December 1, 2023

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New Zealand house prices dip in October, sales activity steadily improving -REINZ By Reuters

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© Reuters. Residential houses can be seen along a road in a suburb of Auckland in New Zealand, June 24, 2017. Picture taken June 24, 2017. REUTERS/David Gray/File Photo

By Lucy Craymer

WELLINGTON (Reuters) – New Zealand house prices fell slightly in October but sales activity is showing a steady improvement on 2022, the Real Estate Institute of New Zealand (REINZ) said on Thursday.

Seasonally adjusted median house prices fell 0.9% in October compared with September, and were down 2.8% from a year earlier, REINZ data showed.

Seasonally adjusted national home sales volumes fell 10.7% from September but were up 4.0% from October 2022.

REINZ Chief Executive Jen Baird said in a statement the increasing number of listings coming to market is showing a slow, but marked, improvement to the past year, and a renewed confidence from vendors looking to sell with more certainty now the Oct. 14 election is done.

“Many vendors and buyers are showing confidence that it’s a better time to sell now and a good time to buy,” she said.

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