Property market ends year on a low

Friday, 10 January 2025

New property listings have hit a record low for any December since tracking began.

Nine of 19 regions recorded their lowest-ever December levels.

Auckland recorded its all-time low for new listings in any month over the last 17 years.

The New Zealand property market has ended the year with nine of 19 regions recording their lowest-ever December levels.

New listings hit a record low for any December since tracking began, while the national average asking price was also at its lowest since April 2021 at $842,476.

Northland, Auckland, Waikato, Bay of Plenty, Hawke's Bay, Taranaki, Wellington, Central Otago/Lakes District, and Manawatu/Whanganui all achieved record lows for December.

Auckland even recorded its all-time low for new listings in any month over the last 17 years, including during Covid-19.

Spokesperson for realestate.co.nz Vanessa Williams said that although the property market always cools in December, the end of 2024 was record-breakingly quiet.

'Over the past 17 years, we've observed a steady decline in the number of properties listed in December. Historically, December listings were about 30% lower than November. That drop has grown to 50% or more in recent years,“ she said.

In December 2024, new listings fell by almost 60% month-on-month —an even steeper drop than the 50% decline between November and December in 2023.

'The market usually comes off the boil in December, but this year has been exceptionally lukewarm,' Williams said.

One region that bucked the trend, however, was Southland, with a 15.3% year-on-year increase to $549,211 – a record-high for December.

In addition, Gisborne, Taranaki, West Coast, and Coromandel all hit their highest average asking prices ever recorded for the month of December.