only Northland (-1.9%) and Otago (-6.3%) recorded decreased sales activity compared with March 2023.
The national median sale price has increased by 2.7% from $779,000 to $800,000 year-on-year; it also increased by 1.1% from February 2024, from $791,500 to $800,000. For New Zealand, excluding Auckland, the median price also increased – it was up by 2.3% year-on-year from $695,000 to $711,000, and up by 0.1% month-on-month from $710,000 to $711,000.
“This is the second consecutive month recording a year-on-year increase in the median sale price nationally. This, along with the increased year-on-year levels of sales and listings, suggests that we are past the lowest point of this market cycle.” Median days to sell decreased by 6 days compared to a year ago, from 44 to 38 days, both nationally and for NZ excluding Auckland.
Overall, the data paints a picture of the New Zealand housing market being more active, characterised by increasing listings, solid sales activity, expanding stock levels, and lifts in property prices.
“This summer has seen a return to a more normal level of real estate market activity after a relatively slow and subdued 2023. Reasons for this will vary, for example some vendors may prefer not to wait any longer and are willing to ‘meet the market’ with their price expectations. Some buyers may want to act now ahead of potential further lifts in sale prices or potential increased competition for properties, as upcoming changes to bring the bright line test back to two years, and the reintroduction of interest deductibility on investment properties, are expected to draw some investors back to the market in the next few months.
“The current economic environment with higher interest rates and some uncertainty in the jobs market will mean some buyers remain cautious, with prices still off their peaks from a couple of years ago, however growing numbers of buyers are acting now. Most agents are cautiously optimistic that market activity will continue to pick up as we move into the cooler months.” – Jen Baird, REINZ CEO
Compared to March 2023
Compared to February 2024
The current median Days to Sell of 31 days is the same as the 10-year average for March which is 31 days.
Canterbury’s median price has increased by 1.9% year-on-year to $693,000. “Owner-occupiers and first-home buyers remain the active group across the region. Some vendors are adjusting their price expectations. Open home attendance remains steady. Factors such as the economy are having the most significant impact on market sentiment. Local agents have reported that buyers are taking their time as the listing numbers increase.” – Jen Baird, REINZ CEO
National Median Price $800,000
Compared to March 2023 this has increased by 2.7%
National Median Days to Sell 38
The total number of properties sold increased in March (+7.4%) compared to February 2024 for New Zealand from 6,073 to 6,521 and increased by 8.0% year-on-year, from 6,040 to 6,521.
The national median sale price has increased by 1.1% month-on-month from $791,500 to $800,000 and also increased by 2.7% year-on-year, from $779,000 to $800,000.
Median Days to Sell reduced by 6 days year-on-year, down from 44.
Information sourced from REINZ Real Estate Institute New Zealand
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