Feature article
November 2024 Property Market Update
Where does the property market stand right now?
AI summary
The NZ property market is currently a buyer's market, with low sales volumes and a six-year high in listings. National property values have dipped around 5% since February, with Auckland and Wellington underperforming.
First home buyers are thriving, making up a record 26-27% of purchases. In contrast, investor activity is slowly increasing as mortgage rates are expected to fall further following anticipated OCR cuts.
The outlook for 2025 suggests a slow and steady recovery rather than a spectacular boom.
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