The Real Estate Institute of New Zealand (REINZ) released its July 2024 data today. The data shows signs of positivity with increases in sales numbers and listing volumes.

REINZ Chief Executive Jen Baird said July brought a new wave of buyer activity not typically seen in late winter. While listings continue to increase, the rise in sales volumes has seen the total number of properties for sale in New Zealand fall compared to last month. However, median prices have decreased by 2.2% nationally compared to a year ago, indicating that houses sold at a lower price in July.

The complete data sets are available by clicking the links below:

CLICK HERE for the July press release

CLICK HERE for the property report

CLICK HERE for the HPI report

CLICK HERE to view other reports on our website

The number one advantage of REINZ data over other housing data on the market is that REINZ has access to sales data from the time the price is locked in (unconditional data) as opposed to when the house changes hands (settlement date), which can often be weeks or months later. Therefore, REINZ data is the best and most timely measure of recent housing market activity.

Fact sheet

Median Prices

• Seven of 16 regions had year-on-year price increases with West Coast leading the way with a 21.2% increase.
• With Auckland, two of seven Territorial Authorities (TAs) had positive year-on-year median price movements with Auckland City the strongest at +13.4%, followed by North Shore District at +1.2%.
• With Wellington, seven of eight TAs had positive year-on-year median price movements with South Wairarapa District leading the way with +17.0%, followed by Kapiti Coast District at +6.9%.
• There was one regional median price record this month with Southland recording a record high median price of $482,500.
• There were two record median prices at the TA level this month. Grey District recorded a record-high price of $500,000, a 16.3% increase on the prior record set in November 2023 and Gore District recorded a record-high price of $490,000, an 11.4% increase on the prior record set in October 2023.

• Nelson had its lowest sales count since January 2024.
• In terms of the month of July, July 2024 had the highest sales count in all regions (including NZ and NZ Excl. Auckland) other than Bay of Plenty, Nelson, Taranaki, Tasman and West Coast since 2021.

Median Days to Sell

• Manawatu-Whanganui had its highest median Days to Sell since February 2015.
• Taranaki had its highest median Days to Sell since February 2023.
• Hawke’s Bay had its highest median Days to Sell since June 2023.
• Southland and Waikato had their highest median Days to Sell since July 2023.
• In terms of the month of July, July 2024 had the highest median Days to Sell in:
  o Marlborough since 2001
  o New Zealand and Auckland since 2008
  o Taranaki since 2011
  o Hawke’s Bay since 2012
  o Manawatu-Whanganui since 2014

House Price Index (HPI)

• Otago is the top-ranked HPI year-on-year movement this month. Southland is second and Canterbury is third.
• Otago reached a new peak HPI at 4,187

Inventory

• All 15 regions have had an increase in inventory in July 2024 compared to one year prior.
• Taranaki has had 33 consecutive months of year-on-year increases in inventory.
• Northland has had 28 consecutive months where their inventory has been at least 15% higher than the same month the year before.

• All but one region had a year-on-year increase in listings in July 2024 compared to one year prior, with Taranaki the only region not to have an increase (-4.8%).
• Auckland has had 7 consecutive months where their listings have been at least 20% higher than the same month the year before.
• Hawke’s Bay has had 7 consecutive months where their listings have been at least 15% higher than the same month the year before.

• Nationally, there were 647 auctions in July 2024, 11.1% of all sales, compared to 529 auctions or 10.4% of all sales in July 2023.
• In Auckland there were 332 auctions in July 2024, 18.4% of all sales, compared to 326 auctions or 19.1% of all sales in July 2023.
• In Gisborne, there were 8 auctions in July 2024, 18.6% of all sales, compared to 7 auctions or 25.0% of all sales in July 2023.