NZ property market report #5 - 25th June '24

Here is your monthly property market update.

The housing market was quiet last month. House prices went down or stayed the same in every region in the country.

Part of that is Winter. Cool weather cools the property market.

But interest rates are still high, leading to less demand. And there are more properties for sale, leading to more supply.

Here are the stats – 

• 🔴 house prices are down 1.0% over the last month
• 🟢 days to sell are down 10.2% year on year. 44 vs 49 days to sell this time last year
• 🔴 the number of listings is up 22.4% year on year. 31,190 listings are currently on the market vs 25,488 this time last year (+5,702).
• 🟢 the number of sales was up 6.8% in May compared to the same month the previous year.
• 🟢 the average rent is up 5.3% in April compared to last year.

Over the last 12 months New Zealand property prices are up 2.3%. That includes a 1.0% decrease in May.

In May it took 44 days on average to sell a property in New Zealand (on average). That's 5 days less than the same time last year.

Currently there are 31,190 properties on the market. That is up 22.4% compared to last May.

In terms of sales, May was much stronger than the previous year. 6,303 properties sold last month. That's 6.8% up on the prior year.

Rents are up 5.3% in New Zealand year-on-year. Over the last twelve months the average rent increased by $30 a week, from $570 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 5% since last year
• 3-bed townhouse is $725, that's up 6% since last year
• 3-bed house is $680, that's up 5% since last year
• 4-bed house is $820, that's up 5% since last year

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