Perspectives Property Report May 2024

Hello everyone and welcome to the May edition of Perspectives property report.  

Well, this time last year we were talking about a market environment that was down on sales, listings and soft buyer activity in general – fast forward 12 months and it’s a slightly different ball game in the New Zealand property market. 

Activity levels are up – in particular listings with a 23.9%* increase year on year and the number of sales and median prices are steadily on the rise.  

March saw the second consecutive month of increasing national median sale price, and year on year sales increased by 8%. Days to sell dropped by 6 days year on year.* 

 Two markets to keep your eyes on are Wellington where the year-on-year median price increased by 9.3% and Hawke’s Bay who saw their days to sell drop by 17 days over one month.*  

Overall, the positive numbers show a measured yet increasingly active property market.   

 Right now, the market is balanced between buyers and vendors – higher stock levels mean buyers have got choice, but vendor expectations are being met when pricing is accurate and the property is professionally represented.  

We think this is a great time for buyers to move with substantial pending policy changes on the horizon, including the bright line test coming back to 2 years, interest deductibility on investment property being reinstated, and the stabilisation of interest rates.  

If you want an in-depth analysis about why now is a great time to buy, read our recently published analysis piece “seizing the moment in today’s property market” by Ben Macky in our Takapuna office. You will find it on the insights section of our website.  

 Our agents continue to transact substantial sales around the country, including this Waiheke Island home sold by Pene Milne and Cathy Cameron, as well as these significant sales in Wanaka, Auckland Remuera and Wellington. 

We see the market being primed to build over the next 6 months and with the removal of the overseas buyer ban still a possibility, we are fielding increasing enquiry from the US, Australia and Europe.  

 Today we’ll leave you with one of the most impressive properties available right now in New Zealand, the penthouse apartment in Auckland’s Pacifica. On level 54, it’s the country’s highest residential abode and offers opulence, sophistication, and ultimate privacy to its residents. View it online today.  

 Be sure to pick up the newly released Property Style with Sir Michael Hill on the cover, it’s a great read as always. See you next time.  

*REINZ march data