Property Market Update 2024
The Auckland real estate market has shown positive signs as we enter 2024. The year-on-year data reveals a promising picture, with the median house price increasing by 1.1% to reach $1,050,000, the volume of sales rising by 7.6% to 1,478, and the days on the market decreasing by 2 days to 37. These statistics indicate a steady but cautious optimism within the real estate sector.
The market finished 2023 on a strong note, with December witnessing a notable boost in activity, especially after the October election. The Real Estate Institute of New Zealand (REINZ) reported a “steady improvement in property market activity” during this period. Furthermore, almost every region, including Auckland, recorded year-on-year growth in the number of sales achieved in December, with Auckland’s sales volume up by 7.6%.
Looking ahead, most economists seem to agree that there is significant potential for growth within the real estate sector in the coming twelve months. New legislation proposed by the government and a stabilising approach from the Reserve Bank are seen as positive indicators for the buying and selling of real estate. Additionally, the Auckland market is showing signs of improvement, with salespeople reporting increased activity and a sense that the market has likely reached its bottom, paving the way for a potential upturn.
The Auckland market’s average property value hit its lowest point in June 2023.
After declining from a peak of $1.57 million in January 2022. However, the market has since shown resilience, with the median house price reaching $1,050,000 in December 2023, reflecting a positive trajectory.
In conclusion, the Auckland real estate market is poised for potential growth in 2024, supported by positive year-on-year indicators and a general sense of cautious optimism within the industry. The market’s resilience and the various factors contributing to its upward potential suggest a favourable outlook for the year ahead.
Lisa and Steve Stone
Elite Agents for Ray White
Thestones.co.nz