PHOTO: Auckland, New Zealand. FILE
NZ Property Market Soars in 2024: $115 Billion in Listings and Unprecedented Growth
New Zealand’s property market is buzzing with activity, with over $115 billion worth of residential property hitting the market in 2024. This marks a staggering $18.86 billion surge—a 19.4% increase compared to 2023—according to the latest data from realestate.co.nz. With nearly 19,000 more homes listed than the previous year, 2024 has been a transformative year for buyers and sellers alike.
A ‘Perfect Market’ for Buyers and Sellers
“The influx of listings in 2024 provided more options for buyers, while the national average asking price remained remarkably stable, dipping just 0.3% year-on-year,” says Vanessa Williams, spokesperson for realestate.co.nz.
This combination of increased supply and price stability created what Williams describes as a “perfect market”, where buyers and sellers could make confident, informed decisions in a balanced environment.
Wellington Leads the Charge in Listings Growth
Every region in New Zealand saw a rise in new property listings, but Wellington took the spotlight. The capital recorded 8,132 new listings, a 37.3% increase compared to 2023. Other standout regions included:
- Wairarapa: Up 26.5%
- Hawke’s Bay: Up 25.8%
- Gisborne: Up 24.1%
- Auckland: Up 23.0%
“Personal circumstances would have been a factor for many choosing to sell in 2024,” Williams explained. “However, price stability across the motu likely boosted vendor confidence in many regions.”
South Island Shines with Price Growth
While national asking prices remained relatively stable, the South Island emerged as a key area of growth.
- Central Otago Lakes District: Leading the country with a 7.0% increase in average asking prices.
- West Coast: Up 5.0%.
- Southland: Up 4.9%.
“From the premium properties of Central Otago Lakes to the affordable options in Southland and the West Coast, the South Island has attracted strong buyer interest across diverse markets,” Williams noted.
Modest Price Declines in Other Regions
While 11 of New Zealand’s 19 regions experienced slight declines in average asking prices, these drops were minimal:
- Nelson & Bays: -3.7%
- Central North Island: -2.8%
- Bay of Plenty: -2.4%
These modest changes indicate a relatively stable market, providing confidence for both buyers and sellers in most areas.
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Key Takeaways from 2024’s Real Estate Surge
The 2024 property market has shown that New Zealand is in a phase of evolution, with buyers seeking diverse opportunities and sellers leveraging the stability to list confidently.
- Increased supply: Nearly 19,000 more homes listed compared to 2023.
- Balanced prices: A rare scenario where supply surged without dramatic price fluctuations.
- Regional dynamics: Growth in the South Island reflects a shift in buyer preferences towards lifestyle and affordability.
What’s Next for NZ Real Estate?
As 2025 approaches, experts predict that the trends seen in 2024 could continue, with:
- Buyers exploring regional opportunities for lifestyle and affordability.
- Sellers benefiting from continued price stability in most markets.
- Potential growth in South Island regions, particularly for lifestyle properties.
Whether you’re buying or selling, 2024 has proven to be a pivotal year for New Zealand’s property market, offering unique opportunities across the board.
NZ house prices peaked in 2022 and have been falling since | REPORT
SOURCE OF STATITICS: REALESTATE.CO.NZ