The New Zealand property market is experiencing more optimism as the year heads deeper into spring. According to the Real Estate Institute of New Zealand (REINZ), property values increased across Aotearoa by 2.1% month-on-month in September.

Overall, the REINZ September 2024 Monthly Property Report figures[i] highlight further signs of stability as spring sets in and confidence increases among vendors and buyers. Meanwhile, leading Australasian real estate brand Raine & Horne continues its expansion across the North Island.

According to REINZ, in the Auckland region, median values improved by 2.1% compared to August, with days to sell dropping by 3 days to 10. Jen Baird, REINZ CEO, said, “Owner-occupiers, first home buyers and investors were the active buyer groups across the region, with a decline in developers noticed in South Auckland.”

Meanwhile in Auckland’s North Shore, Raine & Horne Browns Bay has officially launched led by experienced and services-focused principal KC Munro. “At Raine & Horne, we’re a little different in our approach and the way we do things,” said KC.

“We’re entirely focused on the vendor, the person who engages us. We like it, and we think you will, too.” A long-time resident of the North Shore, KC has a wealth of knowledge about property in the area and the virtues of living on the Shore.

The timing of the opening of Raine & Horne Thames/Paeroa led by Jay Dellar could not have been better, with Waikato’s median price up 2.7% month-on-month to $760,000 in September and 1.6% year-on-year according to REINZ. Jen Baird added, “Owner-occupiers, first home buyers, downsizers and investors were the most active buyer groups across the region. Most vendors were realistic about their market expectations, but the OCR and interest rates influenced others to think they would achieve higher prices.”

Attendance and bidding increased at auctions across Waikato, and more auction listings hit the market. Post-auction activity increased if the property didn’t sell under the hammer. Jen Baird noted that increased buyer confidence, more ‘good news’ media, and increased buyer activity and enquiry influenced market sentiment. “Local salespeople are cautiously optimistic that buyer activity could increase as 2024 ends, although they are concerned the replacement of stock will not meet the level of sale.”

The possibility of stock shortages in Waikato makes it time to reach out to experienced professional Jay Dellar and the Raine & Horne Thames team if you’re considering a pre-Christmas sale. “My goal is to ensure that every real estate transaction is a smooth and stress-free experience, always approaching each deal with a calm and focused demeanour,” said Jay.

In the Bay of Plenty region, the median property price decreased slightly year-on-year to $790,000 according to REINZ. However, the beginning of spring saw a month-on-month increase of 1.3% in September, no doubt driven by increased attendance at open homes, according to REINZ.

The result was even stronger in Rotorua, where former golf professional Ant Barkley leads the Raine & Horne Rotorua charge. In Rotorua, the month-on-month increase was 2.2% in September, and values have increased overall over the last 12 months. Jen Baird added, “Market sentiment was influenced by factors such as buyers assuming they would lose out to other buyers, vendors shifting to false market impressions, declining interest rates, and increased buyer activity.”

Commenting on his view of the local property market and achieving successful sales outcomes, Ant says, “What I have learnt in real estate is that it’s never about any individual but more the relationships one creates with vendors and buyers. Ultimately, it’s about positive results and how they are achieved. It’s about the skills one possesses and the team around them to make it happen.

He added, “Throughout my career as a sportsman, drive and ambition to succeed have been paramount. It’s now transferred to real estate, and it's 100% full on with me, meaning that with each and every listing, I am 100% committed to getting results.”

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

[i] https://www.reinz.co.nz/libraryviewer?ResourceID=716