22 January 2024 – Kiwis listed over $115 billion worth of residential property for sale in 20241, an $18.86 billion (19.4%) increase compared to 2023, according to the latest data from realestate.co.nz. The year saw more than 110,000 new residential property listings go onto the market, an increase of nearly 19,000 on the previous year, offering buyers significantly more choice.
“The influx of listings in 2024 provided more options for buyers, while the national average asking price remained remarkably consistent, dipping just 0.3% year-on-year,” says Vanessa Williams, spokesperson for realestate.co.nz. “This rare balance of supply and price stability created what we’ve called the ‘perfect market’—a standout year where buyers and sellers could make confident decisions in a stable environment.”
The capital leads listings climb
Every region in New Zealand experienced a rise in new listings in 2024. Wellington led the way, with 8,132 new listings coming onto the market, a 37.3% increase year-on-year. Wairarapa (up 26.5%), Hawke’s Bay (up 25.8%), Gisborne (up 24.1%), and Auckland (up 23.0%) also showed notable growth.
“Personal circumstances would have been a factor for many choosing to sell in 2024. But greater price stability across the motu likely boosted vendor confidence in some regions,” said Williams.
Price growth across South Island regions
Central Otago Lakes District, New Zealand’s most expensive region, led the country with 7.0% growth in average asking prices in 2024. Two of the country’s most affordable regions – the West Coast (up 5.0%) and Southland (up 4.9%) – followed closely behind, indicating strong buyer interest across different price points in the South Island market.
While average asking prices fell across 11 of New Zealand’s 19 regions year-on-year, these declines were modest, with Nelson & Bays (-3.7%), the Central North Island (-2.8%), and the Bay of Plenty (-2.4%) seeing the largest drops.
“It’s interesting to see this pocket of price growth down south, particularly across such diverse markets,” said Williams. “From the premium properties of Central Otago Lakes to the more affordable West Coast and Southland regions, the interest in the South Island suggests buyers are increasingly looking beyond the major centres for lifestyle opportunities.”
1 Measured as the total asking prices of all residential dwellings listed during the year
About realestate.co.nz
We’ve been helping people buy, sell, or rent property since 1996. Established before Google, realestate.co.nz is New Zealand’s longest-standing property website and the official website of the real estate industry.
Dedicated only to property, our mission is to empower people with a property search tool they can use to find the life they want to live. With residential, lifestyle, rural and commercial property listings, realestate.co.nz is the place to start for those looking to buy or sell property.
Whatever life you’re searching for, it all starts here.
Want more property insights?
Market insights: Search by suburb to see median sale prices, popular property types and trends over time.
Sold properties: Switch your search to sold to see the last 12 months of sales and prices.
Valuations: Get a gauge on property prices by browsing sold residential properties, with the latest sale prices and an estimated value in the current market.
Glossary of terms:
Average asking price (AAP) is neither a valuation nor the sale price. It is an indication of current market sentiment. Statistically, asking prices tend to correlate closely with the sales prices recorded in future months when those properties are sold. As it looks at different data, average asking prices may differ from recorded sales data released simultaneously.
New listings are a record of all the new residential dwellings listed for sale on realestate.co.nz for the relevant calendar month. The site reflects 97% of all properties listed through licensed real estate agents and major developers in New Zealand. This description gives a representative view of the New Zealand property market.
Stock is the total number of residential dwellings that are for sale on realestate.co.nz on the penultimate day of the month.
Rate of sale is a measure of how long it would take, theoretically, to sell the current stock at current average rates of sale if no new properties were to be listed for sale. It provides a measure of the rate of turnover in the market.
Seasonal adjustment is a method realestate.co.nz uses to represent better the core underlying trend of the property market in New Zealand. This is done using methodology from the New Zealand Institute of Economic Research.
Truncated mean is the method realestate.co.nz uses to supply statistically relevant asking prices. The top and bottom 10% of listings in each area are removed before the average is calculated to prevent exceptional listings from providing false impressions.
