The New Zealand property market is showing renewed signs of confidence with fresh data revealing a nationwide lift in listings and record-breaking regional prices.
According to realestate.co.nz, Central Otago/Lakes District has become the country’s first region to record an average asking price exceeding $1.6 million, reaching $1.65 million in October – an 18.9% increase year-on-year.
The average high cemented the region’s status as New Zealand’s most expensive housing market.
New listings last month were up 5.5% nationally compared to October last year, with the 12,209 houses put on the market the highest for October since 2018.
Average national asking prices, while stable at $862,563, increased notably in some regions. Gisborne recorded a 28.7% increase compared to October last year.
Realestate.co.nz spokesperson Vanessa Williams said she believed the surge in activity signalled a turning point for the property sector.
“With an increase in listings hitting the market, plus a regional all-time asking price high like we’ve never seen before, there are early signals that a shift is beginning to take place. And, with asking prices remaining stable across the majority of our 19 regions, both buyers and sellers can enter the market feeling confident it will deliver a favourable result.”
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Gisborne and the Coromandel were the standout areas contributing to the surge in new listings, reporting year-on-year increases of 22.8% and 20.6%.
However, not all regions followedthe upward trend – the West Coast recorded a 16.7% decrease from a year ago.
Williams said the total number of new listings coming onto the market suggested a rebound to pre-Covid levels of market confidence. “After a few years of caution, October’s strong activity is a promising sign of confidence returning to the market.”
Central Otago’s surge in average asking price was not just a strong indicator the region’s strength but the property market overall, she added.
“This region is the most expensive in the country, so this record high could be an early signal of a strengthening market.”
