Listings surge and prices hold steady
With the end of summer, New Zealand’s property market has bounced back robustly, showcasing high stock levels nationally thanks to a surge in new listings, according to the New Zealand Property Report from realestate.co.nz.
This resurgence brings a wealth of opportunities for buyers, with prices maintaining stability amid anticipation of the OCR announcement.
OCR holds steady, market responds
The Reserve Bank’s decision to keep the OCR at 5.5% has injected certainty into the market, according to Vanessa Williams (pictured above) of realestate.co.nz.
“With no change to the OCR and gentle easing of interest rates by some of the larger retail banks, it will be interesting to see how these factors play out for the property market in the coming months,” Williams said.
Listings surge nationally
February saw 11,788 new listings enter the market, a 44.8% surge across the nation from the previous year, signaling a recovery to healthy levels after February 2023's record low for new listings since realestate.co.nz began tracking in 2007.
All 19 regions saw uplifts, with Northland (+94.6%), Coromandel (+85.3%), and Wellington leading the charge (+76.6%), reflecting a significant shift from the scarcity of listings experienced last February.
“Last February saw us dealing with a very different summer as Kiwis grappled with the effects of back-to-back weather events,” Williams said.
“In a typical February month, we would see around 11,000 new listings come onto the market. Seeing numbers back in the ‘normal’ range tells us that Kiwis are becoming more positive about listing their properties for sale. This is great news for buyers, offering them a wider array of options.”
The increase in housing stock, reaching levels not seen in almost a decade, presents buyers with more options and time to make purchasing decisions. With stock levels rising across most regions, the property market is ripe with opportunities for those looking to invest in a home.
Gentle price increases signal market health
The national average asking price climbed to $899,756, a 3% year-on-year increase and 1.2% up from January. Williams said that this modest uptick, alongside the surge in new listings, hints at a more sustainable market where buyers are “being more considered with purchase time.”
While most regions saw stable or increasing prices, Central Otago/Lakes District continued to break records, maintaining its status as the region with the highest average asking price, at above $1.6 million, realestate.co.nz reported.
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