Wellington House Listings Double as National Property Sales Rise Amid Economic Challenges

Date Published: 17 June 2024

Key Facts

• The median national house price is steady with a slight annual dip of 1.3 percent to $770,000.
• House market value rose 2.3 percent in May according to the Real Estate Institute House Price Index.
• 10 out of 16 regions saw price increases, with the West Coast seeing a 14 percent rise.
• The number of national listings rose by 25 percent, notably, Wellington listings doubled.
• Sales increased nationally by 8 percent, reflecting higher stock levels and new listings.
• Increased stock levels and new market entries provide more options and time for buyers.

Article Summary

The recent data from the Real Estate Institute shows some mixed but promising signals in New Zealand’s housing market. While the median house price nationwide slightly declined by 1.3 percent year-on-year to $770,000, the overall value of the housing market saw a modest increase of 2.3 percent in May.

Not all regions experienced price drops; 10 out of 16 regions reported increases, with the West Coast leading the charge with a notable 14 percent rise. There was also a significant rise in the number of house listings and stock levels, providing more choices for would-be buyers. Wellington saw a dramatic doubling of house listings compared to the previous year.

The ease in market pressure is reflected in the 25 percent rise in national listings paired with an 8 percent uptick in sales, despite ongoing economic challenges and buyer caution around securing finance and interest rate fluctuations. These revelations suggest buyers are benefiting from increased options and do not have to rush their purchasing decisions.

Jen Baird, CEO of the Real Estate Institute, highlighted that while economic uncertainties linger, there are positive signs such as the latest uptick in sales. Buyers are also seizing current opportunities before the anticipated market slowdown during the winter months and potential mid-year resurgence of investor activity.

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