Trends we are noticing are:
As we approach summer, market activity is on the rise. In November, the New Zealand property market experienced a wave of confidence, as evidenced by the latest figures from the Real Estate Institute of New Zealand (REINZ).
Buyers are showing increased interest, spurred by the recent reduction in the Official Cash Rate (OCR), prompting more transactions nationwide. At the same time, fewer sellers are bringing their property to market, which is reflected in the nationwide decline in property listings.
“There’s been a shift in market sentiment nationwide in November. After a challenging year, recent data indicates promising signs of increased activity, which we hope will continue into 2025. This is a good time to make transactions, as prices remain stable, and interest rates decrease” – says Jen Baird REINZ CEO.
Nationwide, sales rose by 10.8% compared to November 2023. Median prices in New Zealand remained unchanged year-on-year and month-on-month, holding steady at $795,000.
“November saw more life in the property market. Buyers are benefiting from steady prices and increasing options, while sellers in many areas are seeing stronger interest,” adds Baird.
For the first time this year, the number of listings in the market decreased compared to the previous month, with a nationwide decline of 3.8% compared to October 2024.
Baird notes, “November marks the first month in a while that we have seen an increase in demand and a slight reduction in new property coming to market. We expect the summer months to bring the usual upswing in sales activity across the market, this year with both buyers and sellers feeling a little more confident.”
Compared to November 2023
Compared to October 2024
The current median Days to Sell of 37 days is more than the 10-year average for November which is 32 days. The median price for Canterbury decreased by 0.1% year-on-year to $699,000.
“Owner-occupiers and families moving for schooling were the most active buyer groups across Canterbury. First-home buyers were prevalent in Christchurch. Most vendors were ready to meet market expectations. However, other vendors expected price increases as interest rates dropped along with OCR rates. Attendance at open homes increased for new listings and those in school zones but varied week-by-week elsewhere.” – Jen Baird, REINZ CEO
National Median Price $795,000
Compared to November 2023 the national median price is the same
National Median Days to Sell 42
The total number of properties sold in New Zealand increased by 10.8% compared to November 2023, from 6,530 to 7,233. Sales increased by 3.2% month-on-month, from 7,006 to 7,233.
Year-on-year, national median days to sell rose by four to 42 days.
Nationally, seasonally adjusted figures show a sales count change of -4.7% compared to last month and a change of +13.0% compared to November 2023.
Information sourced from REINZ Real Estate Institute New Zealand
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