Trends we are noticing are:

  • First home buyers are returning to the market
  • Motivated sellers are meeting the market

“Easing of loan-to-value restrictions, commentary around peak inflation and a renewed confidence is seeing more first home buyers seek out opportunities”

“As we head into the winter months, we are seeing glimpses of positivity, especially in the regions following the Reserve Bank’s announcement of easing loan-to-value restrictions and the stabilising of interest rates.” – Jen Baird (REINZ CEO)

Canterbury market overview

Compared to May 2022

• Median price down by 5.4%
• Sales count down by 5.0%
• Days to sell increased by 7 days

Compared to April 2023

• Median price down by 2.3%
• Sales count up by 21.6%
• Days to sell increased by 6 days

National market overview

Median prices for residential property across New Zealand decreased by 8.2% annually. Excluding Auckland, the median house price has decreased by 6.5% compared to last year.  Moving from April 2023 to May 2023, the national median house price has not changed. Excluding Auckland, it has decreased by 2.1%.


Information sourced from REINZ
Real Estate Institute New Zealand