July marked the second consecutive month of positive readings with a bearing on residential sales activity, suggesting we’re now past the market trough and headed into the upcycle.

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.

Ray White properties listed for sale by auction spent an average of 37 days on the market, whereas those listed for private treaty took 56 days to sell. This demonstrates buyers’ increased engagement and a sense of urgency to purchase quality property.

Ray White properties marketed for sale by auction spent a median of just 35 days on the market during March - a discussion point for sellers as downward pressure on values generally continues the longer a property remains available for sale.

The property market comprised a lower level of activity during February, partly due to the weather events but also the slower start with new listing activity and buyer interest.

We continue a noticeable increase in new listing activity, allowing purchasers to enter the market with confidence of choice. This has added to the overall portfolio of properties available on the market.

It is now more important to engage a marketing strategy that will expose your property to the widest possible audience within a condensed time frame.

Ray White sells 23.79% of all residential property in New Zealand, making us the top listing agency year-to-date. With 195 offices, we provide real-time data from our sales across the country.

The market slowdown is not surprising given recent price surges. Since April 2020, New Zealand property prices have increased by 36% on average, but now we are seeing an adjustment.

Regions across New Zealand are responding differently to the market. Taranaki, Southland, West Coast, and Marlborough saw the highest increases in asking prices, while Auckland, Coromandel, and Bay of Plenty had slight decreases.