Home | June 2024 Market News
Trends we are noticing are:
REINZ Chief Executive Jen Baird says that the property market in June is reflecting the wider economic climate in New Zealand. New listings have risen, continuing a trend seen in 2024, yet this increase contrasts with a noticeable decline in buyer activity, reflected in lower national sales figures.
The total number of properties sold in New Zealand decreased by 25.6% year-on-year, from 5,854 to 4,356, and by 32.6% compared to May 2024, from 6,461 to 4,356.
The typical winter lull, compounded by current economic conditions, has contributed to lower levels of activity in the market. This sentiment is reinforced by seasonally adjusted figures, which reveal a national sales decrease of 11.1% compared to May 2024, reflecting a market performance below expected levels, says Baird.
The national median price decreased by 1.3% year-on-year, from $780,000 to $770,000, and saw no change compared with May 2024.
At the end of June, the national inventory level had increased 28.6% (+7,069) from 24,676 to 31,745 year-on-year and decreased 2.6% from 32,598 month-on-month. Nationally, listings increased by 25.5% year-on-year from 6,218 to 7,805.
The increased number of listings coming to market continues the trend we have seen all year, with high levels of choice for buyers nationwide. The winter months do tend to see fewer people choosing to sell, and this year is no different. Yet, regardless of the economic conditions, people’s lives change, they grow families and retire and need to make a property decision alongside those changes.
Nationally, median Days to Sell decreased by one day, from 48 to 47 days, compared to a year ago. For New Zealand, excluding Auckland, median Days to Sell decreased by two days year-on-year, from 49 to 47 days.
“There was a notable decrease in buyer activity in June and a reduced sense of urgency. As more listings come to a well-stocked market, those who are in the position to buy are taking their time to carefully select their ideal home. While winter has set in, we have just seen a slight change in tone coming from the Reserve Bank suggesting that this cycle of interest rate pain may have an end in sight. This is a key factor in both buying and selling decisions but also has an impact on overall sentiment within the industry.” adds Baird.
Compared to June 2023
Compared to May 2024
The current median Days to Sell of 37 days is the same as the 10-year average for June which is 37 days. The median price for Canterbury increased 5.0% year-on-year to $690,000.
Most vendor expectations are realistic and in line with current market conditions, with few still hoping for a high sale price. Open home attendance has been steady, with higher attendance for newer listings.
– Jen Baird, REINZ CEO
National Median Price $770,000
Compared to June 2023 this has decreased by 1.3%
National Median Days to Sell 47
The total number of properties sold in New Zealand decreased by 25.6% compared to this time last year, from 5,854 to 4,356, and decreased by 32.6% compared to May 2024, from 6,461 to 4,356.
Listings nationally increased by 25.5% year-on-year from 6,218 to 7,805, continuing a trend since the start of 2024.
Nationally, median Days to Sell decreased by one day from 48 to 47 days, compared to a year ago.
The national median sale price decreased slightly by 1.3% year-on-year, from $780,000 to $770,000, and stayed the same as in May 2024.
Information sourced from REINZ Real Estate Institute New Zealand
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