The property market presents a mix of challenges and opportunities for 2025, REINZ says
As 2024 wrapped up, the New Zealand property market concluded on a subdued note, echoing the traditionally slow activity of December, Real Estate Institute of New Zealand (REINZ) reported.
The end-of-year slowdown reflects broader trends and adjustments within the market, with implications for buyers and sellers heading into the new year.
Annual overview and regional highlights
“December is typically a quiet period for the housing market,” REINZ CEO Jen Baird (pictured above) said. “Our data shows that the sales count decreased by 27.4% compared to November 2024 but increased slightly by 1.8% compared to December last year.”
These fluctuations underline the unique seasonal dynamics that impacted the market at the year’s end, contributing to a particularly quiet month for property transactions across the country.
The nationwide sales increased modestly year-over-year, from 5,420 in December 2023 to 5,518 in December 2024. Excluding Auckland, the increase was more pronounced at 3.8%. Regions like Taranaki and Waikato experienced significant sales growth, with increases of 24.3% and 15.9%, respectively.
Pricing trends and market adjustments
While the median national price dipped slightly by 0.6% to $775,000 year-over-year, localised variations were notable. The West Coast and Nelson saw the largest jumps in median prices, with increases of 24.3% and 10.6%, respectively.
“This year’s festive season saw a larger drop in sales, likely due to how the holidays were scheduled, reducing the urgency among buyers who anticipated further interest rate cuts,” Baird 
Inventory and listings dynamics
Despite a national decrease in new listings, overall inventory rose by 18.5% compared to last year, indicating a buildup of stock as market demand shifts, REINZ reported.
The total listings decreased slightly by 1.3% from last year, with some regions like Gisborne and Nelson experiencing substantial increases in new listings.
Auctions and time on market
The proportion of properties sold at auction dropped to 12.9% of all sales, with the median days on market rising across the country. This increase in time to sell, now standing at 42 days nationally, up from last year, suggests a cooling in market urgency and a shift towards a buyer's market in several areas.
Looking ahead: 2025 market prospects
The real estate market presents a mix of challenges and opportunities for 2025. The year appears promising yet cautious, with potential for continued adjustments in buyer behaviour and pricing trends, REINZ reported.
Read the REINZ announcement here. For more details, read the Monthly Property Report and the House Price Index (HPI) Report.
