Increased supply and stable prices create "perfect market" across New Zealand
New Zealand’s residential property market saw a significant uptick in activity in 2024, with properties worth more than $115 billion listed for sale, according to realestate.co.nz.
This marked a $18.86 billion (19.4%) increase compared to 2023. Over 110,000 new residential properties entered the market, nearly 19,000 more than the previous year, providing buyers with a wider array of options.
“The influx of listings in 2024 provided more options for buyers, while the national average asking price remained remarkably consistent, dipping just 0.3% year-on-year,” said Vanessa Williams (pictured above), spokesperson for realestate.co.nz.
“This rare balance of supply and price stability created what we’ve called the ‘perfect market’ — a standout year where buyers and sellers could make confident decisions in a stable environment.”
Listings up across all regions
Every region in New Zealand recorded an increase in new property listings in 2024. Wellington led the charge with 8,132 new listings, representing a 37.3% rise compared to the previous year. Other regions also posted strong growth, including Wairarapa (up 26.5%), Hawke’s Bay (up 25.8%), Gisborne (up 24.1%), and Auckland (up 23.0%).
“Personal circumstances would have been a factor for many choosing to sell in 2024,” Williams said. “But greater price stability across the motu likely boosted vendor confidence in some regions.”
South Island markets see price gains
While the average asking price fell in 11 of New Zealand’s 19 regions, the declines were modest, with Nelson & Bays (-3.7%), the Central North Island (-2.8%), and the Bay of Plenty (-2.4%) recording the largest decreases.
In contrast, several South Island markets saw noticeable price growth. The Central Otago Lakes District, New Zealand’s priciest region, posted a 7% increase in average asking prices. More affordable areas such as the West Coast (up 5%) and Southland (up 4.9%) also experienced growth, signalling strong buyer demand across a range of price points.
“It’s interesting to see this pocket of price growth down south, particularly across such diverse markets,” Williams said. “From the premium properties of Central Otago Lakes to the more affordable West Coast and Southland regions, the interest in the South Island suggests buyers are increasingly looking beyond the major centres for lifestyle opportunities.”
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