As we settle in to 2024, the New Zealand real estate market has been buzzing with activity from buyers and sellers alike. From a drastic influx of listings to a rise in the number of sales, coupled with bustling open homes and thriving auction attendance, this notable upswing is encouraging.

1.      Abundance of Listings

Stock levels have hit an 8-year high: One of the most significant indicators of an active real estate market is the availability of housing stock. In recent months, the amount of new listings has surged, with a 44.8% year-on-year increase recorded for February, nationwide.

The result of this growing inventory is that total housing stock levels for the country are now sitting at 8.1% higher that February last year. This influx of listings suggests a growing confidence among homeowners to put their properties on the market, which in turn favours buyers, providing a wider selection of options to choose from.

2.      More Sales

The total amount of properties sold in NZ increased by 37.9% from February 2023: Accompanying the rise in available listings is a surge in the number of property sales, signalling an uptick in buyer activity.

In the Bay of Plenty, 367 properties were sold in February, a 37.5% increase on the year prior. Waikato saw 521 properties sold, a 28% increase on February 2023, and Northland experienced a 22.8% increase year-on-year with 156 sales.

These figures reflect the renewed sense of optimism and willingness among buyers. Factors such as lower mortgage rates, more leniency around lending and stable economic conditions contribute to the buoyancy of the market, increasing sales volumes and fuelling momentum.

The volume of sales across the country still needs to see further improvement, but the robust increases across many regions are reflective of a market turnaround.

3.      Price Increases

The national median sale price has increased 3.1% year-on-year: There were no regional records set in February, however the 3.1% increase on February 2023’s median price show that property values are still holding fast, despite the short sharp market correction last year.

According to an article published by realestate.co.nz, in the decade leading up to 2023, average asking prices for property doubled in 12 of New Zealand’s 19 regions, with the remaining six regions experiencing increases by at least 50%. Although the drastic increase in house prices has slowed considerably, the continued upwards trend underscores resilience in the market.

4.      Attendance at Open Homes and Auctions

Open Home and Auction attendance has increased: Open home events serve as a crucial platform for prospective buyers to explore properties firsthand. From a market perspective, the volume of interest and attendance at open homes also provides an indication of buyer engagement within the property sector.

Auction attendance is another key indicator, having long offered the most transparent and competitive environment for both buyers and sellers. Our EVES Auction Rooms across our various regions have seen good attendance both in-person and online.

The above indications herald a promising outlook for all stakeholders involved. With a plethora of listings flooding the market, sales improving due to heightened buyer interest, and vibrant open home and auction attendance, the market is witnessing a positive step forward.

If you are a buyer or seller looking to enter this dynamic market, get in touch with one of our helpful EVES salespeople to get started!

*All statistics contained herein were sourced from REINZ (The Real Estate Institute of New Zealand), and Realestate.co.nz’s latest report: https://news.realestate.co.nz/blog/new-zealand-property-market-2024-february