Home | February 2024 Market News
Trends we are noticing are:
REINZ Chief Executive Jen Baird says with the combination of high listing numbers, elevated stock, and shifts in the median sale price we are seeing increased activity. “There was a substantial rise in listings nationally, indicating heightened activity in the housing market. New Zealand’s stock levels saw a year-on-year increase, resulting in a growing inventory of available properties for sale.”
New Zealand’s inventory levels have increased by 8.1% from 29,083 to 31,424 properties year on year.
The national median sale price has increased by 3.1% from $766,000 to $790,000 year-on-year. There was also an increase of +3.9% from January 2024 $760,000 to $790,000. New Zealand, excluding Auckland, also increased month-on-month, +3.6% from $685,000 to $710,000 and up year-on-year by 2.6% from $692,000 to $710,000.
Listings increased by 60.4% from 7,347 to 11,788 nationally month on month and by 44.8% from 8,143 to 11,788 year on year.
“Overall, the data paints a picture of a more active housing market in New Zealand, characterised by increasing listings, robust sales activity, expanding stock levels, and growth in property prices.”
“We are looking at the back of the government’s 100-day plan and the changes to the bright line test back to two years and the latest reintroduction of interest deductibility on investment properties for landlords. With a significant increase in property listings, the rise in the total number of properties sold, and an increase in the median sale price, some buyers are holding out for the ‘right’ property while others are getting ‘into the market’ before competition rises as investors return. This buoyancy is a positive sign that we haven’t seen for a while.” – Jen Baird, REINZ CEO
Compared to February 2023
Compared to January 2024
The current median Days to Sell of 42 days is more than the 10-year average for February which is 42 days. There were 17 weeks of inventory in February 2024 which is 4 weeks less than the same time last year.
Canterbury’s median price increased by 5.2% year-on-year to $705,000. “First-home buyers and owner-occupiers were the most active buyer groups across the region. More buyers from the North Island are showing interest in this region. Most vendors are willing to meet the market and adjust their asking price, although some have begun to raise their price expectations.” – Jen Baird, REINZ CEO
National Median Price $790,000
Compared to February 2023 this has increased by 3.1%
National Median Days to Sell 51
The national median sale price has increased month-on-month by 3.9% from $760,000 to $790,000 and +3.1% year-on-year, $766,000 to $790,000.
Median Days to Sell increased by 1 day month on month up to 51 days and reduced 9 days year on year down from 60.
Information sourced from REINZ Real Estate Institute New Zealand
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