Trends we are noticing are:
“Compared to June 2022, this month has shown a notable increase in sales. The total number of properties sold across New Zealand in June 2023 was 5,629, up from 4,912 in June 2022 (+14.6%), year-on-year. New Zealand excluding Auckland sales counts increased by 17.4% year-on-year from 3,203 to 3,761.”
“Salespeople across the country are reporting increased first home buyer activity at open homes, with the easing of LVR restrictions that came into effect on 1 June bringing more people out looking. Although activity has increased, caution remains as interest rates, a pending election and further strain caused by the cost-of-living tempers putting pen on paper.” – Jen Baird (REINZ CEO)
Compared to June 2022
• Median price down 4.4% • Sales count up 15.7% • Days to sell increased by 3
Compared to May 2023
• Median price up 0.8% • Sales count up 1.2% • Days to sell decreased by 5
The national median price has remained stable with a 0% change month on month and a -8.2% change year on year from $850,000 to $780,000. For New Zealand excluding Auckland, median prices were down 8.1% to $680,000.
When that seasonal trend is taken into account, June 2023 exceeded expectations when compared to the sales count in May 2023.
Information sourced from REINZ Real Estate Institute New Zealand
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