2024: The Highs, Lows, and the Top Sale Prices

Now that Christmas is upon us, we are celebrating. Not only for the festive season but for the incredible achievements of the NZSIR team this year.

I am delighted to confirm that NZSIR has achieved New Zealand’s top three highest residential sale prices this year, including the residential record for 2024. This is a significant accomplishment not only for our national brand but for our dedicated, hard-working teams and agents across the country.

NZ’s Top Property Sales

NZSIR has sold six of the top 10 most expensive homes in New Zealand this year – including exceptional properties located in Auckland, Queenstown, and in between. All six of these properties were sold for more than $10 million. This tremendous result reflects the fact that vendors, particularly at the higher end, are seeking innovative and bespoke marketing for their properties, as well as access to our exclusive Sotheby’s International Realty buyer network.

The top end of the market is moving in the right direction.

Each of these transactions had been well considered by the buyers and were not overnight sales, but there is confidence returning to the high-end market, buoyed by a stabilising economy and some geopolitical turmoil encouraging expats home.

A Year of Ebbs and Flows

By all accounts, the New Zealand property market has enjoyed more success in 2024 than the previous year. Quarter one sprang into action with renewed positivity and high activity levels; however, this was relatively short-lived with the emergence of autumn – and then winter – bringing a subdued feel to the market.

In spring, activity began to rise again with transaction numbers and prices improving off the back of levelling inflation figures and an Official Cash Rate drop. That momentum has continued slowly throughout the remainder of 2024.

NZSIR sales figures for 2024 to November are up 28% on 2023, and October sales nationally across all companies were up 20% on 2023. This is all signalling a very positive 2025.

Regional Property Hotspots

Regions such as the Southern Lakes, Hawke’s Bay, and Waiheke Island have been top performers this year, with many buyers continuing to escape the cities in favour of lifestyle regions. Christchurch has also enjoyed consistent market activity; the city is growing momentum, with investors and homeowners perceiving value as the rebuild continues and the CBD is reinvigorated.

Expats and Internationals Buying NZ Property

Our high-end buyers are from New Zealand (including expats moving home), Australia, and Singapore, plus high-net-worth internationals with NZ residency.

What they’re looking for in a luxury NZ property varies; however, consistent elements on the wish list are privacy and exclusivity, as well as proximity to lifestyle attractions such as skiing, golf, beaches, and biking trails, or family requirements such as reputable schools.

Unrivalled Global Referral Network

NZSIR is part of the world’s largest residential buyer referral network via Sotheby’s International Realty. This means we not only specialise in innovative, bespoke marketing and a one-on-one approach, but we have the ability to connect any property with the right buyer, whether they’re based in NZ or overseas.

Our dominant global website has four million views per month and is a valuable tool for marketing extraordinary properties. Our vendors – particularly at the top end of the market – see the value in that, and its power in achieving the best-possible property prices.