Trends we are noticing are:
Spring has officially arrived and has brought a wave of positivity and optimism to New Zealand’s property market, the latest figures from the Real Estate Institute of New Zealand (REINZ) reveal. As we recover from a subdued market, October proved to be a more positive month, with increases in sales and ever so slight increases in median prices.
“There seems to be light at the end of the tunnel. Although challenges like the cost of living remain, positive signs are emerging. Falling interest rates, increased inventory in the market, and greater activity during open home events are all reflected in the data for October,” explains REINZ Chief Executive Jen Baird.
On the sales front, total properties sold nationally increased by 20.0% compared to October 2023.
“Salespeople are seeing more confidence among vendors and buyers now we’re into spring, and this shows signs of a busier market leading up to Christmas,” adds Baird.
The national median price increased by 0.7% year-on-year, from $789,500 to $795,000; month-on-month, it increased by 1.9%, from $780,000.
“The New Zealand property market is experiencing a dynamic shift. While median prices are gradually catching up, local salespeople note that some buyers remain cautious about overpaying for properties due to relatively high interest rates. This environment encourages buyers to be more strategic in their approach, making them feel confident in negotiating with vendors to reach an agreeable price,” adds Baird.
New listings also surged, continuing the trend since the beginning of 2024, with every month this year showing a higher number of listings than the same month in 2023.
Baird notes that the increase in available properties provides buyers with the opportunity to explore a diverse range of options that better align with their individual needs and preferences, allowing them to take their time shopping around.
Compared to October 2023
Compared to September 2024
The current median Days to Sell of 38 days is more than the 10-year average for October which is 33 days.
The median price for Canterbury increased by 2.9% year-on-year to $700,000.
“Most vendors were realistic and willing to meet market conditions, although others were hopeful that the decline in interest rates would increase prices. Attendance at open homes was steady; newer listings were more popular, and properties that needed work done were slow.
The positive OCR announcement and the decline in interest rates created positive and confident market sentiment. Local agents remain hopeful that leading up to Christmas and into 2025, there will be an increase in listings, buyer activity, and possibly further interest rate decreases. However, they predict there won’t be price increases just yet.” – Jen Baird, REINZ CEO
National Median Price $795,000
Compared to October 2023 this has decreased by 0.7%
National Median Days to Sell 42
The total number of properties sold in New Zealand increased by 20.0% compared to October 2023, from 5,569 to 6,681. Sales increased by 10.0% month-on-month, from 6,071 to 6,681.
Nationally, seasonally adjusted figures show a sales decrease of 2.6% compared to last month and an increase of 17.4% compared to October 2023.
Listings nationally increased by 21.4% year-on-year from 9,529 to 11,572, continuing a trend since the beginning of 2024.
Information sourced from REINZ Real Estate Institute New Zealand
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