The latest data from the Real Estate Institute of New Zealand (REINZ) paints a positive picture for the property market in 2024, highlighting increased options for buyers, stabilising prices, and exciting prospects for the future.
- Buyers Rejoice: Abundance of Choices Emerges
Gone are the days of limited listings and fierce competition. January saw a significant surge in property listings, increasing by 10.4% nationally year-on-year. This translates to a wider range of properties for buyers to explore, empowering them to find their dream home without feeling pressured. Especially for first-home buyers who often face stiff competition, this shift towards increased availability presents a welcome opportunity.
- Prices Find Footing, Offering Stability
While the national median sale price saw a slight decrease from December 2023, it's important to note the year-on-year perspective. Compared to January 2023, prices remain 3.4% higher, indicating a stabilising trend after a period of rapid growth. This stability provides reassurance to both buyers and sellers, creating a more balanced and predictable market environment.
- Market Activity Thrives Despite Challenges
Despite the economic headwinds of the past year, the property market continues to demonstrate resilience. Excluding Auckland, the total number of properties sold jumped by an impressive 16.0% year-on-year. This robust activity signifies underlying demand and underscores the enduring appeal of property ownership in New Zealand.
- Looking Ahead: Bright Prospects on the Horizon
The upcoming year holds exciting possibilities for the property market. The new government's plans to reduce the bright-line test back to two years and reintroduce interest deductibility for investment properties are expected to stimulate market activity and potentially make property ownership more accessible. These changes, coupled with the current trends of increased choice and price stability, paint a promising picture for 2024.
In conclusion, the REINZ data for January 2024 offers a positive outlook for the New Zealand property market. With more options for buyers, stabilising prices, and promising developments on the horizon, 2024 appears to be a year of opportunity for those seeking to enter or navigate the property market.