WATCH: Perspectives Property Report November 2024

Hello, I’m Mark Harris and welcome to the November Perspectives Property Report.

The NZ real estate industry is experiencing renewed confidence and activity this spring with home buyers and investors re-entering the market with a cautious but optimistic approach.

With the Reserve Bank recently reducing the OCR 50 basis points to 4.75% and the strong possibility of another drop in November, we expect buyer activity to continue to grow this side of Christmas and into 2025.

Looking at REINZ’s September data, year-on-year median price is down 2.3% and volume of sales is also down 1%. But excluding Auckland, sales volume is up across the country 4.5% and listing numbers are up a substantial 27% year on year suggesting renewed stability and confidence amongst both buyers and sellers.

We expect the October data to be up on both sides of the ledger with Auckland activity levels also improving.

Realestate.co.nz recently reported a 25% spike in inquiries following the last rate cut, and we’ve experienced a similar boost on nzsothebysrealty.com. International interest in New Zealand has been particularly strong, with a remarkable 80% year-on-year increase in overseas visitors to our website. Overall, traffic for October is up nearly 50% compared to the same period last year, underscoring the growing momentum in the market.

On going government policy changes including bright line, interest deductibility, relaxing LVRs and the potential of a overseas buyer rule change in 2025 mean now is a good time to consider purchasing if buyers are contemplating a decision to move.

Kawarau Heights is one of Queenstown’s newest addresses. Entry into Kawarau Heights is through buying one of a selection of house and land packages, each individually designed to make the most of its unique position and views, some nearing completion and some now ready to move into.

This exclusive location couldn’t be better: a private sunny plateau central to shopping precincts, walking and biking trails on your doorstep, only minutes from the airport, with several ski and golf resorts close by. Find out more on our website.

And to Auckland’s Upper Harbour where we have this masterpiece on the Waitemata shores. The 4 bedroom sanctuary blends dramatic water views, lush gardens, and luxurious living spaces. With your own boat ramp, spacious patios, and a self-contained studio by the water, it is the epitome of Auckland waterfront lifestyle.

We’re also very excited to announce our international expansion into the Australian market with Melbourne Sotheby’s International Realty via a joint venture with esteemed brand leader Rob Curtain, allowing us to leverage a wealth of knowledge, resources and international exposure for both our New Zealand and new Victorian clients. We look forward to expanding our office presence in Melbourne through out 2025 and beyond.

Thanks for joining me, see you next time.