This was according to REINZ July data
Housing market activity lifted in July as new listings remained low, total stock numbers fell, and as median prices in some regions saw little movement, latest REINZ figures showed.
REINZ CEO Jen Baird (pictured above) said despite July being a typically slower month for the property market, the month saw buyers returning alongside varying results across the nation.
“This month’s figures show a lift in market activity with sales counts slightly increasing in many parts of the country in July last year, and the year-on-year decrease in median prices continuing to ease, suggesting some confidence is returning,” Baird said.
The total number of properties sold in New Zealand increased 1.6% on the year to July, to
4,903, but was down 15.6% month-on-month. New Zealand excluding Auckland sales counts dropped 2.5% year-on-year from 3,343 to 3,258.
Across the regions, Auckland (10.8%), Waikato (9.4%), Bay of Plenty (13.7%), Nelson (3.9%), West Coast (31.0%) and Canterbury (10.1%) all posted growth in sales counts year-on-year. Bay of Plenty also rose 7.8% month-on-month.
The total number of properties for sale across New Zealand at the end of July was 23,090, down 12.4%, or 3,268 properties, from 26,358 the same period last year, and was down 6.4% month-on-month. New Zealand excluding Auckland was down year-on-year from 15,732 to 14,497, down 7.8%, or 1,235 properties, annually.
“With sales counts up this month, the national inventory level is falling,” Baird said. “More competitive prices and a ‘get in now’ attitude is bringing more buyers out ahead of this year’s election.”
Nationally, new listings fell 17.6% in July, from 7,470 listings in the same period last year to 6,156 and was down 1% compared to 6,218 the previous month. New Zealand excluding Auckland listings dropped 19.5% year-on-year from 4,778 to 3,847.
“These listing decreases are similar to last month’s so although our salespeople are reporting further increases in activity across the country the looming election and ongoing tighter economic conditions are seeing sellers holding back,” Baird said.
Nationally, the median sale price in July tumbled 4.9% year-on-year to $770,000.
Median sale prices varied significantly across regions. In Auckland, the country's largest property market, the median sale price fell 8.8% from July to fall back under the one-million-dollar mark and was down 1% compared to the previous month, to $990,000.
Other regions also saw declines over the year to July, such as Waikato (down 8.9%), Bay of Plenty (down 7%), and Wellington (down 8.9%). Marlborough (0.3%), Southland (1.2%), and Central Otago (4.6%), meanwhile, saw year-on-year price increases.
The national median days to sell remained relatively stable at 48 days. The median days to sell varied across regions, with West Coast posting the shortest median days to sell at 28, and Tasman the longest at 80.
“The ongoing impact of government policies, economic conditions, and global factors will continue to shape the New Zealand housing market,” Baird said. “We also tend to see a slowing in activity in the lead-up to a general election, but with buyer activity rising and lower levels of supply coming to market, we may see stronger demand appear in the coming months.”
Despite a slight increase in the house price index (HPI) month-on-month, the market continued to face challenges with a decline in value over the past year. The HPI for New Zealand was 3,551 in July, a 0.7% lift compared to the previous month, but down 6.9% to the same period last year, REINZ reported.
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