REINZ reports rising sales and prices
REINZ’s latest data has revealed a significant rise in property listings and an expansion of stock levels across New Zealand, providing more options for buyers.
“There was a substantial rise in listings nationally, indicating heightened activity in the housing market,” REINZ CEO Jen Baird (pictured above) said.
Surge in sales, property prices, and listings
February saw a surge in sales activity, especially in Gisborne, with properties sold up 264% year-on-year. Month-on-month, sales activity spiked by 81.8%.
According to REINZ, the surge in sales activity suggested strong demand from buyers following the devastating effects of Cyclone Hale and Gabrielle.
Overall, New Zealand experienced a 37.9% increase in property sales compared to the previous year.
Meanwhile, the national median sale price rose by 3.9% from January and 3.1% year-on-year to $790,000, with Auckland’s median sale price rebounding to more than $1 million.
Listings surged 60.4% nationally from last month and 44.8% year-over-year, with significant monthly increases seen in North Island regions. This led to a substantial increase in New Zealand’s property inventory, up 8.1% year-on-year, from 29,083 to 31,424 properties.
Median days to sell slightly rose from 50 to 51 days month-on-month but fell from 60 to 51 days year-on-year, with notable decreases in Northland and Wellington.
Read more: NZ National median sales price
Government policy changes spur market optimism
Recent government policy changes, including the adjustment of the bright-line test and reintroduction of interest deductibility, have positively impacted the NZ property market.
“With a significant increase in property listings ... some buyers are holding out for the ‘right’ property while others are getting ‘into the market’ before competition rises as investors return,” Baird said.
Otago set a new record high in the regional HPI in February, leading in HPI growth over one month (3%), three months (3%), and 12 months (+8.2%).
Over the same period, New Zealand's HPI was 3,700, marking a 1.1% increase from the previous month and a 3.2% rise from the same time last year. Over the last five years, the HPI's average annual growth was 5.9%, but it's now 13.5% below the market peak in 2021, REINZ reported.
Click here for full Monthly Property Report.
Click here for House Price Index (HPI) Report.
Get the hottest and freshest mortgage news delivered right into your inbox. Subscribe now to our FREE daily newsletter.
