Home | September 2023 Market News
Trends we are noticing are:
“September shows the ‘green shoots’ from previous months are continuing to grow. Confidence is emerging in the property market, and we are seeing signs of an upward trend.”
“The national median days to sell reduced by 7 days year-on-year from 47 to 40 days, and 3 days month-on-month from 43 to 40 days. For a third month (49 July, 43 August and 40 in September), available inventory is now moving quicker.”
“Sales counts across New Zealand were 5.1% higher in September compared to this time last year from 5,174 to 5,439, year-on-year, and up 5.6% for New Zealand excluding Auckland, increasing from 3,474 to 3,669 year-on-year.”
“The public want to know what is happening now, should they sell, should they buy, or what are prices doing. The election is two days away, we’re past the traditionally quiet winter months, and the market is turning. Certainty is returning for some who are seeing the low point of the market cycle behind them and are acting.” – Jen Baird (REINZ CEO)
Compared to September 2022
Compared to August 2023
The nationwide median price was down 3.1% year-on-year to $785,000. For New Zealand excluding Auckland, the median price decreased by 2.1%, to $700,000.
The total number of properties for sale across New Zealand was 23,564, down 9.0% (2,339 properties) from 25,903 year-on-year, and up 3.6% month-on-month.
Sales counts across New Zealand were 5.1% higher in September compared to this time last year to 5,439, from 5,174 year-on-year.
Information sourced from REINZ
Real Estate Institute New Zealand