The residential property market is displaying clear indications of a robust rebound, as evidenced by the latest June 2023 figures released by the Real Estate Institute of New Zealand (REINZ).

Compared to last year, there was notable increase in sales in June 2023. The REINZ reports that in June, the total number of properties sold across New Zealand was 5,629, up from 4,912 in June 2022 (+14.6%), year-on-year. New Zealand excluding Auckland sales counts increased by 17.4% year-on-year from 3,203 to 3,761[i]. 

At the end of June, the total number of properties for sale across New Zealand was 24,676, down 6.1% (1,595 properties) from 26,271 year-on-year, and down 7.5% month-on-month. New Zealand excluding Auckland was down from 15,820 to 15,655, a decrease of 165.

Nationally, new listings decreased by 21.2%, from 7,893 listings to 6,218 year-on-year, and a 15.5% decrease compared to May 2023 from 7,359. New Zealand excluding Auckland listings decreased 19.8% year-on-year from 4,994 to 4,005. 

REINZ Chief Executive Jen Baird said, “Salespeople across the country are reporting increased first home buyer activity at open homes, with the easing of LVR restrictions that came into effect on 1 June bringing more people out looking.

“A lack of listings and the challenge of navigating the current economic climate are putting pressure on the market. Commentators say there are harder times ahead, but sales are still happening, people are still making choices about where and how they live, and these choices necessitate a property transaction,” adds Jen Baird.

According to Keith Niederer, Network Manager at NZ Raine & Horne these figures highlight a notable resurgence in activity within the market, while also defying the prevailing view that the real estate market tends to hibernate in the winter months.

“At the same time, there are fewer properties for sale than this time last year, which is great news for property owners considering a sale this winter,” he added.

If you’re looking sell a property this winter, contact your local Raine & Horne estate agent today.