'Forever homes' losing appeal
The concept of the “forever home” appears to be fading, with data from realestate.co.nz revealing that New Zealanders now sell their homes after an average of five and a half years – much sooner than in previous years.
Auckland homes change hands the most often, with properties there sold every five years and three months on average.
Auckland leads in frequent moves
Auckland, Waikato, Nelson & Bays, and Bay of Plenty are among the regions with the shortest holding periods.
Auckland’s fast-paced lifestyle, diverse job market, and housing options drive frequent property sales.
“Auckland offers good employment opportunities while catering for lifestyle changes, such as downsizing for retirement,” said Vanessa Williams (pictured above), spokesperson for realestate.co.nz.
At a district level, Selwyn in Canterbury (four years and nine months) and Franklin in Auckland (four years and 10 months) top the list for the quickest property sales.
Longest stayers found in Taranaki and Manawatu
Meanwhile, Kiwis hold on to their homes the longest in regions like Taranaki (six years and five months), Manawatu/Whanganui (six years and four months), and the West Coast (six years and two months).
South Taranaki recorded the longest holding period of any district, with properties changing hands every six years and eight months.
“Limited housing options in smaller regions often mean people stay in their homes longer, waiting for the perfect property,” Williams said. “Close-knit communities and local businesses also foster a deeper connection to the area, reducing the desire to move frequently.”
Financial gains: Stay or sell?
While all regions saw increases in average asking prices over the typical holding periods, the financial gains varied.
Auckland’s fast-moving market delivered the smallest price growth, with a 12.2% increase in the last five years. Conversely, regions like the West Coast saw a 97.9% jump in prices, while Gisborne experienced a 79.1% rise over a six-year holding period.
“Holding for longer can sometimes result in bigger gains, but market conditions, economic trends, and demand all play a role,” Williams said.
More homes on the market, but many never sell
Despite New Zealand’s property obsession, more than a million homes have never been listed on realestate.co.nz since the platform began tracking data 17 years ago.
“With over two million private dwellings in New Zealand, it’s remarkable that more than half have never been sold on our platform,” Williams said.
A changing market: What’s next?
With buyer interest increasing and Auckland homes moving quickly, Williams believes New Zealand’s property market reflects evolving lifestyles.
“It will be interesting to see, as lifestyles change, whether more homes stay in the same hands or if we’ll see a continued rise in frequent moves,” she said.
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