Property listings have surged to levels not seen since 2015, with nearly 30% more houses up for sale. Meanwhile, house prices have inched up by 2.9% over the past year, according to the latest report from Real Estate New Zealand. The average asking price nationwide is now just under $887,000, up by $27,000 from last year. Central Otago boasts the highest average asking price, while the West Coast has the lowest, surpassing $500,000 for only the second time in 17 years.
According to Realestate.co.nz, the property market was quiet in 2023, with record-low listings for eight out of 12 months. Factors like high interest rates, living costs, and uncertainty due to the election kept transactions down. However, with inflation easing, new government policies, and more stable prices over the past 18 months, investors are returning to the market. Some are holding onto properties for tax benefits, while others are selling due to changes in rules like the brightline test being reduced to two years.
Darren Harris - Home4View 