Home | October 2023 Market News
Trends we are noticing are:
The Real Estate Institute of New Zealand’s (REINZ) year-on-year figures for this month show more sales activity, more listings coming to market, fewer days to sell, and a sense of more confidence overall.
REINZ Chief Executive Jen Baird says October is showing a slow but steady improvement in property market activity now that the country is past the election, and we head into more active months in the property cycle.
“Local agents are reporting a lot more activity across buyer groups. They’re noticing more investors and first home buyers looking to secure properties sharing the market with vendors who
are showing a willingness to be realistic with their price expectations. We can see signs of that in the median prices this month.”
“The market is moving a little quicker. Days to sell have decreased year-on-year by three days for New Zealand to 37, and by two days for New Zealand excluding Auckland, to 39. Regionally, just over half (9 regions) have had a decrease in the days to sell month-on-month and year-on-year. Year-on-year, Days to Sell in New Zealand decreased by 7 days compared to October 2022.”
“Median sale prices are a mixed bag across the country, with the national median sale price unchanged compared to last month, staying at $795,000 – around where it has been for much of the year.”
“Nationally, new listings increased by 2.6% from 9,289 listings to 9,529 year-on-year and increased 21.9% compared to September 2023. New Zealand excluding Auckland also saw an increase month-on-month of 23.4% and year-on-year 1.2%.”
“The increasing number of listings coming to market is showing a slow, but marked, improvement to the past year, and a renewed confidence from vendors looking to sell with more certainty now the election is behind us. While details of the new Government are still being discussed amongst coalition partners, many vendors and buyers are showing confidence that it’s a better time to sell now and a good time to buy. The signs are there for an improving market.”- Jen Baird (REINZ CEO)
Compared to October 2022
Compared to September 2023
Days to sell have decreased by 3 days for October 2023 month-on-month and decreased 7 days year-on-year.
The national median price has remained the same at $795,000 month-on-month and decreased slightly (-2.8%) year-on-year from $818,000. For New Zealand excluding Auckland, the median sale price decreased 1.3% from $700,000 to $691,000 month-on-month.
At the end of October, the total number of properties available for sale across New Zealand was 25,602, down 3.7% (975 properties) from 26,577 year-on-year, and up 8.6% month-on-month.
The total number of properties sold across New Zealand in October 2023 increased 8.0% year-on-year to 5,619 and decreased 2.5% month-on-month.
Information sourced from REINZ
Real Estate Institute New Zealand