Property listings in July almost one-third higher than the year before

Buyers are spoiled for choice in most parts of New Zealand, with a large number of properties listed for sale.

A total of 30,556 properties were on the market in July, according to realestate.co.nz, which was 32.3% more than the year before. That included 8,080 new listings, which represented a 31.3% year-on-year increase.

While the number of new listings fell 4.8% in Taranaki, it increased in the rest of the country, including by: 

• 55.0% in Wellington.
• 36.1% in Canterbury.
• 35.8% in Otago.
• 35.0% in Manawatu-Whanganui. 
• 34.3% in Waikato.
• 32.4% in Bay of Plenty.
• 24.9% in Auckland.

Meanwhile, 10 of the country's 19 regions experienced a slower-than-usual rate of sale during July, suggesting conditions had become harder for vendors. (Rate of sale measures how long it would take to sell all homes at current average rates of sale if no new properties were listed for sale.)

“Buyers have ample choice and time to decide, but this will be a competitive market for many sellers. They should research local market trends and be prepared to negotiate to meet the market,” realestate.co.nz CEO Sarah Wood said.

“The high stock levels we have seen throughout 2024, combined with slower sales, could provide opportunities for buyers. However, this depends on individual circumstances. High interest rates and new debt-to-income ratios (DTIs) could impact their ability to purchase.  

“For sellers, understanding current market conditions is crucial. Staying informed, getting advice from your local agent and being flexible can make a significant difference in navigating this slower market.”

As Ms Wood said, conditions favour buyers in many parts of the country. So depending on your financial position, this might be a good time to purchase a property. If you’re thinking about entering the market, contact me first to secure a home loan pre-approval.