November 2024 Property Market Update

The NZ property market remains a buyer's market, with sluggish sales and a six-year high in listings. Property values have fallen for eight consecutive months, creating opportunities.

First home buyers are very active, reaching a record 26-27% market share, while investor activity remains below average but is slowly rising.

Falling net migration has flattened rents, and expected Official Cash Rate cuts suggest lower mortgage rates. The 2025 outlook is for a slow, steady recovery, tempered by rising unemployment and future debt-to-income ratio caps.