2024 has been a year of mixed outcomes. There’s been progress, particularly in taming inflation, which has meant the value of every Kiwi dollar goes further, but the methods to achieve that have come with a hefty price tag for the economy.

Nationwide, homeowners have noted a palpable shift in New Zealand’s housing market, with lower mortgage lending rates resuscitating buyer confidence and a surge in market activity sparking competition.

This is great news for buyers, sellers, and the economy, as Kiwis regain purchasing power amid speculation that the RBNZ may cut the OCR by another 50 basis points to 4.25% at its November Monetary Policy Review.

Recent months have offered just such a turning point for New Zealand’s housing sector, driven by a series of small but meaningful economic events reframing the landscape for buyers and sellers alike.

Across all metrics, activity picked up in July, evidenced by new listings, concluded sales and auction activity in particular – which saw Ray White conduct more auctions in New Zealand than any other company.

The outlook for New Zealand’s residential market is changing, with the tug-of-war between demand and dampening factors beginning to turn the dial back to a more balanced market, and in some cases now favouring sellers.

Kiwis across the residential landscape suddenly find themselves on a very different playing field, marked by a policy change that is set to shift the dial for several key buyer groups.

The same goes for the residential housing market, which continues to offer opportunities despite coming off frothy pandemic-era highs.

Buyers and sellers are becoming busier and have been enjoying more stable and predictable market conditions to make their next move.

A significant lift in inventory has sent the clear signal that homeowners think it’s the right time to take their properties to market, and we’re seeing buyers respond with greater engagement and more enquiry.