PHOTO: Jen Baird, the Chief Executive of REINZ. REINZ
National Highlights
- The national median price remains steady at $795,000 on a month-on-month basis, experiencing a slight year-on-year decrease of -2.8% from $818,000. Excluding Auckland, the median sale price in New Zealand decreased by 1.3% from $700,000 to $691,000 month-on-month.
- As of the end of October, the total number of properties available for sale throughout New Zealand stood at 25,602, reflecting a 3.7% decrease (975 properties) from the previous year and an 8.6% increase on a month-on-month basis.
- In October 2023, the total number of properties sold nationwide increased by 8.0% year-on-year, totaling 5,619, while experiencing a 2.5% decrease on a month-on-month basis.
- On a national scale, new listings decreased by 2.6%, transitioning from 9,289 listings in October 2022 to 9,529 listings in October 2023, marking a notable 21.9% increase on a month-on-month basis.
- The days to sell metric exhibited a 3-day reduction for October 2023 on a month-on-month basis and a 7-day decrease year-on-year.
- The November 2023 statistics from the Real Estate Institute of New Zealand (REINZ) indicate increased sales activity, a rise in new property listings, reduced days on the market, and an overall boost in confidence compared to the same period last year.
Jen Baird, the Chief Executive of REINZ, notes a gradual but steady improvement in property market dynamics in October. With the elections behind us, the country is entering a more active phase in the property cycle.
Local agents are witnessing heightened activity across various buyer groups. Investors and first-time homebuyers are actively seeking properties, sharing the market with sellers who are displaying a willingness to set realistic price expectations. This positive trend is reflected in the median prices for this month, as highlighted by Baird. For further details, you can read more about it.
A key distinction between REINZ data and other housing data lies in the access to sales data from the point of price confirmation (unconditional data), rather than waiting until the property changes hands (settlement date), which can be weeks or months later. This crucial difference positions REINZ data as the most reliable and timely indicator of recent housing market activity.
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