A combination of stable house prices, high property stock levels and a falling OCR means a current “Goldilocks market” for buyers and sellers, according to an industry report.
Data supplied by realestate.co.nz shows the national average asking price held steady in November, “marking 23 months of prices hovering between $850,000 and $890,000”.
Additionally, stock levels last month reached “their highest point since April 2015, with just under 34,000 properties available nationwide”.
The New Zealand Property Report was produced by realestate.co.nz. Spokesperson Vanessa Williams said the market had reached a certain level of stability with a steady rise in new listings also helping mark “a return to more typical market patterns after a volatile 2023”.
“This is one of those rare moments where certainty and opportunity align, creating a true ‘Goldilocks market’ that benefits buyers and sellers.”
She added that falling interest rates and the absence of election-year uncertainty “further reinforce market stability”, noting also it wasn’t shaping up to be a “frantic rebound”.
“It’s a steady uptick that provides confidence for both buyers and sellers.”
Year-on-year, the national average asking price dipped by 2.8% in November, while it declined by 1.1% month-on-month.
Williams said: “We’re seeing more market activity but not significant price fluctuations. In fact, at $846,150 in November, the national average asking price is at the bottom of the range we’ve observed for nearly two years.”
Only two regions — Central Otago/Lakes District and Wairarapa — have had month-on-month and year-on-year growth in average asking prices, according to Williams.
At the other end of the spectrum, “Bay of Plenty, Central North Island, Marlborough, Otago, Taranaki, Wellington, and the West Coast saw average asking prices decline year-on-year and month-on-month”.