Photo: RNZ / Nate McKinnon
The housing market is continuing to see slower sales, though the number of properties for sale is picking up.
The Real Estate Institute of New Zealand (REINZ) house price index rose 2.2 percent in January over the year earlier, with a national median house price of $760,000.
“January is usually a slower month for the completion of sales in New Zealand and this year is no exception with 2,995 properties being sold,” REINZ chief executive Jen Baird said.
“While this is 4.9 percent more than January 2023, the increase in listings is a stronger indicator that the
market continues to pick up.”
The number of listings rose more than 10 percent or by 5 percent, when Auckland is excluded from the national total.
The biggest month-on-month increase in listings were seen in Wellington at 148 percent, followed
by Gisborne at 84 percent, Canterbury at 81 percent and Auckland at 77 percent.
“Despite the wave of listings favouring buyers, the challenges of last year, including the cost of living, inflation, interest rate changes, and government reforms, mean some buyers remain cautious,” Baird said.
“However, most regions are reporting more buyer activity across the board, with some seeing a particular surge in first-home buyer interest.
“Vendors are also being confident but realistic with prices as activity increases over the summer months.”
Baird said changes to the support property investors was expected to bring more buyers into the market.
“2024 is shaping up to deliver a series of changes and shifts in dynamics for the market. The property sector is expecting the new government to make good on its promises to reduce the bright line back to two years and reintroduce interest deductibility on investment properties, changing the dynamics
of the property market again.”
