Trends we are noticing are:

  • Demand remains dampened due to mortgage rates and continued affordability concerns
  • Vendors are increasingly realistic with their asking prices
  • First home buyers are returning to the market

“That said, some real estate agents are reporting an increase in open home attendance. And while owner occupiers remain a dominant force in the market, first home buyers are beginning to re-emerge. As sellers adjust their expectations to meet the market, now is a great time to consider upsizing or downsizing”

“August tends to be a quieter month — as we move into the warmer months, we expect to see a usual spring lift.” – Jen Baird (REINZ CEO)

Canterbury market overview

Compared to August 2021

• Median Price up 4.8%
• Sales Count down 13.1%
• Days to Sell increased 8 days

Compared to July 2022

• Median Price down 3.7%
• Sales Count up 2.2%
• Days to Sell increased by 1 day

National market overview

Median prices for residential property across New Zealand decreased 5.9% annually, from $850,000 in August 2021 to $800,000 in August 2022. Excluding Auckland, the median house price has not changed compared to last year, staying on $700,000.  Moving from July to August 2022, the median property price decreased by 1.2%. The seasonally adjusted figures show a decrease of 2.1% moving from July into August.

Information sourced from REINZ

Real Estate Institute New Zealand