Northland leads housing market improvement

As the NZ residential property market shows signs of improvement, Northland leads the country in year-on-year growth in the number of properties sold (36.1 per cent), the biggest monthly decrease in days to sell (a drop of 23 days), and the increase in listing month-on-month (58 per cent).

The latest Real Estate Institute of New Zealand (REINZ) monthly report on the situation nationwide shows more sales activity, more listings coming to market, fewer days to sell, and a sense of more confidence overall, year-on-year. In the Northland breakdown, 22 dwellings in the Kaipara district were sold with a median price of $735,000 in October 2023, compared to 13 sales with a median price of $665,000 in October 2022.

In the Auckland breakdown, 195 dwellings in the Rodney district were sold with a median price of $1,120,000 in October 2023, compared to 158 sales with a median price of $1,225,000 in October 2022. REINZ Chief executive Jen Baird said October showed a slow but steady improvement in property market activity, now that the election is over and NZ heads into more active months in the property cycle.