$115 billion in property listed in 2024

NZ property market sees $18 billion surge and nearly 19,000 more homes in 2024

Kiwis listed over $115 billion worth of residential property for sale in 2024¹, an $18.86 billion (19.4%) increase compared to 2023, according to the latest data from realestate.co.nz. The year saw more than 110,000 new residential property listings go onto the market, an increase of nearly 19,000 on the previous year, offering buyers significantly more choice.

"The influx of listings in 2024 provided more options for buyers, while the national average asking price remained remarkably consistent, dipping just 0.3% year-on-year," says Vanessa Williams, spokesperson for realestate.co.nz. "This rare balance of supply and price stability created what we’ve called the 'perfect market'—a standout year where buyers and sellers could make confident decisions in a stable environment."

Key Takeaways 

• 20.7% more homes listed for sale in 2024 compared to 2023.
• The average asking price of all homes listed was down slightly by 0.3% compared to 2023.
• All regions across New Zealand had an increase in new listings - Wellington saw the biggest increase of 37.7% year-on-year.

The capital leads listings climb

Every region in New Zealand experienced a rise in new listings in 2024. Wellington led the way, with 8,132 new listings coming onto the market, a 37.3% increase year-on-year. Wairarapa (up 26.5%), Hawke’s Bay (up 25.8%), Gisborne (up 24.1%), and Auckland (up 23.0%) also showed notable growth.

“Personal circumstances would have been a factor for many choosing to sell in 2024. But greater price stability across the motu likely boosted vendor confidence in some regions,” said Williams.

Price growth across South Island regions

Central Otago Lakes District, New Zealand's most expensive region, led the country with 7.0% growth in average asking prices in 2024. Two of the country's most affordable regions - the West Coast (up 5.0%) and Southland (up 4.9%) - followed closely behind, indicating strong buyer interest across different price points in the South Island market.

While average asking prices fell across 11 of New Zealand's 19 regions year-on-year, these declines were modest, with Nelson & Bays (-3.7%), the Central North Island (-2.8%), and the Bay of Plenty (-2.4%) seeing the largest drops. 

"It's interesting to see this pocket of price growth down south, particularly across such diverse markets," said Williams. "From the premium properties of Central Otago Lakes to the more affordable West Coast and Southland regions, the interest in the South Island suggests buyers are increasingly looking beyond the major centres for lifestyle opportunities."

¹Measured as the total asking prices of all residential dwellings listed during the year

For media enquiries, please contact:

Hannah Franklin | hannah@realestate.co.nz

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