The latest data from the Real Estate Institute of New Zealand (REINZ) indicates strong buyer interest, with many deeming current price levels at attractive levels. This is encouraging news for vendors contemplating a winter sale.

To illustrate stronger buyer demand, the REINZ reports that 12 out of 16 regions saw an increase in the percentage of sales sold by auction compared to April 2023. For example, local agents saw more bidders and sales under the hammer in Hamilton and Taupo. In Hawke’s Bay open home attendance was steady, and auction room activity was positive. In Taranaki and Manawatu/Whanganui, local agents report that open home numbers for new listings attracted good attendance numbers, while in Southland, agents reported steady attendance at open homes across the region. 

With this data in mind, it’s not surprising that a significant number of vendors have already decided to sell, with national listings increasing by 34.9% year-on-year from 7,142 to 9,636, continuing a trend since the start of 2024, according to REINZ. Thirteen out of 15 regions experienced year-on-year increases in listings, with nine regions recording increases of over 25%. Wellington saw the largest increase, with listings up 69% year-on-year, followed by Otago with an increase of 55.2%, Marlborough (46.1%), and Auckland (41.1%). National stock levels also rose year-on-year, with 18.1% more properties available for sale in April 2024.

Keith Niederer, General Manager of Raine & Horne NZ, noted that conventional wisdom has long favoured spring as the optimal time to sell a property. "However, new data from REINZ indicating buyer demand is picking up and the prospect of above-average temperatures in some parts of New Zealand[i] indicate that there are advantages to selling during the colder months of 2024,” he said. "Regardless of the season, presenting your property in the best possible light is essential."

According to the Real Estate Institute of New Zealand (REINZ) the latest data indicates that sales activity lifting in almost all regions compared to storm-affected April 2023, with year-on-year pricing edging up as a result, continuing a trend seen in recent months[ii]. The national median sale price in New Zealand increased by 1.3% year-on-year, from $780,000 to $790,000. 

REINZ Chief Executive Jen Baird says the market is still relatively flat, despite nationally seeing higher sales counts, properties selling more quickly, increased stock levels, and more listings, compared to a year ago. These increases are a contrast with the much lower indicators seen in April 2023, and following the impacts of cyclones Hale and Gabrielle. 

Sales activity lifted in 15 of 16 New Zealand regions, compared with April 2023. Ten of those regions recorded increases of over 20%, with Marlborough (45.8%) recording the highest year-on-year lift in sales. 

Nationally, median “Days to Sell” decreased by 3 days in April, from 46 to 43 days, compared to a year ago. For NZ, excluding Auckland, median Days to Sell decreased by 7 days year-on-year, from 48 to 41 days. In 13 of 16 regions, median Days to Sell were lower compared with April 2023. The biggest decreases were in Tasman (down 29 days), Marlborough (down 18 days), Northland (down 17 days), and Wellington (down 11 days). 

Whether you want to sell or buy a property, don’t hesitate to contact your nearest Raine & Horne office. 
[i] https://img.scoop.co.nz/media/pdfs/2405/SCO_May_2024.pdf
[ii] https://www.reinz.co.nz/Web/Web/News/News-Articles/Market-updates/REINZ-April-data-A-subdued-market-amid-economic-challenges.aspx?name=REINZ-April-data-A-subdued-market-amid-economic-challenges