April 16 2024 - The real estate market continues to be in recovery mode with several regions recording higher prices in March compared to the same time last year.

The national median sale price has increased in March 2024 by 2.7% from $779,000 to $800,000 year-on-year; it also increased by 1.1% from February 2024, from $791,500 to $800,000. For New Zealand, excluding Auckland, the median price also increased – it was up by 2.3% year-on-year from $695,000 to $711,000, and up by 0.1% month-on-month from $710,000 to $711,000.

This is the second consecutive month prices have increased. Along with the increased year-on-year levels of sales and listings, it indicates New Zealand is past the lowest point of this market cycle.

The total number of properties sold for New Zealand increased in March (+7.4%) compared to February 2024, from 6,073 to 6,521, and up 8% year-on-year, from 6,040 to 6,521.

Compared to March 2023, prices were up by 5% in Auckland, 9.3% in Wellington, 8.2% in Hawke's Bay, 7.5% in Nelson an 5.2% in Otago, while other regions recorded small increases or decreases. Bay of Plenty was down 4.3%.

(Scroll to view your region and days on market). 

---

HOW LONG DOES IT TAKE TO SELL A PROPERTY?

The median number of days to sell in March was 38, down six days on the same time in 2023. Listings increased substantially, up by 23.9% nationally compared with March 2023, reinforcing a trend that has been occurring since the beginning of 2024.

Methods of sale have changed overall with auctions less favoured and other methods becoming more popular. However, while fewer properties are selling under the hammer, many do sell within days afterwards if the price is right.

Current market conditions, with ample stock, continue to amplify the importance of choosing a highly competent real estate agent with strong negotiation skills, rather than settling for an average one.

If contemplating selling a residential property, a farm or a business and wanting assurance that your real estate agent has been proven competent, request a list of vetted real estate agents - it's a free service for New Zealand vendors selling all property types.

---

Get in touch or call 0800 789 532 or find out more first - we're here to help.

---

These charts are best viewed on desktop, tablet or laptop. Continue scrolling to compare month by month changes.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Page updated April 16, 2024 by Trish Willis | Member of the Property Institute of NZ (IPAC) 2022

Agent Finder NZ Awards:

• Best Estate Agent Vetting Service New Zealand 2018 (APAC)
• Most Reputable Property Advice Hub NZ 2020 for Wise Up NZ (APAC)
• Best Property Advice Hub - New Zealand 2021 (APAC)
• Best Independent Real Estate Advisors New Zealand 2022 - BUILD Real Estate & Property Awards (International)