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Trends we are noticing are:

  • Sellers meeting the market
  • Buyers are taking more time
  • Properties on the market for longer

“Even though new listings are down as communities respond to the weather and the anticipation of economic adjustments ahead, inventory levels are now showing a return to standard levels after a few years at historically low levels.”

“Rising interest rates, increased cost of living and inability to secure finance are still having an impact on buyers, but REINZ members are telling of returned activity at open homes in areas that weren’t as impacted by Cyclone Gabrielle.” – Jen Baird (REINZ CEO)

Canterbury market overview

Compared to February 2022

• Median price down 6.9%
• Sales count down 24.8%
• Days to sell increased by 16 days

Compared to January 2023

• Median price up 4.4%
• Sales count up by 65.8%
• Days to sell increased by 4 days

National market overview

Median prices for residential property across New Zealand decreased 13.9% annually. Excluding Auckland, the median house price has decreased by 11.5% compared to last year.  Moving from January 2023 to February 2023, the national median house price decreased very slightly by 0.2%.

 

Information sourced from REINZ
Real Estate Institute New Zealand 

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