Trends we are noticing are:

  • Buyers are concerned about the rising interest rates
  • Sales activity is down and properties are staying on the market longer
  • Owner occupiers remain a strong buyer pool

“As the market stabilises, agents report the majority of vendors understand the need to adjust their price expectations — however, some are slow to meet buyer expectations.”

“While spring has gotten off to a slower than expected start, agents are confident activity will pick up over the warmer months as people move to complete their plans to buy or sell ahead of the summer holidays.” – Jen Baird (REINZ CEO)

Canterbury market overview

Compared to September 2021

• Median price up 2.8%
• Sales count down 20.6%
• Days to sell increased 3 days

Compared to August 2022

• Median price up 4.0%
• Sales count down 7.0%
• Days to sell is the same

National market overview

Median prices for residential property across New Zealand increased 2.0% annually, from $795,000 in September 2021 to $811,000 in September 2022. Excluding Auckland, the median house price has decreased by 0.7% compared to last year, from on $720,000 to $715,000.  Moving from August to September 2022, the median property price increased by 1.4%. The seasonally adjusted figures show a marginal increase of 0.2% moving from August into September.

Information sourced from REINZ
Real Estate Institute New Zealand