There was an $18 billion upsurge, representing almost 19,000 more homes, listed for sale in the New Zealand property market last year.
According to realestate.co.nz, Kiwis listed more than $115b worth of residential property for sale in 2024, an $18.86b (19.4 per cent) increase compared to 2023.
The year saw more than 110,000 new residential property listings go onto the market, a rise of nearly 19,000 on the previous year, offering buyers significantly more choice.
“The influx of listings in 2024 provided more options for buyers, while the national average asking price remained remarkably consistent, dipping just 0.3 per cent year-on-year,” says Vanessa Williams, spokesperson for realestate.co.nz.
“This rare balance of supply and price stability created what we’ve called the ‘perfect market’ – a standout year where buyers and sellers could make confident decisions in a stable environment.”
Every region in New Zealand experienced a rise in new listings in 2024, says realestate.co.nz.
Wellington led the way, with 8132 new listings coming onto the market, a 37.3 per cent increase year-on-year.
Showing notable growth also was the Wairarapa region, up 26.5 per cent; Hawke’s Bay 25.8 per cent, Gisborne 24.1 per cent, and Auckland 23.0 per cent.
Auckland’s residential home listings for sale were 31,884 in 2023, increasing to 39,202, with the average asking price dipping -1.6 per cent from $1,114,087 in 2023 to $1,096,177 last year.
“Personal circumstances would have been a factor for many choosing to sell in 2024,” says Williams.
“But greater price stability across the motu likely boosted vendor confidence in some regions.”
Central Otago Lakes District, New Zealand’s most expensive region, led the country with 7.0 per cent growth in average asking prices in 2024.
Two of the country’s most affordable regions – the West Coast (up 5.0 per cent) and Southland (up 4.9 per cent) – followed closely behind, indicating strong buyer interest across different price points in the South Island market.
While average asking prices fell across 11 of New Zealand’s 19 regions year-on-year, the declines were modest, with Nelson and Bays (-3.7 per cent), the Central North Island (-2.8 per cent), and the Bay of Plenty (-2.4 per cent) seeing the largest drops.
“It’s interesting to see this pocket of price growth down south, particularly across such diverse markets,” says Williams.
“From the premium properties of Central Otago Lakes to the more affordable West Coast and Southland regions, the interest in the South Island suggests buyers are increasingly looking beyond the major centres for lifestyle opportunities.”
