November 2024 Property Market Update

The NZ property market currently gives buyers pricing power, with listings at a six-year high while sales remain subdued. National values have seen a modest 5% decline since February, particularly in Auckland and Wellington.

First home buyers remain highly active, representing a record market share. An expected cut to the Official Cash Rate (OCR) points to lower mortgage rates, which is slowly encouraging investors to return to the market.

The outlook for 2025 is a slow and steady recovery rather than a boom.