Property Market
NZ property market report #9 - 29th October '24
There’s only one way to currently sum up the market. It’s a horrible time to sell a property. But it’s a great time to buy. The property market is edging into recovery.
Property Market
2 min read
NZ property market report #6 - 30th July '24
As well as your usual favourites, this month there’s new rental data. Investors are finding it hard to get good tenants. This has changed recently.
Here is your monthly property market report.
As well as your usual favourites, this month there’s new rental data.
Investors are finding it hard to get good tenants. This has changed recently.
2 months ago, Tony Alexander’s survey showed that a net 25% of investors said it was easy to find good tenants.
Now, more investors say it’s hard to find good tenants compared to those who say that it’s easy.
- 🔴 house prices are down 0.7% over the last month
- 🟠 days to sell are down 2.1% year on year. 47 vs 48 days to sell this time last year
- 🔴 the number of listings is up 29.0% year on year. 32,204 listings are currently on the market vs 24,964 this time last year (+7,240).
- 🔴 the number of sales was down 25.6% in June compared to the same month the previous year.
- 🟢 the average rent is up 5.3% in May compared to last year.
Over the last 12 months New Zealand property prices are up 1.3%. That includes a 0.7% decrease in June.
In June it took 47 days on average to sell a property in New Zealand (on average). That's 1 day less than the same time last year.
Currently there are 32,204 properties on the market. That is up 29.0% compared to last June.
In terms of sales, June was much weaker than the previous year. 4,356 properties sold last month. That's 25.6% down on the prior year.
So supply is up. Demand is down. That’s flowing through into weaker house prices.
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 3% since last year
- 3-bed townhouse is $720, that's up 3% 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
When it comes to rental supply and demand.
The number of rental searches (demand) on TradeMe was down 13% last month compared to the same time last year.
On the other hand, the number of listings (supply) was up 14% compared to the same time last year.
So that supply up, demand down equation.
Want to see all the latest stats about the New Zealand property market? Here is my full update.
Ed McKnight
Our Resident Economist, with a GradDipEcon and over five years at Opes Partners, is a trusted contributor to NZ Property Investor, Informed Investor, Stuff, Business Desk, and OneRoof.
Ed, our Resident Economist, is equipped with a GradDipEcon, a GradCertStratMgmt, BMus, and over five years of experience as Opes Partners' economist. His expertise in economics has led him to contribute articles to reputable publications like NZ Property Investor, Informed Investor, OneRoof, Stuff, and Business Desk. You might have also seen him share his insights on television programs such as The Project and Breakfast.
Related Property Market Report