Latest news with #RealEstateInstituteofNewZealand
Otago Daily Times
4 days ago
- Business
- Otago Daily Times
Property sale time up amid high listings
The time it takes to sell properties in Dunedin has risen amid a "record high number" of listings on the market in recent months, a realtor says. According to the latest data from the Real Estate Institute of New Zealand, the median days to sell properties on the market in Otago was 47 in April this year. This was an increase of three days in one month and six days in one year and was 11 days higher than the 10-year average for that month. Meanwhile, the number of sales in the region dropped by more than 100 from 470 to 367 between March and April. Dunedin also had a drop in sales from 223 to 161 between the months. Nidd Realty's most recent property report put the median time to sell properties in Dunedin during April at 51 days. It said this had risen by more than 10 days since the start of the year. Property Brokers Dunedin sales manager Dan Ferguson said there had been a "record high number" of properties on the market over the past couple of months. "We got up to like early to mid-900 properties on the market for Dunedin and the surrounds for that time period, which is very high." The market had favoured buyers so far this year because they had more choice, but this had recently tapered back as winter approached. The increase in sale time was "pretty insignificant" and was reflective of the volume of listings and level of urgency at the time, Mr Ferguson said. April had been a "bit of a funny month" with school holidays, Anzac Day and Easter — which also affected buyer urgency. He estimated there were about 750 listings at present and predicted the market would remain stable through winter. Bayleys Dunedin managing director Chris Maclean said there had been a high number of listings from as early as December last year in response to uncertainty in the market. "The number of sales was quite low, and it just wasn't keeping up with the number of listings. "So, it actually got up to 900 quite quickly, which is high for Dunedin. That's as high as it's been for a long time except for 2008 ... and that was over 1000." The number of listings almost directly related to sale time, and when buyers had more choice, they could feel more confident waiting and looking at other options. "Even if they quite liked the property, they didn't have to react quickly because they weren't at real risk of losing it." Dunedin was a "small and nimble dynamic market" that could change quickly, and as properties which had been listed for longer started to sell, this could drive the median sale time downward, Mr Maclean said. He believed the sale time of properties in the city was on a trajectory to drop and the number of sales would increase.
Scoop
01-05-2025
- Business
- Scoop
NZ Property Market Bucks The Trend Of Global Uncertainty
Press Release – Sarah Wood, CEO of says that while global uncertainty persists, New Zealands property market remains remarkably steady, giving buyers and sellers a rare advantage in an otherwise uncertain environment. Is there ever a right time to buy or sell property? Yes – and it's now! The latest data from shows stock levels are high, and prices are stable, giving buyers and sellers the advantage of time. Sarah Wood, CEO of says that while global uncertainty persists, New Zealand's property market remains remarkably steady, giving buyers and sellers a rare advantage in an otherwise uncertain environment: 'We're in something of a holding pen at present. With global economic turmoil, US tariffs, and employment uncertainty, New Zealand is a bit stuck as we wait to see how these pressures play out.' 'But there's a silver lining: today's well-stocked and stable property market offers buyers and sellers time, choice, and flexibility. A fast market is stressful for buyers and sellers; a slower, stable market brings real positives. If you want to have certainty around your buying and selling price, now's a great time to make your move.' Respite for Kiwis as prices remain stable While the financial markets are volatile, the national average asking price has held steady. In April 2025, the national average asking price dipped 1.7% year-on-year to $852,364 — still well within the narrow range of roughly $850,000 to $890,000 that has defined the past two years. 'It's been more than two years since the national average asking price was above $900,000. Over that time, prices have fluctuated by less than 6.0% within a tight $50,000 band. We are in a period of rare stability,' says Wood. Despite the stability, pockets of the country reported year-on-year average asking price growth during April. Most significant were Gisborne (up 17% to $724,168), Central North Island (up 12.6% to $779,099), Wairarapa (up 8.5% to $733,735), and Hawke's Bay (up 8.1% to $778,039). High stock levels give buyers more choice National stock was up 6.2% year-on-year in April 2025, continuing a trend of elevated listings across the country. 'There's plenty of stock available, but we're not seeing a boom in sales activity to move it through yet,' says Wood. Sales data from the Real Estate Institute of New Zealand (REINZ) shows steady movement but not at peak historical levels. Across the first quarter of 2025, residential sales increased month-on-month, from 3,774 in January, to 6,287 in February, and 7,640 in March. Vendors cool their jets as the weather turns The change in seasons and the arrival of shorter days saw new listings fall, down 29.2% from 12,029 in March to 8,518 in April. Wood says it's typical to see a seasonal dip in new listings at this time of year but notes that new listings were also lower compared to April 2024. 'New listings were down 11.6% compared to last year, but there is still strong interest across the market. We're seeing the highest level of enquiries from buyers in three years. That's a positive sign.' Some of the biggest year-on-year lifts in stock were seen in Gisborne (up 75.0% — though actual listing numbers remain small, rising from just 82 to 144 properties), Central Otago / Lakes District (up 28.2%), West Coast (up 28.0%), Otago (up 22.4%), Central North Island (up 19.6%), Canterbury (up 14.5%), Marlborough (up 11.0%), Wellington (up 10.8%), and Coromandel (up 10.3%). So, is it a buyer's or a seller's market? In today's slower but stable market, both buyers and sellers have real opportunities. For buyers, the current climate offers time to act carefully rather than under pressure. Wood encourages buyers to take full advantage of this breathing room. 'My advice? Visit 50 properties before you buy. You need to know the market, know what's selling, and know what buyers are paying — and right now, you have the time to do exactly that,' she says. 'This market also allows buyers to negotiate terms, like longer settlement periods, and complete thorough due diligence before making decisions.' Wood adds that buyers today have access to more data than ever before: 'Our insights page gives real-time suburb trends and recent sales information, which simply wasn't available five years ago.' Sellers, too, can benefit from stability. Well-priced properties are still moving, and many vendors will soon become buyers themselves. 'If you accept a slightly lower sale price than your original expectations, you're also better positioned to negotiate sharply when you purchase your next property. It's a two-sided opportunity,' says Wood. Note: Glossary of terms: Average asking price (AAP) is neither a valuation nor the sale price. It is an indication of current market sentiment. Statistically, asking prices tend to correlate closely with the sales prices recorded in future months when those properties are sold. As it looks at different data, average asking prices may differ from recorded sales data released simultaneously. New listings are a record of all the new residential dwellings listed for sale on for the relevant calendar month. The site reflects 97% of all properties listed through licensed real estate agents and major developers in New Zealand. This description gives a representative view of the New Zealand property market. Stock is the total number of residential dwellings that are for sale on on the penultimate day of the month. Rate of sale is a measure of how long it would take, theoretically, to sell the current stock at current average rates of sale if no new properties were to be listed for sale. It provides a measure of the rate of turnover in the market. Seasonal adjustment is a method uses to represent better the core underlying trend of the property market in New Zealand. This is done using methodology from the New Zealand Institute of Economic Research. Truncated mean is the method uses to supply statistically relevant asking prices. The top and bottom 10% of listings in each area are removed before the average is calculated to prevent exceptional listings from providing false impressions.
