The Real Estate Institute of New Zealand (REINZ) published figures for June, which showed a relatively stable market. Although there had been increases in the number of sales compared to June 2024, the median price for New Zealand remained unchanged, and listings across the country also declined.
We’re seeing a market that is steady on the surface but with some movement underneath at a regional level. The unchanged national median price suggests stability, yet this reflects contrasting regional dynamics, with some areas experiencing renewed growth year-on-year.
Market summary:
June is typically a quieter month for real estate, and while the seasonal slowdown was expected, sales came in slightly below typical early winter levels. Nationally, seasonally adjusted sales fell by around five per cent, suggesting some caution in the market, but compared to this time last year, sales remain significantly stronger overall. While properties are still selling, the increase in median days to sell indicates that buyers are taking a more considered approach. This shift probably reflects a broader sense of caution, with many buyers feeling they have the time to explore their options, especially with the amount of choice they have.
Most vendors are entering the market with realistic price expectations and a willingness to adapt to current conditions, especially those motivated to sell. However, many are receiving offers below their anticipated value, prompting some to delay listing, or relisting, until spring or summer, when market activity may show signs of improvement.
Northland stats:
The median price for Northland increased by 0.8% year-on-year to $635,000.
Owner-occupiers, first home buyers and investors were the most active buyers across the region, with reports of reduced middle to high-end buyers in Kerikeri. Most vendor expectations regarding the asking price started high but tend to adjust to meet market expectations throughout the campaign, as well as the low offers that come in. Attendance at open homes was low and slow – the newly listed properties achieved higher attendance.
Auction room attendance and clearance rates varied across the region. Some saw good numbers in attendance and active bidders, while others had the opposite. Market sentiment was influenced by lending criteria and finance approvals, as well as the fear of overpaying – buyers remained confident that they would achieve a lower price if they persisted. Local agents predict that once the Auckland market picks up, their market will follow suit; in the meantime, it will remain steady and patchy.