Today, REINZ is releasing its Monthly Property Report and HPI Monthly Data which provides a market-leading level of detail and understanding of housing activity in New Zealand. Nationally, the July 2023 median price decreased 4.9% year-on-year to $770,000 from $780,000.
REINZ Chief Executive Jen Baird says July tends to be a slower month for the property market, however we are seeing buyers returning alongside varying results across Aotearoa.
Compared to July 2022, July 2023 has shown a slight increase in the total number of properties sold across New Zealand, up 1.6% to 4,903, but down 15.6% month-on-month. New Zealand excluding Auckland sales counts decreased by 2.5% year-on-year from 3,343 to 3,258.
At the end of June, the total number of properties for sale across New Zealand was 24,676, At the end of July, the total number of properties for sale across New Zealand was 23,090, down 12.4% (3,268 properties) from 26,358 year-on-year, and down 6.4% month-on-month. New Zealand excluding Auckland was down year-on-year from 15,732 to 14,497, a decrease of 1,235 properties or 7.8% annually.
“With sales counts up this month, the national inventory level is falling. More competitive prices and a ‘get in now’ attitude is bringing more buyers out ahead of this year’s election,” says Baird.
The full data sets are available by clicking the links below. These reports are live on the REINZ website website.
CLICK HERE for the press release and full reports.
CLICK HERE for a video update from Jen Baird, REINZ Chief Executive.
