November 2024 Property Market Update

The NZ property market is currently a buyer's market, with property listings at a six-year high while sales remain subdued. National values have fallen around 5% since February, according to CoreLogic.

First home buyers are very active, reaching a record 26-27% market share. In contrast, investors are only slowly returning to the market.

Anticipated Official Cash Rate cuts suggest lower mortgage rates are ahead. However, the 2025 outlook is for a slow, steady recovery due to rising unemployment and future debt-to-income ratio caps.