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  • Writer's pictureParry Singla

Market pace slow, activity in the regions start to reappear

According to the Real Estate Institute of New Zealand (REINZ), the current economic climate is having a continuing impact on the property market. The latest figures from March 2023 indicate that median prices and sales counts are easing, and properties are taking longer to sell. The median price across New Zealand decreased by 12.9% annually to $775,000, and days to sell increased to 45 days in March 2023. However, inventory levels are returning to the long-term average, presenting an opportunity for buyers looking to take advantage of lower prices and less competition. While new listings have decreased by 17.7% year-on-year, the number of properties sold in March 2023 was 5,877, indicating that motivated vendors are meeting the market with more realistic expectations. The REINZ House Price Index (HPI) for New Zealand also showed an annual decrease of 13.1%.

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