NZ property market report #3 - 26th April '24

Here is your monthly property market update.

• 🔴 house prices are down 1.2% over the last month.
• 🟢 days to sell are down 13.6% year on year. 38 vs 44 days to sell this time last year.
• 🔴 the number of listings is up 13.4% year on year. 29,741 listings are currently on the market vs 26,226 this time last year (+3,515).
• 🟢 the number of sales was up 8.0% in March compared to the same month the previous year.
• 🟢 the average rent is up 7.1% in February compared to last year.
  
  

Reminder about how 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 2.6%. That includes a 1.2% decrease in March.

In March it took 38 days to sell a property in New Zealand (on average). That's 6 days less than the same time last year.

Currently there are 29,741 properties on the market. That is up 13.4% compared to last March.

In terms of sales, March was much stronger than the previous year. 6,521 properties sold last month. That's 8.0% up on the prior year.

Rents are up 7.1% in New Zealand year-on-year. Over the last twelve months the average rent increased by $40 a week, from $560 to $600.

A lot of you also asked for the average rent broken down by property type and number of bedrooms.

The average rent for a:

• 2-bed townhouse is $600, that's up 7% since last year
• 3-bed townhouse is $720, that's up 6% since last year
• 3-bed house is $680, that's up 5% since last year
• 4-bed house is $825, that's up 6% since last year

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