PHOTO: FILE
The Real Estate Institute of New Zealand (REINZ) has released its latest figures, revealing that the country’s median house price now stands at just over $770,000. This marks a 2.4% decline compared to the same period last year, reflecting ongoing adjustments in the housing market.
Despite the year-on-year drop, there are signs of stabilization. Month-on-month, the median price has shown a modest increase of 1.4%, suggesting that buyer activity is gradually picking up. Experts attribute this to more realistic pricing by vendors, aligning with current market conditions.
Regional variations remain a key feature of the market. Areas like Waikato, Bay of Plenty, and Taranaki have seen notable increases in sales activity, with investors and first-home buyers playing a significant role. However, the number of new listings has dropped year-on-year, creating a more competitive environment for buyers.
REINZ Acting Chief Executive Rowan Dixon highlighted the growing stability in the market, stating, “February saw a rise in sales, but median prices lagged, with only six regions recording an increase. High inventory levels give buyers less urgency, as they have plenty of options to choose from.”
While the market adjusts to evolving economic conditions, the outlook remains cautiously optimistic. With vendors setting realistic prices and buyers showing renewed interest, New Zealand’s housing sector appears to be moving towards a more balanced state.
This trend offers a glimmer of hope for both buyers and sellers, as the market continues to adapt to changing dynamics. Whether this marks the beginning of a sustained recovery remains to be seen, but the signs of stability are encouraging for all stakeholders involved.