Here is your monthly property market update.

It’s a mixed bag at the moment. Prices are down for the 2^nd month in a row. That’s because listings are up. There are more properties available to buy.

But, more of those properties are selling and they’re selling faster. Not what you’d expect to see.

• 🔴 house prices are down 0.8% over the last month
• 🟢 days to sell are down 6.5% year on year. 43 vs 46 days to sell this time last year
• 🔴 the number of listings is up 18.0% year on year. 30,437 listings are currently on the market vs 25,800 this time last year (+4,637).
• 🟢 the number of sales was up 25.3% in April compared to the same month the previous year.
• 🟢 the average rent is up 7.1% in March compared to last year.

Over the last 12 months New Zealand property prices are up 2.8%. That includes a 0.8% decrease in April.

In April it took 43 days on average to sell a property in New Zealand (on average). That's 3 days less than the same time last year.

Currently there are 30,437 properties on the market. That is up 18.0% compared to last April.

In terms of sales, April was much stronger than the previous year. 5,559 properties sold last month. That's 25.3% 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 $725, that's up 5% since last year
• 3-bed house is $680, that's up 5% since last year
• 4-bed house is $830, 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.