Trends we are noticing are:

  • Sales counts in many parts of the country are increasing.
  • Strong demand from buyers out ahead of this year’s election.

REINZ Chief Executive Jen Baird says July tends to be a slower month for the property market, however we are seeing buyers returning alongside varying results across Aotearoa.

“This month’s figures show a lift in market activity with sales counts slightly increasing in many parts of the country on July last year, and the year-on-year decrease in median prices continuing to ease, suggesting some confidence is returning.”

“The ongoing impact of government policies, economic conditions, and global factors will continue to shape the New Zealand housing market. We also tend to see a slowing in activity in the lead-up to a general election, but with buyer activity rising and lower levels of supply coming to market, we may see stronger demand appear in the coming months,” comments Baird.



Canterbury market overview

Compared to July 2022

• Median price down 2.5%
• Sales count up 10.1%
• Days to sell increased by 3

Compared to June 2023

• Median price down 0.3%
• Sales count down 14.4%
• Days to sell remained stable at 38

National market overview

The national median price has decreased 1.3% month-on-month and decreased 4.9% year-on-year from $810,000 to $770,000. For New Zealand excluding Auckland, median prices decreased 5.4% from $719,000 to $680,000 year-on-year but remained stable at $680,000 with a $400 difference month-on-month.



Information sourced from REINZ
Real Estate Institute New Zealand