Trends we are noticing are:

  • Hesitancy amongst buyers due to higher mortgage cost and concerns over inflation
  • The market has slowed down to moderate pace
  • More negotiation happening

“Canterbury was the region with the strongest annual percentage growth in June. The median price in the region increased 22.1% annually — from $565,000 to $690,000 in June 2022.”

“As the market stabilises, and the high-growth we saw through 2021 dissipates, downward pressure on prices may improve affordability. However, this is balanced with higher mortgage costs and wider economic headwinds that may continue to temper people’s appetite for entering the market — as a buyer or seller.” – Jen Baird (REINZ CEO)

Canterbury market overview

Compared to June 2021

• Median Price up 22.1%
• Sales Count down 33.9%
• Days to Sell increased 8 days

Compared to May 2022

• Median Price up 0.4%
• Sales Count down 22.1%
• Days to Sell decreased 1 day

National market overview

Median prices for residential property across New Zealand increased 4.2% annually, from $816,000 in May 2021 to $850,000 in June 2022. Moving from May to June 2022, the median property price increased by 1.2%. The seasonally adjusted figure shows a slight increase of 1.5% moving from May into June.

Sourced from REINZ

Real Estate Institute New Zealand