New Zealand's property market slowed in October with fewer listings and a rise in available stock ahead of the general election on Saturday, data from realestate.co.nz showed.
New listings fell 4.5 percent year‑on‑year, while the number of homes on the market rose 11.4 percent to its highest October level in more than a decade. Auctions, a barometer of seller confidence, accounted for 22.1 percent of new sales, down from 26.2 percent a year earlier and 28.3 percent in October 2023, the lowest 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, with wider economic challenges and global uncertainty also weighing on confidence."
New listings decreased in 11 of the country’s 19 regions. Auckland fell 7.9 percent, with Coromandel and Northland dropping 16.1 percent and 15.2 percent, respectively. The South Island bucked the trend, with Otago’s listings rising 13.1 percent.
Nationally, the average asking price fell 2.7 percent to 840,380 NZ dollars (about US 468,188). Auckland’s prices dropped 5.2 percent to 984,527 NZ dollars, while Otago recorded its strongest regional increase, rising 13.2 percent to 646,871 NZ dollars.