New Zealand's real estate market continues its upward trajectory, with average property values experiencing a 3% increase since September, reaching a noteworthy $933,633, as per the latest data from CoreLogic.

In April, Wellington's housing market showcased resilience, particularly in Porirua and Upper Hutt, where values saw rises of 1.5% and 1.4% respectively, though Kapiti Coast, Lower Hutt, and Wellington City remained relatively flat. Upper Hutt emerged as the leader in gains over the past quarter, boasting a 4.5% increase, maintaining its momentum with a 5.9% rise since April 2023. Porirua also demonstrated strong growth, up 4.7% over the past year, while Lower Hutt and Wellington City recorded 2.1% annual growth.

Kelvin Davidson, CoreLogic NZ's Chief Property Economist, noted, "Wellington's wider housing market has generally remained on an upward trend over the past couple of months after recording larger falls through the downturn."

On a different note, recent research from realestate.co.nz underscored the resilience of the Central Otago/Lakes District and West Coast markets throughout April. Despite overall trends, both regions defied expectations with significant year-on-year increases in average asking prices: Central Otago/Lakes District by 17.0% and West Coast by 21.6%, albeit at different price points. Additionally, Taranaki experienced a rise in asking prices, up 7.2% compared to the previous year.

In Central Otago/Lakes District, new listings declined by 7.3% compared to April 2023. However, the region also witnessed a month-on-month surge in demand, with searches per listing up by 9.4% and engagements per listing up by 3.5%. Notably, international views on listings in the region increased by 18.6% year-on-year, indicating sustained appeal to property seekers from afar. Of these views, 31% originated from Australian-based seekers. With average asking prices nearing $1.6 million, Central Otago/Lakes District experienced a notable 17.0% year-on-year and 5.4% month-on-month increase.

West Coast, a small market, recorded only 52 new listings in April – down by 7.1% compared to 2023. Simultaneously, searches per listing (an indicator of demand) climbed 6.8% compared to 2023. The average asking price in the region also rose to $538,752 during April. 

Keith Niederer, General Manager, NZ Raine & Horne, observed, "As the market transitions into the winter months, we typically anticipate a cooling property market, and this year won’t be any different. 

“Despite the seasonal shift, both buyers and sellers can still uncover valuable opportunities. Central Otago/Lakes District and West Coast exemplify this, offering options across various price points."

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