Trends we are noticing are:

  • Most sellers are meeting the market
  • Properties are staying on the market for longer
  • Buyers are taking their time

“Prices continue to ease but the pace of the decline is slower, and the market has settled at its new pace.”

“If you can make the finances work, this is a good time to be a buyer. More stock, less competition and prices continuing to ease, will allow those who can get all the ducks in a row to buy well.” – Jen Baird (REINZ CEO)

Canterbury market overview

Compared to December 2021

• Median price down 3.7%
• Sales count down 32.7%
• Days to sell increased by 6 days

Compared to November 2022

• Median price down 1.5%
• Sales count down by 17.0%
• Days to sell remains the same

National market overview

Median prices for residential property across New Zealand decreased 12.2% annually, from $900,000 in December 2021 to $790,000 in December 2022. Excluding Auckland, the median house price has decreased by 7.9% compared to last year, from on $7600,000 to $700,000.  Moving from November to December 2022, the national median house price decreased by 2.2%. The seasonally adjusted figures show a decrease of 4.3% moving from November into December.

Information sourced from REINZ
Real Estate Institute New Zealand