The Real Estate Institute of New Zealand's (REINZ) April data, published in mid-May, showed sales activity lifting in almost all regions compared to the storm-affected same period in 2023, and year-on-year pricing edging up, continuing the trend seen in recent months.

REINZ Chief Executive Jen Baird also stated that the market is subdued, despite nationally seeing higher sales counts, properties selling more quickly, increased stock levels, and more listings, compared to a year ago – the period impacted by weather issues.
The total number of properties sold in New Zealand month to month (March 2024 versus April 2024) decreased by 17% despite the year-on-year increase of 25%. The median days to sell decreased by three days, from 46 to 43 days, compared to a year ago. The national median sale price increased by 1.3% year-on-year, from $780,000 to $790,000, and decreased by 1.3% compared with March 2024, from $800,000 to $790,000.
 The REINZ added this comment: “The median national sale price has now increased year-on-year for the third consecutive month, and sales are picking up as well. There are vendors who will need to sell and don’t want to wait any more, and these vendors will need to set realistic expectations, both for price and the time needed to sell their property.”
The REINZ stated that while the April data shows more activity in the housing market, with year-on-year increases in sales, listings, stock levels, and median prices, it’s clear that economic factors are creating headwinds. “Activity is picking up for the housing market as we move into autumn, with sales lifting and more choices for buyers. However, the likelihood of interest rates staying at these elevated levels for a while, and more talk of job losses, continues to lead to caution among some buyers."
Listings nationally increased by 34.9% year-on-year from 7,142 to 9,636, continuing a trend since the start of 2024. Thirteen of 15 regions saw year-on-year increases in listings, with nine recording increases of over 25%. Wellington had the biggest increase, up by 318 listings year-on-year (69%), followed by Otago up 107 (55.2%); Marlborough up 35 (46.1%); and Auckland up 1,034 (41.1%). National stock levels also increased year-on-year, with 18.1% more available properties for sale in April 2024.
“There seems to be plenty of buyer interest, with many seeing the current price levels as attractive, but some are taking their time before making a decision,” added Baird. "Similarly, some vendors are selling now and are open to meeting the market with their pricing, while others prefer to wait. Nationally, prices are still below their peaks from a few years ago and sales are still lower than long-term averages. Although the cooler months traditionally lead to activity slowing down, demand for properties may increase as investors return to the market in response to upcoming changes to the bright line test and the reintroduction of interest deductibility on investment properties. With this in mind, buyers may want to act now.”
On the North Shore in April 2024 the median price was $1.24m, slightly up on March 2024 at $1.235m. and up on 12 months prior in April 2023 $1.14m. The total number of homes sold in April 2024 on the Shore was 284, down on March 2024 at 324, but well up on April 2023 when 212 homes were sold.
North Shore agents Channel Mag has spoken to have mirrored this REINZ report. There is clearly lots of choice for buyers and homes are still obviously being sold in healthy numbers, as REINZ is reporting. We have some of the best agents in the country on the North Shore to get the deals done. Have a good June!