New property listings hit a December low, according to data from realestate.co.nz, with nine of 19 regions also reaching their lowest levels for that month.
The company’s New Zealand Property Report from December 2024 revealed a number of regions hit a record low for the number of new property listings for any December since the company began tracking records 17 years ago.
Northland, Auckland, Waikato, Bay of Plenty, Hawke’s Bay, Taranaki, Wellington, Central Otago/Lakes District, and Manawatu/Whanganui all recorded their lowest December levels.
The national average asking price was also its lowest since April 2021 at $842,476.
RealEstate.co.nz spokesperson Vanessa Williams said the property market “always cools in December, but the end of 2024 was record-breakingly quiet”.
“Over the past 17 years, we’ve observed a steady decline in the number of properties listed in December. Historically, December listings were about 30% lower than November. That drop has grown to 50% or more in recent years,” she said.
Williams said 2024 had been “exceptionally lukewarm”, and noted that the seasonal slowdown continued a trend of fewer properties being listed in December.
In December 2024, new listings fell by almost 60% month-on-month (11,129 vs 4767) — an even steeper drop than the 50% decline between November and December 2023 (10,712 vs 4828).
Williams said stock was also down 13.3% month-on-month during December, to 29,478 properties for sale. This seasonal dip saw stock levels below 30,000 for the first time since August 2024.
Stock was up 18.5% year-on-year, however.
Asking price differs by region
The data found there were significant variations between markets depending on region.
Of 19 regions, 11 saw average asking prices decline year-on-year. The biggest drops were in Central Otago/Lakes District (17.3% to $1,324,754), Nelson and Bays (13.4% to $829,412), Central North Island (11.0% to $708,350), and Bay of Plenty (10.9% to $823,926).
In contrast, Southland bucked the trend with a 15.3% year-on-year increase to $549,211 – a record-high for December. Additionally, Gisborne, Taranaki, West Coast, and Coromandel hit their highest average asking prices recorded for the month of December.
“We often see stark regional differences like this across the country, highlighting how critical local market knowledge is when buying or selling,” said Williams.
