In brief
In October, New Zealand's property market slowed with a 4.5% drop in new listings and an 11.4% rise in available stock. Auction activity fell to a seven‑year low, while regional price movements varied, with Auckland's prices dropping 5.2% and Otago's rising 13.2%. Sellers and buyers are both delaying decisions amid economic and political uncertainty.
New Zealand’s property market slowed in October as buyers and sellers took a cautious stance ahead of Saturday’s general election, data released by realestate.co.nz on Friday showed.
New listings fell 4.5 percent year on year, while available housing stock rose 11.4 percent to its highest October level in more than a decade, suggesting both vendors and buyers were delaying decisions amid economic and political uncertainty.
Auction activity, often seen as a sign of vendor confidence, accounted for 22.1 percent of new listings in October, down from 26.2 percent a year earlier and 28.3 percent during the October 2023 election period, marking the lowest October share in seven years.
Sarah Wood, CEO of realestate.co.nz, said auctions can be a sign of vendor confidence in the property market.
“Auctions can be a sign of vendor confidence in the property market.”
New listings declined in 11 of New Zealand’s 19 regions. Auckland, the country’s largest city, recorded a 7.9 percent annual fall, while Coromandel and Northland on the North Island saw declines of 16.1 percent and 15.2 percent, respectively. The South Island bucked the trend, with listings rising 13.1 percent in Otago.
The national average asking price fell 2.7 percent year on year to 840,380 NZ dollars (about 468,188 US dollars) in October. Auckland prices declined 5.2 percent to 984,527 NZ dollars, while Otago recorded the strongest regional increase, rising 13.2 percent to 646,871 NZ dollars.