Listings up, sales up, days on market down

What a difference a year makes. In early 2023, the property market was experiencing a downturn. But 12 months later, the key indicators are pointing in the opposite direction, even though the market is far from booming.

Across New Zealand, the number of properties listed for sale in January was 10.4% higher than the year before, according to the Real Estate Institute of New Zealand (REINZ), while sales volumes were up 4.9% and days on market down 7.4%.

“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. However, most regions are reporting more buyer activity across the board, with some seeing a particular surge in first home buyer interest,” REINZ CEO Jen Baird said.

“Vendors are also being confident but realistic with prices as activity increases over the summer months. This is likely to resolve in inventory moving over the coming more active months in the year.”

Regional report

• Northland = sales volumes up 9.8% year-on-year, median price up 8.8% year-on-year.
• Auckland = sales down 12.6%, median up 3.4%.
• Waikato = sales up 10.2%, median down 1.4%.
• Bay of Plenty = sales up 18.8%, median up 2.2%.
• Gisborne = sales down 5.3%, median down 23.7%.
• Hawke's Bay = sales down 7.3%, median up 2.3%.
• Manawatu/Whanganui = sales down 0.7%, median down 2.4%.
• Taranaki = sales up 4.9%, median down 1.8%.
• Wellington = sales up 2.3%, median down 0.7%.
• Nelson = sales down 11.1%, median up 0.7%.
• Marlborough = sales up 7.0%, median up 2.5%.
• Tasman = sales down 9.4%, median up 10.4%.
• Canterbury = sales up 1.3%, median up 1.0%.
• West Coast = sales down 34.2%, median down 2.9%.
• Otago = sales up 3.6%, median up 2.2%.
• Southland = sales up 9.0%, median up 8.8%.