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November Property Price Index 2023

NZ's property prices record slight increase ahead of Summer

14 December 2023

New Zealand’s property prices have recorded a minor increase heading into Summer, according to Trade Me's Property Price Index for November.

The national average asking price for a property reached $864,650, up 0.5 per cent compared to October.

“After a month of positive increases across every region in October it’s a good sign to see property prices are still trending up across the country - even if it’s just a minor change. This will help sellers feel more confident about listing their properties this summer,” said Trade Me Property Sales Director Gavin Lloyd.

"Across some of our smaller regions, we've seen the biggest changes. Gisborne has led the way with a 3.5 per cent month-on-month increase, bringing the average asking price up by $20,000 to $627,700,” added Lloyd.

Following close behind is Northland with a 2.3 per cent jump lifting the average asking price for the region to $841,700. One of the main drivers has been Whangarei, which saw a 4.4 per cent increase when compared with October, upping the average asking price by over $30,000 to $831,100.

Christchurch only major city to record year-on-year increase

Among New Zealand's major cities, Christchurch stands out as the only region experiencing a year-on-year increase. The average asking price reached $701,900 in November, up 0.2 per cent on the month prior.

This is led by smaller dwellings with 1-2 bedrooms witnessing a 2.9 per cent increase year on year, making the average asking price $531,350.

“Christchurch has emerged as a great option for first home buyers, especially if they don't need a big property. It’s the most affordable option for Kiwi and prices have also been relatively stable when compared to Auckland and Wellington,” said Lloyd.

Five plus bedroom properties in Tāmaki Makaurau experienced a 16.2 per cent drop in average asking price, falling to just over $2.3m. Across all size properties in Auckland, there was an 8.4 per cent decrease, bringing the average asking price to $1,213,750.

In Pōneke, the average asking price has fallen to $910,500, reflecting an 8.3 per cent decline compared to the same time last year.

Supply hits double digit growth

The supply of properties for sale has increased by 11 per cent in November across Aotearoa, the biggest month-on-month increase so far in 2023.

Wellington (18%) and Otago (15%) both saw double-digit increases, but Gisborne stood out with the most significant surge, recording a 34 per cent increase compared to October.

"After the uncertainty of the election and a new government it’s clear that Kiwi now feel comfortable enough to put their properties on the market.

“Another consideration is that sellers would want to get their properties onsite before the holiday period when we see a lot of people heading away,” said Lloyd,

Nationwide, demand was up by 2 per cent in November, with Gisborne again leading the way with a 23 per cent increase in listing views.

Properties selling almost a week faster

With demand heating up nationwide, properties are also now selling quicker than they did in 2022.

The median time for a property to be listed onsite has fallen to 51 days, which is 6 days less than it was in November last year."

"When homes are selling quickly in New Zealand, it's a great sign for the property market. Fast sales mean there's a lot of interest and demand, which is good news for both sellers and buyers,” said Lloyd.