Trends we are noticing are:

  • Uncertainty in the markets from both sellers and buyers
  • Further rate and inflation increases predicted
  • Buyers remain hesitant

“When looking at the November figures, we’re comparing a market at its peak with one that has moderated over the past 12 months.”

“Buyers are again weighing up the likely impact on mortgage rates with current downward pressure on property prices. Those thinking of selling are again looking at the market and asking, ‘Is this the right time?’. “For many it is the right time. In November, people continued to transact — 5,525 according to our sales count,”  ” – Jen Baird (REINZ CEO)

Canterbury market overview

Compared to November 2021

• Median price down 3.2%
• Sales count down 30.0%
• Days to sell increased 7 days

Compared to October 2022

• Median price up 1.4%
• Sales count up by 5.2%
• Days to sell decreased by 4 days

National market overview

Median prices for residential property across New Zealand decreased 12.4% annually, from $925,000 in November 2021 to $810,000 in November 2022. Excluding Auckland, the median house price has decreased by 7.1% compared to last year, from on $770,000 to $715,000.  Moving from October to November 2022, the national median property price decreased by 1.2%. The seasonally adjusted figures show a decrease of 13.7% moving from October into November.

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Information sourced from REINZ
Real Estate Institute New Zealand