Real estate statistics
House prices rise for sixth consecutive month in November
13 Dec 2023
Our take on the latest Real estate statistics (Wed 13 Dec 2023)
Nationwide house prices up 0.5% from October (seas adj)
Sales up 0.8% from October (seas adj)
Median period to sell remains at 38 days
The key numbers...
- Nationwide house prices rose 0.5% in November (seasonally adjusted), with a stronger increase in Auckland (0.7%) than the rest of New Zealand (0.3%).
- Annual house price growth in Auckland turned positive for the first time 18 months, with prices up 0.4% from November 2022. Southland, Canterbury, and West Coast also have higher house prices than a year ago.
- Seasonally adjusted data shows that sales activity in November was down 12% from September this year, as October’s slowdown in sales continued.
- The median sales period remained at 38 days in November, although the rate of turnover normally accelerates throughout spring. November’s result is down 20% from its February 2023 peak on a seasonally adjusted basis.
House prices continue to pick up
REINZ house price index, seasonally adjusted, Jan-19 = 1,000
...and our reaction
- Nationwide house prices rose for a sixth consecutive month in November (seasonally adjusted), affirming that momentum in the housing market has well and truly shifted.
- The weaker sales results in October and November could be due to potential buyers waiting to see how the election result would play out. However, affordability could also be continuing to limit housing market activity.
- Easing wholesale interest rates over the past few weeks could potentially take some pressure out of mortgage rates, but firm signals from the Reserve Bank that the OCR will stay higher for longer (or even tick up slightly) means that rates are unlikely to come down anytime soon.
- The housing market outlook is positive going into 2024, with the new government looking to shorten the bright-line test for investors and reinstate mortgage interest deductibility. Record high migration will also boost demand for housing. However, the scope for price growth is still limited by the weakening labour market and persistent affordability challenges.
Latest updates
Premium
Real estate statistics
House sales and prices still falling
Thu 13 Aug 2026
Monthly
10%pa House sales in July 20260.4%pa House prices from a year earlier
9.3%pa Stock of homes for sale in July 2026Premium
Real estate statistics
Conflict continues to drag on housing market in June
Wed 15 Jul 2026
Monthly
8.8% House sales between Feb and Jun 2026 (seas adj)0.8% House prices since February (seas adj)4.8% Stock of homes for sale since February (seas adj)Real estate statistics
House buyers dry up ahead of interest rate rises
Mon 15 Jun 2026
Monthly
13%pa House sales in May 20260.6%pa House prices from May 2025
Stock of homes for sale at an 11-year highReal estate statistics
House prices and sales fall
Thu 14 May 2026
Monthly
7.9%pa House sales in Apr 20260.5% House prices from Mar 2026 (sa)1.2% Stock of homes for sale since Feb 2026 (sa)