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Property Price Index October 2024

House prices gain momentum and Auckland back in the million dollar club

By Gavin Lloyd 27 November 2024

New Zealand’s housing market appears to be thawing, with October seeing both warming temperatures and house prices, according to new data from Trade Me Property.

The national average asking price for a property in October was $848,900, up 3.1 per cent from September and the strongest month-on-month growth in close to three years. Year-on-year prices remain down -1.4 per cent.

“It’s positive to see property prices continue to trend up across much of the country off the back of recent changes to the OCR and as we head into summer when we would typically expect to see some momentum,” says Trade Me Property Customer Director Gavin Lloyd.

“These latest figures should give those selling a property or looking to list their home a little extra confidence.”

Lloyd says both supply and demand were up around nine per cent month-on-month.

“We saw supply and demand start to taper off over the winter months but bounce back as we moved into spring. Compared to last year both remain strong with supply up +26 per cent on October 2023 and demand up +20 per cent.

Average asking prices in Auckland return to seven figures in October

Auckland saw a comeback in October with an average asking price of $1,038,550, up 4.2 per cent or more than $42,000.

This is a significant increase since August when the average asking price dropped below one million dollars for the first time in four years.

Auckland City and North Shore City are partly responsible for the month-on-month growth, up 7.8 per cent to $1,217,300 and 5.1 per cent to $1,235,300 respectively.

“We’ve now had two straight months of increasing prices for Tāmaki Makaurau which will be reassuring to those selling, after five consecutive months of declining prices for the region,” says Mr Lloyd.

Properties faster to sell

With demand heating up across much of the motu, properties are now selling quicker than in previous months. The median time for a property to be listed on site sits at 59, down from 70 in September and just three days longer than October 2023.

"Homes selling quicker is a good sign for our property market, particularly when it coincides with increasing demand as we have seen over the past four months,” says Lloyd.

Fourteen regions show growth, with Gisborne the exception

All but one of the 15 regions Trade Me Property monitors showed growth in the average asking price between September and October.

Excluding Auckland, the top three regions with the biggest increases across the month include the West Coast up +6.3 per cent, Southland up +4.6 per cent and Northland up +3.1 per cent.

Gisborne was the only region where the average asking price fell month-on-month, down -1.8 per cent to $603,650. The decline in October marks the fifth consecutive month of falling prices for Tairāwhiti.

Author

Gavin Lloyd
Gavin Lloyd

Sales Director, Property - trademe.co.nz

Gavin Lloyd is a seasoned professional in sales and business development, driven by a passion for creating high performing teams and achieving growth. With over a decade of experience in the property industry, Gavin consistently showcases his expertise in crafting and executing strategic plans that yield tangible results. His extensive background in the online space, affords him an in depth perspective on this ever-evolving business landscape.

Gavin actively engages in the real estate sector, leveraging his profound insights through presentations and active participation in roadshow events. Gavin is also a regular contributor in news spots and radio broadcasts. As the Director of Sales at Trade Me Property, he continues to evolve and adapt alongside his team, ensuring that the information and value they offer remain pertinent, supportive, and instrumental in driving positive change.