2023 Property Market Update

The New Zealand property market has seen a strong start to the year 2023, with a high number of new listings and a good turnout for open houses. The early interest in the market can be attributed to several factors, including people wanting to get a head start on new listings and beat the predicted interest rate increase in February. Additionally, many potential buyers are looking to use their existing pre-approvals before they expire.
Jen Baird, Chief Executive at REINZ, says, “If you can make the finances work, this is a good time to be a buyer. Firstly, there is significantly more stock on the market. At the end of November, there were 28,449 properties available for sale across New Zealand — an annual increase of 47.7%. More stock, less competition, and prices continuing to ease will allow those who can get all the ducks in a row to buy well.”

REINZ Property Data

December 2022 REINZ data shows median prices have fallen, and the average days to sell have stabilized. Nationally, the median price for residential property decreased 12.2% annually to $790,000. The median number of days to sell a property in December was 40, which is 11 days longer than the previous December. At the end of December, 26,057 properties were available for sale across New Zealand. This is an annual increase in property inventory of 55.3%.
With a higher amount of stock in the market and less urgency from buyers, many sellers and developers are willing to negotiate a price that works for both parties, more so than if it was a busier market with less stock. If you are in the position to start looking for a home or investment property, now is a great time to do so.
If you don't know where to start, or you're looking for some advice, chatting to the SM Property team is a great start. Make sure to head to our Instagram for more property market updates, as well as some helpful tips for home buying. We're here to help you through every step of the way!