Property market enters "Goldilocks" phase, realestate.co.nz says
New Zealand’s property market is striking a rare balance, creating what experts are calling a “Goldilocks market,” realestate.co.nz reported.
With stable prices, ample stock, and increased sales activity, both buyers and sellers are reaping benefits in a climate of stability and opportunity.
Stability sets the tone
For nearly two years, property prices have remained consistent, fluctuating between $850,000 and $890,000.
November’s national average asking price of $846,150 marks the lower end of this range, with only slight decreases year-on-year (2.8%) and month-on-month (1.1%).
“We’re seeing more market activity but not significant price fluctuations. This consistency offers the predictability sellers need and the stability buyers crave,” said Vanessa Williams (pictured above), spokesperson for realestate.co.nz.
While most regions saw prices either hold steady or decline, Central Otago/Lakes District and Wairarapa bucked the trend with modest growth in both monthly and annual figures.
Buyers benefit from high stock levels
With stock levels at an eight-year high, buyers have a wealth of options.
Nationwide listings rose 21.3% year-on-year in November, reaching nearly 34,000 properties. Every region except Gisborne and Coromandel experienced both annual and monthly stock growth.
However, sellers are also benefiting. Properties are moving faster, with listings under 30 days increasing by 1.4%, and those on-site for 30 to 60 days rising by 3.1%.
“There’s plenty of choice, but properties are starting to move – it’s a win/win,” Williams said.
Interest rates and activity boost confidence
Falling interest rates and the absence of election-related hesitation are further strengthening market confidence.
Sales activity has gained momentum, with over 6,500 properties sold in October – the highest monthly figure since March 2022.
“This isn’t a frantic rebound,” Williams said. “It’s a steady uptick that provides confidence for both buyers and sellers – ideal circumstances for making one of the biggest purchases of your life.”
New listings show signs of stabilising
New listings rose modestly by 3.9% year-on-year in November, reflecting a shift to a more stable market after the volatility of 2023. Month-on-month, listings dipped 3.8%, aligning with seasonal trends.
“This steadying of new listings provides buyers with predictability while giving sellers confidence in a consistent market,” Williams said.
With balanced conditions, the property market is offering a rare opportunity for both buyers and sellers to thrive.
Read the realestate.co.nz report in full on LinkedIn.
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