The New Zealand property market experienced a subdued close to 2024, with realestate.co.nz reporting record lows across key metrics for December.
New listings reached their lowest level for any December in 17 years, and the national average asking price fell to NZD$842,476, a level last seen in April 2021.
“The property market always cools in December, but the end of 2024 was record-breakingly quiet,” said Vanessa Williams, spokesperson for realestate.co.nz.
Despite the slowdown, opportunities remain for buyers and sellers, with healthy stock levels and some regional highlights.
Nine regions, including Auckland, Waikato, and Bay of Plenty, hit all-time December lows.
Nationally, new listings dropped by nearly 60% compared to November, a sharper decline than the 50% dip between November and December 2023.
“Historically, December listings are about 30% lower than November, but in recent years, that drop has grown to 50% or more,” said Ms Williams.
Auckland recorded an all-time low for new listings in any month over the past 17 years, even during the COVID-19 period.
Stock levels decline, but choice remains
Stock levels dipped 13.3% month-on-month in December to 29,478 properties, falling below 30,000 for the first time since August 2024.
However, year-on-year stock was up 18.5%, offering buyers significantly more options than in December 2023.
The national average asking price of $842,476 reflects a return to April 2021 levels, with a minor year-on-year decline of 0.3%.
However, 11 of 19 regions saw year-on-year price drops, led by Central Otago/Lakes District (-17.3%) and Nelson and Bays (-13.4%).
In contrast, Southland hit a December record high of $549,211, with other regions like Taranaki and Coromandel also reaching new December peaks.
“These regional differences highlight the importance of local market knowledge when buying or selling,” Ms Williams said.
