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Otago Daily Times
16-05-2025
- Business
- Otago Daily Times
Rents increase, fewer properties available
The supply of rental properties in New Zealand has reached the highest level for any April in almost a decade, but not in Oamaru, where stocks have dropped and rents are up $65 a week, new data shows. "The total number of new rental listings on the market last month was 5868, up 24.1% year-on-year from 4729. "But we need to look back as far as April 2016 (6836) to see numbers that can match the current level of supply," spokeswoman Vanessa Williams said. "Regions leading the charge with the greatest number of new listings are, to be expected, New Zealand's big three: Auckland (2375, up 8.6% year-on-year), Canterbury (704, up 39.4% year-on-year), and Wellington (691, up 196.6% year-on-year)," she said. However, the data tells a different story for Oamaru, showing the average rent there is $476 a week. That is up 15.7% year-on-year, while listings fell 6.7%, with just 14 new listings last month. As to be expected, there is a region that bucks the trend. Central Otago and Queenstown Lakes reported an all-time high with an average rental price of $870 per week in April, a 3.0% increase year-on-year. Across the wider Otago region, rents were up just 1.2% to $528, while there was a 0.2% drop in Canterbury, where the average rent is $581. "I found it really fascinating about how much your new listings had dropped year-on-year," Ms Williams said. "I think probably most interestingly was your [Oamaru's] year-on-year increase in terms of the average rental rate," she said. "I wonder if that is because you are a lower price-bracket region." The reason for the rent increase in Oamaru was probably because regional New Zealand did not experience the same market saturation as major centres did during the Covid-19 pandemic. That market, particularly in Auckland, became saturated and unsustainable, Ms Williams said.
Scoop
08-05-2025
- Business
- Scoop
Renters Could Be $700/year Better-Off With Decade-High Rental Stock
Supply of rental properties the highest for any April since 2016 Weekly rent softens by an average of $14/week nationally Cost of living crisis keeps would-be renters at home while investors retain properties Friday 9 May, 2025 - Renters have more money in their pocket and more properties to choose from as latest data from shows the supply of rental properties in New Zealand reaches the highest level for any April in almost a decade. April abundance: market awash with rentals The total number of new rental listings on the market last month was 5,868, up 24.1% year-on-year from 4,729. But we need to look back as far as April 2016 (6,836) to see numbers that can match the current level of supply. Regions leading the charge with the greatest number of new listings are, to be expected, New Zealand's big three: Auckland (2,375, up 8.6% year-on-year), Canterbury (704, up 39.4% year-on-year), and Wellington (691, up 196.6% year-on-year). Vanessa Williams, spokesperson for says three key trends over the past 18 months have contributed to this rental market: Short to long-term rentals: 'The number of holiday homes and Airbnbs that are being converted back from short-term rentals into long-term rentals.' Cost of living crisis: 'When we look at our typical rental demographic (those aged 18-25), they're doing one of two things: staying at home with their parents because of the cost of living or departing New Zealand shores and moving overseas.' Investors holding tight: 'A slower sales market over the last 2.5 years has seen investors holding onto their properties.' Further good news for renters is the softening in rental price, with the national average down by $14 per week year-on-year. The capital city had one of the highest falls in rental prices, with a year-on-year reduction of 7.2% or $50 per week ($647/week in April 2025 compared to $697/week in April 2024). Subsequent rate falls occurred in the Central North Island, down 6.9% on April last year, and Taranaki, down 5.7% year-on-year. Williams says $14 extra in a tenant's pocket per week over a 52-week period can result in a saving upwards of $700. 'That's a nice three-seater sofa for the flat or a weekend away. In today's current economic climate, $700 can go a long way.' Central Otago and Lakes bucks the trend As to be expected there's always a region that bucks the trend. Central Otago and Lakes reported an all-time high with an average rental price of $870 per week in April, a 3.0% increase year-on-year. Although the region's 148 new listings reported in April was a 22.1% drop from the 190 listings in March, the region's April numbers reflect a 35.8% year-on-year increase. 'Central Otago and Lakes' rental activity corresponds with our sales property data, which confirms the region's reputation as one of the most highly valued markets in the country,' says Williams. 'It's not surprising to see this region continue to command top dollar with its beautiful homes, attractive lifestyle, and strong tourist market.' About We've been helping people buy, sell, or rent property since 1996. Established before Google, is New Zealand's longest-standing property website and the official website of the real estate industry. Dedicated only to property, our mission is to empower people with a property search tool they can use to find the life they want to live. With residential, lifestyle, rural and commercial property listings, is the place to start for those looking to buy or sell property. Whatever life you're searching for, it all starts here. Want more property insights? Market insights: Search by suburb to see median sale prices, popular property types and trends over time. Sold properties: Switch your search to sold to see the last 12 months of sales and prices. Valuations: Get a gauge on property prices by browsing sold residential properties, with the latest sale prices and an estimated value in the current market.
The Spinoff
02-05-2025
- Business
- The Spinoff
When the Facts Change: Housing market psychology 101
Bernard Hickey talks to CEO Sarah Wood about the psychology of the housing market. Why are so many homeowners holding on and simply not selling, rather than lowering their price to 'meet the market' and 'clear the market' the way other markets do when there's too much supply and not enough demand? Bernard Hickey dives into the psychology of the housing market this week with CEO Sarah Wood. Follow When the Facts Change on Apple Podcasts, Spotify or wherever you listen to podcasts.
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.
