Trends we are noticing are:
REINZ Chief Executive Jen Baird says that the market is subdued, despite nationally seeing higher sales counts, properties selling more quickly, increased stock levels, and more listings, compared to a year ago. These increases are a contrast with the much lower measures seen in April 2023, following the impacts of weather events like cyclones Hale and Gabrielle, but are below the average for this time of year longer-term.
The total number of properties sold in New Zealand decreased by 17.3% compared to March 2024, from 6,721 to 5,559, and increased by 25.3% year-on-year, from 4,438 to 5,559.
Nationally, median Days to Sell decreased by 3 days, from 46 to 43 days, compared to a year ago. For NZ, excluding Auckland, median Days to Sell decreased by 7 days year-on-year, from 48 to 41 days.
The national median sale price increased by 1.3% year-on-year, from $780,000 to $790,000, and decreased by 1.3% compared with March 2024, from $800,000 to $790,000. “The median national sale price has now increased year-on-year for the third consecutive month, and sales are picking up as well. There are vendors who will need to sell and don’t want to wait anymore, and these vendors will need to set realistic expectations, both for price and the time needed to sell their property. The median price for NZ excluding Auckland hasn’t changed compared with April 2023. This may suggest that, with more properties to choose from, some buyers have less competition from other buyers, and some are more comfortable taking a stronger approach to their negotiation.”
While the April data shows more activity in the housing market, with year-on-year increases in sales, listings, stock levels, and median prices, it’s clear that economic factors are creating headwinds.
“There seems to be plenty of buyer interest, with many seeing the current price levels as attractive, but some are taking their time before making a decision. Similarly, some vendors are selling now and are open to meeting the market with their pricing, while others prefer to wait. Nationally, prices are still below their peaks from a few years ago and sales are still lower than long-term averages. Although the cooler months traditionally lead to activity slowing down, demand for properties may increase as investors return to the market in response to upcoming changes to the bright line test and the reintroduction of interest deductibility on investment properties. With this in mind, buyers may want to act now,” adds Baird.
Compared to April 2023
Compared to March 2024
The current median Days to Sell of 33 days is the same as the 10-year average for April which is 33 days.
Canterbury’s median price has increased 0.8% year-on-year to $670,000. “Owner-occupiers and first-home buyers remained the active buyer groups in Christchurch.” – Jen Baird, REINZ CEO
National Median Price $790,000
Compared to April 2023 this has increased by 1.3%
National Median Days to Sell 43
The national median sales price decreased by 1.3% compared with March 2024, from $800,000 to $790,000 and increased by 1.3% year-on-year, from $780,000 to $790,000.
Listings nationally decreased by 15.9% from 11,455 to 9,636 month-on-month and increased by 34.9% year-on-year from 7,142 to 9,636.
Median Days to Sell nationally reduced by 3 days year-on-year, down from 46 to 43 days.
Information sourced from REINZ Real Estate Institute New Zealand
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