Feature article

NZ property market buyer and seller insights

We surveyed 1500+ Kiwi to understand the current buyer and seller mindsets and trends; and what that may mean for you.

AI summary

A recent Trade Me Property survey for Spring 2024 reveals a complex market. While 53% of Kiwis believe it's a good time to buy due to high stock levels, affordability and finding suitable properties remain significant challenges.

A value gap exists between buyers and sellers. Over 60% of sellers are willing to wait for their desired price, making negotiations tougher. Buyers are least willing to compromise on property condition, while sellers often prioritise size, potentially extending listing times.

Overall market outlook for Spring 2024

OVERALL MINDSET: 53.1% feel that it's a good time to buy I 23.6% of buyers say they are able to find lots of properties that fit their budgets and needs

There’s a gap in perceived value between buyers and sellers

BUYERS’S BIGGEST CONCERNS: 1. Cost of living (45.4%) 2. Lack of suitable properties (42.6%) 3. Mortgage repayments (41.9%)

SELLER’S BIGGEST CONCERNS: 1. Not getting the price they want (74.6%), 2. How long it will take to sell (43.7%), 3. Market conditions (37.5%)

Sellers are willing to wait for their expected price

BUYERS ARE WILLING TO COMPROMISE ON: 1. Size of section or land (44.5%), 2. Size of property (40.7%), 3. Size of garden (40.6%)

Buyer vs seller value perceptions

HOMEOWNERS INTEL: If they don't get the price they wanted, 24.7% would take their property off the market, 35.5% would wait to get an offer that met expectations, 32.8% said they would accept a slightly lower offer