New Zealand’s residential real estate market is worth a combined $1.63 trillion.
There was a 1.1% increase in average property values across NZ in the three (3) months to March 2024. Average values increased 0.1% in the year to March, the first positive figure since September 2022 (2.8%).
Wellington and Dunedin were the strongest performing main centres increasing 1.6% in the first quarter.
March sales volumes increased for the 11th consecutive month and were 9% higher than the same month in 2023.
There were more than 70,000 sales in the year to March 2024, still well below NZ’s 10-year average of more than 90,000 per year.
There were 8,693 new residential listings over the four weeks ending 31st March 2024.
Total stock on the market is 23% higher than the five-year average.
National rental growth of 5.1% in the year to March is running at historically high levels.
Gross rental yields nationally remain at 3.2% (from a trough of 2.6% for much of 2022), the highest level since late 2020.
RBNZ Monetary Policy Committee (MPC) reviews the OCR 7 times a year. On 10th April 2024, the Monetary Policy Committee agreed to hold the OCR at 5.5%.
Next OCR announcement will be 22nd May 2024
Reference: Core Logic, RBNZ
