Key Facts:

  • Rising property sales and low new listings in New Zealand are expected to reduce buyer options.
  • Monthly property sales in September 2023 increased by 4% compared to the previous month.
  • The number of new listings in September 2023 decreased by 3.8% compared to the same month last year.
  • Average property values in New Zealand increased by 3% over the past year.
  • The regions with the highest annual growth in property values are Manawatu/Whanganui (up 25.2%) and Gisborne (up 24.0%).
  • The regions with the lowest annual growth are Auckland (up 3.0%) and Canterbury (up 2.5%).

Article Summary:

Rising property sales coupled with a decrease in new listings are expected to result in reduced choice for home buyers in New Zealand. In September 2023, monthly property sales increased by 4% compared to the previous month, indicating a robust market. However, during the same period, the number of new listings decreased by 3.8% compared to September of the previous year.

These trends suggest that the imbalance between supply and demand will continue, potentially leading to fewer options for buyers. Additionally, average property values in New Zealand have risen by 3% over the past year, contributing to the affordability challenge for home buyers in certain regions. Manawatu/Whanganui and Gisborne have experienced the highest annual growth in property values, while Auckland and Canterbury have seen relatively lower growth.

To read the full article, go to:

https://www.corelogic.co.nz/news-research/news/2023/rising-sales-and-low-new-listings-will-tighten-buyer-choice