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Trends we are noticing are:

  • Buyers and sellers have increasing confidence in the property market
  • More sales activity and more listings coming to the market

“November has brought the expected lift in the number of properties coming to market and a significant increase in the number sold – a sign of positivity returning to the market.”

“We expect to see the number of properties sold across New Zealand increase in December, as we enter the busier season for real estate and people taking action to sell or buy before the pause at Christmas.”

“Nationally, new listings increased by 5.2% from 10,185 to 10,712 listings year-on-year and increased 12.4% month-on-month. New Zealand excluding Auckland also saw an increase month-on-month of 12.9% and year-on-year of 2.5%.”

“While factors like interest rates continue to impact the market, it certainly looks as though buyers and sellers are heartened by the fact that the election is over and the Official Cash Rate is stable. Although we will see some slowing over the Christmas period, we anticipate seeing a resurgence of activity from the end of January, as the boost in market positivity helps raise confidence further,” – Jen Baird, REINZ CEO

 

 

Canterbury market overview

Compared to November 2022

  • Median Price up 5.3%
  • Sales Count up 12.7%
  • Days To Sell remaining stable at 33

Compared to October 2023

  • Median Price up 2.9%
  • Sales Count up 18.9%
  • Days To Sell increased by 1

Canterbury’s median prices increased by 5.3% year-on-year to $700,000 and saw a return of first home buyers as well as owner occupiers as the most active buyer group.

More vendors are adjusting their prices to meet the market; however, some are sticking with their initial asking prices. Local agents report that open homes and auction rooms saw steady to good attendance/activity. The region also saw good sales counts in November.

National market overview

At the end of November, the total number of properties available for sale across New Zealand was 28,014, down 1.5% (435 properties) from 28,449 year-on-year, and up 9.4% month-on-month.

The total number of properties sold across New Zealand in November 2023 increased 12.2% year-on-year to 6,422 and increased 15.7% month-on-month.

Nationally, new listings increased 5.2%, from 10,185 listings in November 2022 to 10,712 listings in November 2023, and increased 12.4% month-on-month.

The national median price has increased 0.1% to $790,000 month-on-month and decreased slightly (-2.0%) year-on-year from $806,000. For New Zealand excluding Auckland, the median sale price increased 1.4% from $690,000 to $700,000 month-on-month.

 

Information sourced from REINZ
Real Estate Institute New Zealand 

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