In brief
Data released by realestate.co.nz shows that New Zealand’s property market softened in October ahead of a Saturday general election. New listings dropped 4.5% year‑on‑year, while stock rose 11.4%, and auction bids fell to their lowest share in seven years. Prices fell across most regions, except Otago, where they rose 13.2%.
New Zealand’s property market slowed in October as buyers and sellers paused ahead of Saturday’s general election, data released by realestate.co.nz showed on Friday, as reported by Xinhua.
New listings fell 4.5% year‑on‑year, while available housing stock rose 11.4%, the highest October level in more than a decade, suggesting cautious behaviour from both vendors and buyers amid economic and political uncertainty.
Auctions accounted for 22.1% of new listings in October, down from 26.2% a year earlier and 28.3% during the October 2023 election period, shooting to the lowest October share in seven years.
Sarah Wood, CEO of realestate.co.nz, said auctions can be a sign of vendor confidence in the property market.
"The decline in auction activity pointed to sellers taking a more cautious approach," Wood said.
New listings declined in 11 of New Zealand’s 19 regions. Auckland recorded a 7.9% annual fall, while Coromandel slid 16.1% and Northland 15.2%, both on the North Island. In the South Island, Otago bucked the trend, with listings rising 13.1%.
Nationally, the average asking price fell 2.7% year‑on‑year to 840,380 NZ dollars (about 468,188 US dollars). Auckland prices waned 5.2% to 984,527 NZ dollars. In contrast, Otago saw the strongest regional increase, rising 13.2% to 646,871 NZ dollars.