Home | December 2023 Market News
Trends we are noticing are:
“December showed that the trend of steady improvement in property market activity has set in thanks to interest rates stabilising, the new Government announcing more details of its plans, and the arrival of the more active months in the property cycle.”
“The December figures showed a boost in activity in the market compared to a year earlier. We’ve been observing slow and steady improvement recently and we round out 2023 with continued improvement in sales activity in the market.”
“The data shows that almost every region recorded year-on-year increases in the number of properties sold in December.”
“December saw a significant increase in the number of properties sold compared to last year and open home attendance numbers were strong in many areas as well, although activity slowed down as it usually does heading into the holiday period.”
“The market is moving a little more quickly. The national median Days to Sell was 36 days, decreasing by two days compared to last month, and by four days year-on-year compared with December 2022.”
“Many local agents are reporting signs of growing market confidence and activity levels now that the election is over and the new government has begun releasing details about its plans, and interest rates have stabilised. While some buyers and sellers are waiting to see what the new year holds, it’s clear that there’s a growing understanding that the bottom of the market is behind us with annual median prices starting to lift in many regions – it’s clear more buyers and sellers feel that now’s the time to act.” – Jen Baird, REINZ CEO
Compared to December 2022
Compared to November 2023
The current Canterbury median days to sell of 31 days is the same as the 10-year average for December which is 31 days.
Canterbury’s median price increased by 1.4% year-on-year to $660,000.
Owner-occupiers were the most active buyer group in the region, with first-home buyers also being active in Christchurch. Most vendors are setting their price expectations to meet the market.
National Median Price $779,830
Compared to December 2022 this has decreased by 0.7%
National Median Days to Sell 36
The national median price has decreased by 1.9% to $779,830 month-on-month and decreased slightly (-0.7%) year-on-year from $785,300. For New Zealand excluding Auckland, the median sale price did not change (0.0%) both year-on-year and month-on-month, with the price remaining at $700,000.
The number of properties sold across New Zealand increased by 14.1% (from 4,509 to 5,145) year-on-year, compared with December 2022, and decreased by 20.8% month-on-month.
The national median Days to Sell decreased by two days month-on-month to 36 days and decreased by four days year-on-year.
“In aggregate, 2023 was a slightly busier year in real estate, compared to 2022. Across the year we saw a total of 63,361 sales made, up 0.6% from 2022, 91,231 properties were listed for sale, down 12.1% on 2022.” – Jen Baird, REINZ CEO
Information sourced from REINZ
Real Estate Institute New Zealand