REINZ November data: More positivity as sales and listing numbers increase

13 December 2023

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The Real Estate Institute of New Zealand’s (REINZ) November 2023 figures show more sales activity, more listings coming to market, lower days to sell and a sense of more confidence overall (year-on-year).

REINZ Chief Executive Jen Baird says November continues the trend of slow and steady improvement in property market activity now that the country is past the election, and we head into more active months in the property cycle. 

We’ve seen steady activity again this month with a solid increase in the number of properties sold, up by 15.7% (from 5,550 to 6,422) month-on-month, and up by 12.2% (from 5,724 to 6,422) compared to November 2022. For New Zealand excluding Auckland, the total number of properties sold has followed a similar pattern, increasing by 17.0% month-on-month and increasing by 12.2% year-on-year. 

Across the regions, the data shows that only three of the sixteen regions had a decrease in the number of properties sold month-on-month, (West Coast -5.6%, Taranaki -2.1% and Otago -0.3%) and only two had decreases year-on-year (Nelson -16.9% and West Coast -2.9%). Comparatively, Nelson was also the region with the biggest increase month-on-month for November, with a 51.3% increase, followed by Tasman at 32.8% and Wellington at 31.1%.  

The national median sale price remained largely unchanged compared to last month, increasing by $1,000 to $790,000. Year-on-year, there is a slight national decrease of 2.0% from $806,000, while New Zealand excluding Auckland is down by 1.4% to $700,000 from $710,000.

Median sale prices are still mixed this month with half of the regions having between 0% and 3.1% increase month-on-month. The remaining regions had a decrease in the median sale price, albeit at less than 4%. West Coast stood out from the other regions with a 17.4% increase month-on-month to $399,500 from $340,000. 

“Local agents are reporting steady activity across different buyer groups, with more competition for buyers’ attention in areas where listings have increased. With median prices either largely unchanged or slightly lower year-on-year in a number of regions, for some buyers, now will be the time to act."

“November has brought the expected lift in the number of properties coming to market and a significant increase in the number sold - a sign of positivity returning to the market.  Open home attendance numbers and auction room activity have picked up as well in many parts of the country and we expect to see the number of properties sold across New Zealand increase in December, as we enter the busier season for real estate and people taking action to sell or buy before the pause at Christmas.  Overall sentiment appears to be more positive, although this does vary by region,” says Baird. 

“The market is continuing to move a little quicker. The national median Days to Sell has remained the same this month at 38 days compared to last month, and decreased year-on-year by three days for New Zealand from 41.  Regionally, West Coast again saw a decrease of 22 days, with Nelson close behind with a 17-day decrease in median Days to Sell month-on-month.”

At the end of November, the total number of properties available for sale across New Zealand was 28,014, down 1.5% (435 properties) from 28,449 year-on-year, and up 9.4% month-on-month. For New Zealand excluding Auckland, inventory increased marginally by 113 properties (0.6%) year-on-year from 17,579 to 17,692 and increased 9.8% month-on-month. 

Nationally, new listings increased by 5.2% from 10,185 to 10,712 listings year-on-year and increased 12.4% month-on-month. New Zealand excluding Auckland also saw an increase month-on-month of 12.9% and year-on-year of 2.5%. 

“We’ve seen a large jump in the number of listings coming to market this month compared to last month. Notably, Gisborne with a 75% increase and Manawatu-Whanganui, Wellington, and Nelson all reached increases in the mid-20% range. Year-on-year numbers remained mixed but we are watching more signs in the rolling months of an improving market.”

“While factors like interest rates continue to impact the market, it certainly looks as though buyers and sellers are heartened by the fact that the election is over and the Official Cash Rate is stable. Although we will see some slowing over the Christmas period, we anticipate seeing a resurgence of activity from the end of January, as the boost in market positivity helps raise confidence further,” comments Baird.

The HPI for New Zealand stood at 3,686 in November 2023, showing a 0.8% increase compared to the previous month. However, when compared to the same period last year, the HPI reflects a 0.2% decline. The average annual growth in the New Zealand HPI over the past five years has been 6.1% per annum. It remains 13.8% below the peak of the market in 2021.

Media contact:

Laura Wilmot

Head of Communications and Engagement, REINZ

Mobile: 021 953 308

[email protected] 

Fact sheet
National highlights for November 2023

• The national median price has increased 0.1% to $790,000 month-on-month and decreased slightly (-2.0%) year-on-year from $806,000.  For New Zealand excluding Auckland, the median sale price increased 1.4% from $690,000 to $700,000 month-on-month.
• At the end of November, the total number of properties available for sale across New Zealand was 28,014, down 1.5% (435 properties) from 28,449 year-on-year, and up 9.4% month-on-month. 
• The total number of properties sold across New Zealand in November 2023 increased 12.2% year-on-year to 6,422 and increased 15.7% month-on-month. 
• Nationally, new listings increased 5.2%, from 10,185 listings in November 2022 to 10,712 listings in November 2023, and increased 12.4% month-on-month.
• Median Days to Sell did not change month-on-month, remaining at 38 days, and decreased 3 days year-on-year.  
• The REINZ House Price Index (HPI) for New Zealand showed an annual decrease of 0.2% in the value of residential property nationwide.
  

Regional highlights

• Compared to last month, West Coast had the biggest median sale price increase this month at +17.5%.
• Compared to last month, Nelson had the biggest increase in the number of properties sold, increasing by 51.3%. 
• Canterbury had the only positive year-on-year median price movement (+3.2%). 
• West Coast had the biggest decrease in median Days to Sell, reducing 22 days compared to October 2023.
  

More information on activity by region can be found in the regional commentaries visit the REINZ website.

Median Prices

• Canterbury was the only region (+5.4%) to have a positive year-on-year median price movement. Seven regions had positive month-on-month movements.
• Auckland has recorded 19 consecutive months of year-on-year median price decreases for the first time since records began.
• Wellington has recorded 18 consecutive months of year-on-year median price decreases for the first time since records began.
• There were no record median prices at the regional level this month. 
• There was one record median price at the TA level this month – Grey District with a median price of $430,000 which beat the prior record of $375,000 set in September 2022.
• 82% of all TAs have had no median record price in any of the past 12 months.
• Taupo District and Central Otago District have had three consecutive months of year-on-year increases, the most of all TA’s.

• November 2023 saw the highest sales count in
  
  • Hawke’s Bay and Waikato since December 2021
  • NZ, NZ Excl. Auckland, Canterbury and Northland since March 2022
    
    

• November 2023 saw the lowest sales count in
  
  • West Coast since January 2023
    
    

• In terms of the month of November, November 2023 saw the lowest sales count in
  
  • Nelson since records began
  • Marlborough since 2011
  • West Coast since 2017

Median Days to Sell

• Wellington had its lowest median Days to Sell since December 2021
• Otago had its lowest median Days to Sell since March 2022
• Nelson had its lowest median Days to Sell since May 2022
• In terms of the month of November, November 2023 had the lowest median Days to Sell in 
  
  • West Coast since 1994
    
    
•  In terms of the month of November, November 2023 had the highest median Days to Sell in 
  • Waikato and Tasman since 2010
  • Northland since 2012
  • 7Southland since 2013

• No regional HPI records this month.
• Auckland and Wellington joined Canterbury and Otago with year-on-year HPI increases this month. Otago is now only 2.4% below its peak.
• Canterbury is the top-ranked HPI year-on-year movement this month. Otago is second and Wellington is third.
• In terms of the 3 months ending HPI movement, Auckland ranks first, Wellington second and Waikato third.

Inventory

• Eight of 15 regions have had a decrease in inventory in November 2023 compared to one year prior. 
• Northland, Taranaki, and Marlborough have had 20 consecutive months where their inventory has been at least 10% higher than the same month the year before. 
• Conversely, Gisborne and Wellington have had 8 consecutive months where their inventory has been at least 20% lower than the same month the year before. 

• Nine of the 15 regions had a year-on-year increase in listings.
• Marlborough has had five months in a row of year-on-year increases in Listings whereas Auckland has seen four months in a row of increased year-on-year listings.

• Nationally, 20.0% (1314) of properties were sold at auction in November 2023, compared to 14.4% (823) in November 2022 and 16.2% (900) compared to October 2023.  
• New Zealand excluding Auckland saw 12.4% of properties (539) sell by auction compared to 9.5% (354) the month prior. 
  Auckland Region saw 37.5% of properties (775) sold by auction for the month of November, a 41.9% increase compared to October 2023.