Trends we are noticing are:

  • Overall decrease in median days to sell.
  • Strong demand for entry-level property.

“We’ve seen steady activity this month with increased sales counts both compared to August 2022 and July 2023. The lift in market activity has also seen the median days to sell decrease this month,” says REINZ Chief Executive Jen Baird.

“Local agents are reporting that, as new listing numbers continue to decrease, the demand for entry-level property is holding and fairly strong, and properties are starting to move quicker.”

“The number of properties available for sale over the last three months continues to fall. Listings are still at lower levels compared to August 2022, but only slightly. Month-on-month we have seen a 20.9% increase of stock coming to market, suggesting seller confidence is returning and we can expect a more normal spring ahead for the property market,” comments Baird.



Canterbury market overview

Compared to August 2022

• Median price up 0.8%
• Sales count up 24.9%
• Days to sell decreased by 3

Compared to July 2023

• Median price down 1.5%
• Sales count up 12.8%
• Days to sell decreased by 5

National market overview

The national median price has decreased 4.1% from $800,000 to $767,000. For New Zealand excluding Auckland, median prices decreased 4.3% from $700,000 to $670,000 year-on-year.

The total number of properties sold across New Zealand in August 2023 increased 9.2% year-on-year to 5,509, and also increased 9.2% month-on-month. Days to sell have decreased by 5 days for August 2023 month-on-month and decreased 6 days year-on-year.


Information sourced from REINZ
Real Estate Institute New Zealand