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 Trade Me survey for Spring 2024 reveals a mixed property market. While over half of Kiwis feel it's a good time to buy, affordability and interest rates remain key concerns for many.

A significant gap in perceived value exists between buyers and sellers. Sellers are often willing to wait for their desired price, while buyers are most willing to compromise on property size. Despite potentially tricky negotiations, a spring surge in listings offers more choice for everyone.

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