Sales Activity:
The number of properties sold increased by 14.1% year-on-year (from 4,509 to 5,145).
Month-on-month, sales decreased by 20.8% from November 2023 to December 2023.
Regional Variations:
Almost every region recorded year-on-year increases in properties sold, with Tasman leading at +47.8%.
Taranaki was the only region with a year-on-year decrease in the number of properties sold (-8.0%).
Median Prices:
Median sale prices were mixed for December, with Nelson and Taranaki showing significant month-on-month increases.
Year-on-year, the national median sale price decreased by 0.7% to $779,830.
Market Confidence:
Local agents report growing market confidence and activity levels, attributed to the new government’s plans, stabilized interest rates, and the conclusion of the election.
Method of Sale:
The number of people choosing auctions increased, accounting for 14.0% of sales in December 2023 compared to 11.4% in December 2022.
Days to Sell:
The national median Days to Sell was 36 days, a decrease of two days compared to the previous month and four days year-on-year.
New Listings:
New listings decreased year-on-year by 6.4%, indicating a possible ‘wait and see’ approach by some vendors.
Total properties available for sale at the end of December decreased by 4.6% year-on-year.
2023 Overview:
The year 2023 was busier in real estate compared to 2022, with a total of 63,361 sales, up 0.6% from the previous year.
91,231 properties were listed for sale, down 12.1% on 2022.
