NZ property market report #2 - 19th March '24

Here is your monthly New Zealand property market update.

• 🟢 house prices are up 1.1% over the last month
• 🟢 days to sell are down 15.0% year on year. 51 vs 60 days to sell this time last year
• 🔴 the number of listings is up 7.3% year on year. 28,846 listings are currently on the market vs 26,881 this time last year (+1,965).
• 🟢 the number of sales were up 37.9% in February compared to the same month last year.
• 🟢 the average rent is up 9.1% in December compared to the same month last year.

A couple of people asked ‘how do these traffic lights work?’

🟢 is good. 🔴 is bad. 🟠 is neutral. I put these in because sometimes a number going up can be good. If more properties sell, that’s a good sign for the property market.

But, sometimes, a number going up can be bad. For instance, if the number of listings goes up, that’s not good. It means more competition if you choose to sell.

Let’s get into the numbers –

Over the last 12 months, New Zealand property prices are up 3.2%, that includes a 1.1% increase in Feb.

In February, it took 51 days to sell a property in New Zealand (on average). That’s 9 days less than the same time last year.

Currently there are 28,846 properties on the market. That is up 7.3% compared to last Feb.

In terms of sales, February was much stronger than the previous year. 5,693 properties sold last month. That's 37.9% up on the prior year.

A lot of you also replied to my last email asking about rents.

Rents are up 9.1% in New Zealand year-on-year. Over the last 12 months, the average rent increased by $50 a week, from $550 to $600.

I’m working on getting more specific data about rents (broken down by bedrooms and property type). I aim to get that in next month’s update.

Want to see all the latest stats about the New Zealand property market? Here is my full update.