In brief
In October, New Zealand’s property market slowed, with new listings down 4.5% and available stock up 11.4%. Auction activity fell to a seven‑year low, signalling cautious sellers ahead of the Saturday general election. Regional data show Auckland and some North Island areas seeing sharper declines, while Otago is the only region with rising listings and price growth.
Wellington, Nov. 6 – New Zealand’s property market slowed in October as buyers and sellers paused ahead of the Saturday general election. According to data from realestate.co.nz, new listings fell 4.5% year‑on‑year while available stock rose 11.4%, the highest October level in more than a decade.
Auctions, normally a sign of vendor confidence, accounted for just 22.1% of new listings – a drop from 26.2% a year earlier and 28.3% during the October 2023 election period. Auction activity has fallen to its lowest October share in seven years, the site said.
Sarah Wood, CEO of realestate.co.nz, said,
Auctions can be a sign of vendor confidence in the property market.
She added that sellers were taking a more cautious approach amid wider economic challenges and global uncertainty.
New listings fell in 11 of New Zealand’s 19 regions. Auckland recorded a 7.9% annual decline, while Coromandel and Northland saw larger drops of 16.1% and 15.2% respectively. In the South Island, Otago bucked the trend with a 13.1% rise in listings.
The national average asking price dropped 2.7% year‑on‑year to 840,380 NZ dollars (about 468,188 U.S. dollars) in October. Auckland prices declined 5.2% to 984,527 NZ dollars, whereas Otago recorded a 13.2% increase to 646,871 NZ dollars.