The New Zealand Property Report: December 2023
Lowest month on record for new listings*. Central Otago/Lakes District hits highest average asking price on record for any region – just shy of $1.6 million.
As most Kiwis wound down to their summer break, the New Zealand property market followed suit. Despite the post-election optimism felt in November, this spirit didn’t extend into the festive period. December brought a 16-year low in new listings, excluding April 2020, when COVID-19 lockdown restrictions paused house listings. This amounted to less than half the number of new listings compared to the previous month.
The latest data from realestate.co.nz also indicates stock and average asking prices remained below December 2022 levels nationally.
Vanessa Williams, spokesperson for realestate.co.nz, says: “The summer break brings a different rhythm to the property market. We typically see a natural slowdown as people focus on festivities, time with their loved ones, and getting away to the beach.”
Despite the holiday respite, some regional hotspots showcased a different story, which Vanessa explains is down to diversity within our market. For example, in sun-kissed Coromandel, year-on-year new listings were up 21.9%, stock was up 35.6%, and average asking prices rose above $1 million after a November lull.
“Regions like Coromandel often display a unique resilience during the holidays. The allure of beachside living and holiday homes t
