Property owners and investors enjoy the ride as the national median sale price has risen 2.7% year-on-year, climbing from $779,000[i]. 

The latest findings from the Real Estate Institute of New Zealand (REINZ) revealed that listings surged by 23.9% year-on-year to 31 March, climbing from 9,242 to 11,455.

Conversely, heightened buyer demand is evident in the decreased median days to sell, which dropped by six days year-on-year, from 44 to 38. REINZ Chief Executive Jen Baird says the market is clearly more active compared to a year ago, with high listing numbers, increased stock levels, higher sales counts, and higher median sale prices. 

Robust North Island market conditions 

Five regions, all in the North Island, saw significant year-on-year increases, with Wellington up 215 listings (+32.4%), Auckland up 986 listings (+31.4%), Manawatu-Whanganui up 112 (+30.4%), Bay of Plenty up 172 listings (+28.8%), and Hawke’s Bay up 72 listings (+26.8%). This is the second consecutive month where North Island regions have recorded the highest year-on-year increases in listings. According to REINZ, stock levels have increased by 13.5% from 29,284 to 33,245 properties year-on-year – the highest since 2015.

Sales activity was higher in 13 of 16 regions compared to March 2023. In seven of those regions, sales counts increased by over 10%. Gisborne led the way with the highest year-on-year increase in sales (+27.8%), reflecting a more usual level of demand, bouncing back from the low levels post the devastation of cyclones Hale and Gabrielle in early 2023.

The total number of properties sold in New Zealand increased in March (+7.4%) compared to February 2024, from 6,073 to 6,521, and up 8.0% year-on-year, from 6,040 to 6,521.  

Keith Niederer, Network Manager NZ, Raine & Horne, believes the latest data illustrates an amplified activity level within the New Zealand housing market.

“This is evidenced by the upward trend in listings, solid sales activity, expanding stock levels, and the uptick in property prices,” he said. 

“The current market rebound presents a promising opportunity for both sellers and buyers, especially as Raine & Horne is poised to extend its market reach across New Zealand.”

Whether you want to sell or buy a property, don’t hesitate to contact your nearest Raine & Horne office. 

[i] REINZ March data: Momentum in multiple market measures