Property sales down in June, but listings up: REINZ

Monday, 15 July 2024

Property sales fell in June, but listings increased, according to the Real Estate Institute.

The latest property market figures show new listings continued to rise last month, following the trend seen this year, but there was a noticeable decline in buyer activity.

Real Estate Institute chief executive Jen Baird said this reflected lower national sales and the wider economic climate in New Zealand

The total number of properties sold throughout the country in June decreased by 25.6% year-on-year to 4356 from 5854, or by 32.6% when compared with May 2024.

Northland was the only region where sales increased last month, up by almost 12% year-on-year.

The most significant decreases were recorded in West Coast, down 51.2%, Tasman, down 41.7%, Gisborne, down 39.4%, and Auckland, down 35%.

Median property prices for June were mixed, with six of the 16 regions increasing year-on-year, led by the greatest increases in Taranaki and Gisborne.

The national median price fell 1.3% year-on-year to $770,000.

“The typical winter lull, compounded by current economic conditions, has contributed to lower levels of activity in the market. This sentiment is reinforced by seasonally adjusted figures, which reveal a national sales decrease of 11.1% compared to May 2024, reflecting a market performance below expected levels,” Baird said.

“Salespeople are seeing some properties come to market due to high interest rates, cost of living pressures and changing employment circumstances.”

Baird said the winter months tended to have fewer propeties on the market and this year was no different.

Throughout New Zealand there were 489 auctions in June, accounting for about 11% of all sales, compared with 551 auctions in June last year.