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Thursday, 14 December 2023
REINZ Chief Executive Jen Baird says November continues the trend of slow and steady improvement in property market activity now that the country is past the election, and we head into more active months in the property cycle.
“November has brought the expected lift in the number of properties coming to market and a significant increase in the number sold - a sign of positivity returning to the market. Open home attendance numbers and auction room activity have picked up as well in many parts of the country and we expect to see the number of properties sold across New Zealand increase in December, as we enter the busier season for real estate and people taking action to sell or buy before the pause at Christmas. Overall sentiment appears to be more positive, although this does vary by region,” says Baird.
The market has steady activity again this month with a solid increase in the number of properties sold, up by 15.7% (from 5,550 to 6,422) month-on-month, and up by 12.2% (from 5,724 to 6,422) compared to November 2022. For New Zealand excluding Auckland, the total number of properties sold has followed a similar pattern, increasing by 17.0% month-on-month and increasing by 12.2% year-on-year. The national median sale price remained largely unchanged compared to last month, increasing by $1,000 to $790,000. Year-on-year, there is a slight national decrease of 2.0% from $806,000, while New Zealand excluding Auckland is down by 1.4% to $700,000 from $710,000.
"While factors like interest rates continue to impact the market, it certainly looks as though buyers and sellers are heartened by the fact that the election is over and the Official Cash Rate is stable. Although we will see some slowing over the Christmas period, we anticipate seeing a resurgence of activity from the end of January, as the boost in market positivity helps raise confidence further” comments Baird.
Regional highlights
- Compared to last month, West Coast had the biggest median sale price increase this month at +17.5%.
- Compared to last month, Nelson had the biggest increase in the number of properties sold, increasing by 51.3%.
- Canterbury had the only positive year-on-year median price movement (+3.2%).
- West Coast had the biggest decrease in median Days to Sell, reducing 22 days compared to October 2023.
“First-home buyers were the most active buyer group across the region. Kerikeri also saw activity from owner-occupiers, and Whangarei received more enquiries from investors.
Most vendors are adjusting their prices according to the market, yet some are sticking to their original asking price. Open homes saw a decrease in attendance in Whangarei, this may be due to an increase in listings for buyers to choose from. Kerikeri saw fair attendance in new listings. Local agents have seen a rise in activity in auction rooms across the region." (REINZ)
The current median Days to Sell of 56 days is more than the 10-year average for November which is 46 days. There were 40 weeks of inventory in November 2023 which is 9 weeks less than the same time last year.
Auckland’s median prices decreased by 0.8% year-on-year to $1,052,000.
“There was a general rise in activity among all buyer groups across the region. Some vendors are being realistic with their price expectations, but others are sticking to their original asking price.
There was higher attendance and more activity in open homes and auction rooms across most of the region. Sales counts rose in West and South Auckland and remained steady in Central Auckland and Rodney District.
While factors such as interest rates and the current economic environment continue to impact the market, agents report that the change of government and the stability of the Official Cash Rate has resulted in a boost in market confidence. Agents are predicting a slow market in the coming months but are confident that it will improve later in the new year.” (REINZ)
The current median Days to Sell of 37 days is more than the 10-year average for November which is 34 days. There were 25 weeks of inventory in November 2023 which is 4 weeks less than the same time last year.
In Waikato, median prices decreased by 3.2% year-on-year to $760,000.
“Owner-occupiers were the most active across the region. Taupo and Hamilton saw activity from first-home buyers once again. Thames-Coromandel continued to receive interest from holiday home buyers.
Vendors are adjusting their prices according to the market. Open homes and auction rooms continued to see fair to good attendance with Hamilton seeing full rooms for many weeks. Local agents report an increase in sales counts with Hamilton agents saying they received the highest sales volumes since November 2021.
The change in government and the stability of the Official Cash Rate has helped boost market sentiments. While some are wary of change, others feel that the worst is now behind them. Agents expect a slow yet steady market with things picking up later in the new year. Thames-Coromandel agents are hopeful for a good summer with the opening of State Highway 25A in a few weeks." (REINZ)
The current median Days to Sell of 49 days is much more than the 10-year average for November which is 37 days. There were 24 weeks of inventory in November 2023 which is 8 weeks less than the same time last year.
Bay of Plenty’s median prices decreased by 4.9% year-on-year to $815,000.
“First-home buyers and owner-occupiers continued to be the most active buyer groups. Most vendors are setting their prices to match the market, but a small percentage are sticking to their original prices.
Attendance in open homes has been steady across the region, with more activity being observed in new and low-priced properties. Auction rooms saw a rise in activity as well.
In Tauranga agents report an increase in stock levels. Factors such as high interest rates and the current economic environment are impacting the market. Market sentiments are mixed, with Tauranga agents reporting general positivity while Rotorua agents report buyers and sellers being restless and hoping to get settlements completed before Christmas. Agents have a positive outlook for the new year and are hopeful that the market will remain steady while the new government sorts itself out.” (REINZ)
The current median Days to Sell of 44 days is more than the 10-year average for November which is 39 days. There were 25 weeks of inventory in November 2023 which is 1 week less than the same time last year.
Gisborne’s median prices decreased by 15.2% year-on-year to $560,000.
“In Gisborne owner-occupiers have begun listing their properties, with plans to move on. More vendors are adjusting their prices according to the market.
Open homes and auction rooms saw an increase in attendance and activity in November. There has been an overall increase in sales counts across Gisborne, this is despite significant weather events impacting the region.
The weather and road closures had the largest effect on the property market in the region. Despite this, local agents report that market sentiments are generally positive.
Looking at recent market activity, agents are hopeful for a sustained period of market activity in 2024." (REINZ)
The current median Days to Sell of 38 days is more than the 10-year average for November which is 37 days. There are 11 weeks of inventory in November 2023 which is 2 weeks less than last year.
Median prices in Hawke’s Bay decreased by 1.1% year-on-year to $680,000.
“First-home buyers continued to be the most active buyer group in the region, followed by owner-occupiers who were looking to downsize. Most vendors are adjusting their prices to meet the market. Both open homes and auction rooms saw good attendance across the region.
Factors such as interest rates continue to impact the property market.
Local agents are reporting an overall low level of listings and sales. Despite this, they are hopeful that there will be improvement later in the new year.” (REINZ)
The current median Days to Sell of 39 days is more than the 10-year average for November which is 37 days. There were 17 weeks of inventory in November 2023 which is 3 weeks less than the same time last year.
In Taranaki, median prices decreased by 8.9% year-on-year to $565,000.
"Owner-occupiers continue to be prevalent in the region, with some activity being seen from first-home buyers in Taranaki. In general, vendors are being realistic with their price expectations. Open home attendance was slightly below normal in November, but new listings continue to be popular.
Local agents report that sales counts remain low. This appears to be due to reluctance from buyers.
Interest rates currently have the most significant impact on the market. It continues to be a buyers’ market in Taranaki. Local agents report that enquiries are healthy, but buyers are currently unwilling to put offers forward. Agents expect a small increase in activity before Christmas, followed by a slowdown during the holidays." (REINZ)
The current median Days to Sell of 37 days is more than the 10-year average for November which is 33 days. There were 20 weeks of inventory in November 2023 which is 1 week more than the same time last year.
Manawatu’s/Whanganui’s median prices decreased by 7.7% year-on-year to $530,000.
“Owner-occupiers continued to be the most active buyer group in the region, with an emergence of first-home buyers as well. More vendors have begun adjusting their prices to meet the market.
Open homes saw good attendance throughout November, especially on new listings. There were reports of some activity in auction rooms as well.
There was a rise in sales counts in November and agents predict this will continue. Interest rates, the current economic conditions and difficulty securing finance approval are having the biggest impact on the market currently.
The market had shifted to a more balanced one in November. Agents predict a slowdown during the holiday period, with the market picking up later in the new year.” (REINZ)
The current median Days to Sell of 39 days is more than the 10-year average for November which is 33 days. There were 24 weeks of inventory in November 2023 which is 1 week less than the same time last year.
In Wellington, median prices decreased by 1.1% year-on-year to $787,000.
"First-home buyers continue to be the most active buyer group alongside owner-occupiers. Vendors continue to set their prices according to the market. Open homes saw reasonable activity in November.
Factors such as interest rates and current economic conditions continue to influence the market. Despite this, local agents report positive market sentiments and more activity in November. Agents predict a slow down during the holiday period, followed by further movement later in the new year." (REINZ)
The current median Days to Sell of 34 days is more than the 10-year average for November of 31 days. There were 13 weeks of inventory in November 2023 which is the same as the same time last year.
Median prices in Nelson decreased by 7.1% year-on-year to $650,000. Marlborough’s median prices decreased by 4.3% year-on-year to $670,000. In Tasman median prices increased by 3.2% year-on-year to $825,000.
“Owner-occupiers continued to be the most active buyer group in Marlborough. There was also some activity from first-home buyers across the region.
More vendors are adjusting their prices according to the market. In Marlborough open homes saw an increase in attendance and auction rooms saw moderate activity.
Factors such as interest rates continue to impact the market. Marlborough agents report seeing buyers spread across the market, with more people purchasing homes, investment properties and lifestyle properties. Nelson agents report a wave of visitors during the holiday season; however, buyers remain cautious at this time. Agents across the region report a boost in market sentiment and Marlborough agents are expecting to see a rise in listing numbers over the coming months.” (REINZ)
The current median Days to Sell of 44 days is much more than the 10-year average for November which is 33 days. There were 26 weeks of inventory in November 2023 which is 5 weeks more than the same time last year.
The median prices for the West Coast decreased by 4.9% year-on-year to $399,500.
"November saw first-home buyers taking the mantle of the most active buyers group in the region. Local agents report a decline in buyers for middle to higher-end properties as they wait to see how the new government will influence the market.
Vendors are starting to negotiate but are still wanting to list at higher prices to start. Open home attendance remained low across the region, yet sales counts were steady. Rising interest rates are impacting the market more and buyers are cautious of overspending.
Local agents report that the market has held up well. Listings have started to grow and there is strong demand for lower value properties.
Agents believe that the market will begin to strengthen, with investors coming back in soon." (REINZ)
The current median Days to Sell of 26 days is much less than the 10-year average for November which is 62 days. There were 33 weeks of inventory in November 2023 which is 2 weeks more than the same time last year.
Median prices in Canterbury increased by 5.3% year-on-year to $700,000.
"The region saw a return of first home buyers and owner-occupiers as the most active buyer group. Agents from Timaru and Christchurch also report seeing a rise in activity from investors.
More vendors are adjusting their prices to meet the market; however, some are sticking with their initial asking prices. Local agents report that open homes and auction rooms saw steady to good attendance/activity. The region also saw good sales counts in November.
Local agents observed a boost in market sentiments across the region. This is most likely due to the change in government as well as the current stability of the Official Cash Rate. Factors such as rising interest rates and the cost of living continue to impact the market.
Local agents expect a relatively slow yet steady period in the upcoming months but are hopeful that market activity will pick up later in the new year." (REINZ)
The current median Days to Sell of 33 days is more than the 10-year average for November which is 31 days. There were 15 weeks of inventory in November 2023 which is 2 weeks less than the same time last year.
Dunedin City - “The region saw rising activity from almost all buyer types including investors. Open home attendance for new properties remains strong, particularly for low to middle price range properties.
Listing numbers continue to increase, and many agents are reporting good numbers of listings set for launch in the new year.
Factors such as the cost of living and interest rates continue to impact the market, however, the change in government has given market confidence a boost." (REINZ)
Queenstown Lakes - “First-home buyers continued to be the most active buyer group in the region. There were also reports of an increase in enquiries from investors as well. Agents have also reported a slowdown in the sale of higher-end properties.
Most vendors continue to stay firm on their asking price, however, there is still motivation to sell. Open homes saw an increase in attendance in November. On the other hand, activity in auction rooms has slowed down.
Local agents report that the change in government has brought a boost of positivity in the property market. Agents are hopeful that these positive sentiments will also help raise market confidence and lead to more activity from all sectors." (REINZ)
The current median Days to Sell of 37 days is more than the 10-year average for November which is 30 days. There were 16 weeks of inventory in November 2023 which is 1 week less than the same time last year.
In Southland, median prices decreased by 8.5% year-on-year to $430,000.
“There was a rise in activity for all buyer types across the region in November. However, there is still some caution being shown by all. Open homes saw low to moderate activity and auction rooms showed some activity.
Local agents report that the market continues to be in a state of flux, with interest rates, the election results and the amount of time taken to form a new government having the largest impact.
Everyone is waiting to see how the new government’s policies will affect the property market.” (REINZ)
The current median Days to Sell of 40 days is much more than the 10-year average for November which is 28 days. There were 18 weeks of inventory in November 2023 which is 4 weeks less than the same time last year.
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