Property sales surge across NZ
New Zealand’s property market is showing signs of renewed energy as spring brings increased sales and slightly rising prices.
The latest data from the Real Estate Institute of New Zealand (REINZ) revealed a positive shift after a previously subdued period.
“There seems to be light at the end of the tunnel,” said REINZ chief executive Jen Baird (pictured above).
Despite challenges like cost-of-living pressures, falling interest rates, increased property listings, and active open home attendance are all boosting market activity.
Sales surge across the country
Total property sales across New Zealand jumped by 20% in October compared to the same month last year. Excluding Auckland, the year-on-year increase was even higher, at 22.7%. The strongest regional growth was seen in Nelson, with a remarkable 112.8% increase, and Marlborough at 29.5%.
“Salespeople are seeing more confidence among vendors and buyers now we’re into spring, and this shows signs of a busier market leading up to Christmas,” Baird said.
Median prices show modest gains
The national median property price rose by 0.7% from $789,500 to $795,000 year-on-year and saw a monthly increase of 1.9%. Excluding Auckland, the median price increased by 2.9% to $710,000 over the past year.
Marlborough led the annual regional increases with an 18.3% rise, followed by the West Coast at 14.7%. Month-on-month, Marlborough and Manawatu-Whanganui recorded significant price jumps of 10.6% and 10%, respectively.
Inventory and new listings continue to climb
New listings have surged in 2024, with every month exceeding 2023 figures.
In October, 13 out of 15 regions reported more listings than last year, led by Gisborne (+103.6%), Canterbury (+40.6%), and the West Coast (+40.0%).
Nationally, listings rose by 21.4%, while inventory levels grew by 26.3%, providing buyers with a broader range of options and allowing them more time to explore their choices.
Auctions and market activity indicators
Auction numbers also rose in October, with 1,191 auctions making up 17.8% of all sales, up from 16.1% last year.
However, the median days to sell increased slightly, with properties taking 42 days to sell on average, up from 39 days in 2023. The House Price Index (HPI) stood at 3,616 in October, marking a 1.1% decline year-on-year but a 0.5% increase from September.
REINZ on outlook for the coming months
As the property market builds momentum, buyers remain cautious, mindful of high interest rates and aiming to negotiate fair prices.
Baird highlighted the importance of this balanced market.
“The increase in available properties provides buyers with the opportunity to explore a diverse range of options that better align with their individual needs and preferences,” she said.
With a steady inventory and rising sales, the New Zealand property market is positioned for a strong finish to 2024.
Read the REINZ’s Monthly Property Report and House Price Index (HPI) Report for more information.
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