New listings surge as confidence returns to the housing market

New Zealand’s property market showed renewed momentum in October, with the number of new listings on realestate.co.nz rising 5.5% compared to the same month last year. The 12,209 new listings recorded were the highest October total since 2018, with year-on-year increases seen in 15 of the country’s 19 regions.

Realestate.co.nz Spokesperson Vanessa Williams said the lift in activity pointed to growing confidence among both buyers and sellers. “With an increase in listings hitting the market, plus a regional all-time asking price high like we’ve never seen before, there are early signals that a shift is beginning to take place,” she said.

Strong regional performance

One standout result came from Central Otago/Lakes District, where the average asking price rose 18.9% year-on-year to above $1.6 million. This made it the first region to ever exceed the $1.6 million benchmark.

Ms Williams said the steadiness in asking prices across many regions was reassuring for both sides of the market. “With asking prices remaining stable across the majority of our 19 regions, both buyers and sellers can enter the market feeling confident it will deliver a favourable result,” she said.

Total stock levels also increased. There were 33,588 total listings in October, up 3.9% year-on-year, with eight regions reporting higher inventory. Ms Williams said increased activity was “a good sign that people are actively looking to make their next property move”.

Returning to pre-COVID confidence

The lift in listing numbers points to sentiment improving after a subdued period. “After a few years of caution, October’s strong activity is a promising sign of confidence returning to the market,” Ms Williams said.

Inventory levels remain slightly below average, with 23 weeks of stock available in October compared to the long-term average of 26 weeks. This indicates that while more properties are coming online, they continue to be absorbed at a steady pace.

Thinking of buying or selling while confidence is rising? I can help you understand how current market conditions may affect your next move and guide you through your home loan options.