Trends we are noticing are:

  • Median days to sell has increased again to 43 days from last month’s 38 days.
  • The price growth of last year is receding
  • Tightening of lending criteria and rate increase has further slowed the activity of sales

“Real estate professionals across the country note potential buyers are taking their time to make decisions, have more confidence to negotiate prices, and vendors are recognising the market has changed and are adjusting their expectations to meet the market,”

“With further increases to interest rates to counter inflation expected and global economic uncertainty and supply chain disruption caused by the conflict in Ukraine, we may see market activity settle this winter at its new, slightly slower, pace.” – Jen Baird (REINZ CEO)

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Canterbury market overview

Compared to May 2021

• Median Price up 18.1%
• Sales Count down 21.1%
• Days to Sell increased 8 days

Compared to April 2022

• Median Price up 0.7%
• Sales Count up 16.9%
• Days to Sell increased 5 days

National market overview

Median prices for residential property across New Zealand increased 2.4% annually, from $820,000 in May 2021 to $840,000 in May 2022. Moving from April to May 2022, the median property price decreased by 4.0%. The seasonally adjusted figure shows a decrease of 3.1% indicating a greater drop than expected moving from April into May.

Sourced from REINZ

Real Estate Institute New Zealand