Our take on the latest Real estate statistics (Wed 19 Feb 2025)
House sales up 7.3% from December (sa)
House prices up 0.3% from December (sa)
Stock of properties for sale up 0.9% from December (sa)
The key numbers...
- House sales in January rose 7.3% from December (based on Infometrics seasonal adjustment) and were 17% higher than in January 2024. The gain in house sales in January follows a 12% decline in the previous month, as month-to-month activity remains volatile.
- House prices rose 0.3% in January from December (seasonally adjusted). Despite the month-on-month rise, house prices have been lower than a year ago for six consecutive months, with the annual decline reaching 1.4%. The annual decline is now the largest since October 2023.
- The stock of properties available for sale rose 0.9% in January from December, driven by a swarm of new listings. New listing numbers rose 38% in January from December, following two consecutive months of double-digit declines. New listing numbers were above 10,000 for the first time since December 2021 (all figures seasonally adjusted).
Sharp rise in new listings to start the year
New NZ based listings on realestate.co.nz, seasonally adjusted
...and our reaction
- The stock of properties available for sale appeared to have finally peaked as stocks fell for two consecutive months in November and December. However, the stock of properties rose slightly again in January following the sharp rise in new listings.
- The number of properties available for sale is 19% higher than a year ago, with just under 32,500 properties available. At a regional level, Wellington led the main centres (up 37%pa) in rising properties available for sale, followed by Canterbury (27%pa) and Auckland (19%pa).
- The average length of time on the market fell 4.2% from December, falling by three days to 46 days (all figures seasonally adjusted). The series remains extremely volatile month-to-month, but we expect a moderation as sales pick up throughout the coming year.
- Potential buyers could be waiting for what looks to be the final bumper 50 basis point interest rate cut in the Reserve Bank’s easing cycle later today. Major banks have been cutting mortgage rate offerings in anticipation, as competition for lending opportunities remains hot. With mortgage rates coming down further, buyer numbers are likely to increase in coming months, enabling the market to work through some of the surplus stock available for sale.
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