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December Brought A Quiet Close To 2024

As December concluded 2024, the New Zealand property market experienced a relatively quiet month, as indicated by the latest figures from the Real Estate Institute of New Zealand (REINZ).

REINZ Chief Executive Jen Baird stated, “December is usually a quiet month for the housing market. For New Zealand, sales count was down 27.4% compared to November 2024 and up 1.8% compared to last year. When we adjust the figures for seasonal effects, we see that both percentage movements are notably less than expected, confirming that December 2024 was a particularly quiet month for residential dwelling sales in New Zealand.”

Sales increased by 1.8% nationwide compared to December 2023, rising from 5,420 to 5,518. In New Zealand, excluding Auckland, sales saw a year-on-year rise of 3.8%, from 3,838 to 3,984. Notable growth in sales was observed in Taranaki (+24.3%) and Waikato (+15.9%).

The median price for New Zealand decreased slightly by 0.6% to $775,000 year-on-year. Month-on-month, the national median price fell 1.8% from $789,000. Excluding Auckland, the median price increased by $10,000 (1.4%) year-on-year, rising from $700,000 to $710,000.

Eleven out of sixteen regions reported an increase in median prices compared to December 2023. The West Coast had the highest increase, up 24.3% from $346,000 to $430,000, followed by Nelson with a 10.6% increase from $710,000 to $785,000.

"Sales have risen year-on-year, though we saw a larger than usual drop off in sales this festive season. This suggests that December 2024 was impacted by the way the holidays fell, making it a shorter-than-usual December, with many people choosing to start their holidays early this year. Buyers had ample stock to choose from, and many expected further interest rate reductions, so there was limited urgency in the market in December. Local agents report that first-home buyers and owner-occupiers dominate the market, in some areas benefiting from lower property prices and improving affordability,” added Baird.

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Overall, listings nationally decreased year-on-year by 1.3% from 4,828 to 4,767. Excluding Auckland, listings fell by 1.2% compared to December 2023, from 3,436 to 3,394. Seven out of fifteen regions reported increases in listings compared to last year; the most significant gains were reported in Gisborne (+36.8%), Nelson (+33.1%) and the West Coast (+32.1%).

National inventory levels have risen, increasing by 18.5% year-on-year to 29,478. However, inventory levels have decreased by 13.3% compared to the previous month, down from 33,984.

Baird observes that while there was a slight year-on-year decline in new listings, several regions experienced significant increases.

“Listings dropped significantly compared to last month, showing a clear seasonal slowdown. Fewer new listings are entering the market, but overall inventory is still higher than last year. This means that stock is building up as demand changes.”

In December, there were 713 auctions nationally (12.9% of all sales), a decrease from 13.7% last year. The national median days to sell rose by six, to 42 days, compared to the previous year; excluding Auckland, it increased by six, to 42 days.

The House Price Index (HPI) for New Zealand is currently at 3,610, indicating a decrease of 1.1% year-on-year and 0.7% compared to November 2024. Over the past five years, the average annual growth rate of New Zealand's HPI has been approximately 4.4%. However, it is currently 15.6% lower than its peak in 2021.

How did 2024 compare to 2023?

As we reflect on the past year, take a look at the tables below that highlight the changes in New Zealand's real estate market since 2023. This year has brought significant shifts in listings, average inventory, sales counts, and the days it takes to sell properties. The market’s evolution tells an interesting story of how buyers and sellers have responded to new challenges and opportunities posed over the years. These changes provide valuable insights into market trends and highlight the overall performance of the real estate sector.

The table below shows how 2024 compares to 2023 in listings, average inventory, and days to sell. You can view a map which shows how median prices and sales counts evolved over that same period.

Fact sheet

Median Prices

  • Eleven of 16 regions had year-on-year price increases with West Coast leading the way with a 24.3% increase.
  • With Auckland, none of the seven TA’s had positive year-on-year median price movements.
  • With Wellington, four of eight TAs had positive year-on-year median price movements with Carterton District leading the way with +11.9%, followed by Kapiti Coast District at +7.6%.
  • There was one regional median price equal record this month – West Coast reached a median price of $430,000, the same as in April 2024 when it first recorded this record median price.
  • There were two record median prices at the TA level this month. Wairoa District recorded a median price of $621,000, 1.4% higher than the prior record in January 2021, and Taupo City recorded a median price of $950,000, 0.5% higher than the prior record in June 2024.

Sales counts

  • Compared to all prior months
    o NZ, NZ Excl. Auckland, Auckland, Canterbury, Gisborne, Manawatu-Whanganui, Southland, Taranaki, had their lowest sales counts since June 2024
  • In terms of the month of December, December 2024 had the lowest Sales Count in
    o Gisborne since records began
    o Tasman since 2010
    o West Coast since 2014
  • In terms of the month of December, December 2024 had the highest Sales Count in
    o Nelson since 2020

Median Days to Sell

  • Northland and Taranaki had their lowest median Days to Sell since December 2022
  • In terms of the month of December, December 2024 had the highest median Days to Sell in 
    o Auckland and Gisborne since 2001
    o NZ and Canterbury since 2008
    o NZ Excl. Auckland since 2010
    o Hawke’s Bay since 2011
    o West Coast since 2018

House Price Index (HPI)

  • Southland is the top-ranked HPI year-on-year movement this month. Otago is second and Canterbury is third.
  • Regarding the 3-months ending HPI movement, Otago ranks first, Bay of Plenty is second and Canterbury is third.

Inventory

  • All 15 regions have had an increase in inventory in December 2024 compared to one year prior.
  • Taranaki has had 38 consecutive months of year-on-year increases in inventory.

Listings

  • Seven of 15 regions had an increase in listings in December 2024 compared to one year prior.

Auctions

  • In December, there were 713 auctions nationally (12.9% of all sales), a decrease from 13.7%, or 740 auctions in December 2023.
  • Auckland 21.3% = 327 auctions vs 25.0% = 395 auctions in December 2023 (27.3% = 637 auctions in November 2024)
  • Gisborne 26.9% = 7 auctions vs 50.0% = 21 auctions in December 2023 (36.8 = 21 auctions in November 2024)
  • Canterbury 20.0% = 187 auctions vs 15.0% = 139 auctions in December 2023 (22.1% = 277 auctions in November 2024)

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