New Zealand housing market remains flat as sales dip and rents hold steady

The New Zealand housing market showed little movement in June 2024. The national median house price was $770,000, up 0.7% year‑on‑year but down 1.3% from the previous month, with 5,996 properties sold – a decline of 2.9% year‑on‑year and 11% month‑on‑month. The house‑price index fell 0.8%, and chief executive Lizzy Ryley described the market as "settled" and flat. Wellington’s market was the weakest, with its price index down 1.4% month‑on‑month, 4.5% year‑on‑year and nearly 30% below its peak, while Auckland’s index fell 3% year‑on‑year and sales dropped 5.6% year‑on‑year. Christchurch and Canterbury showed modest gains, and inventory continued to rise in most regions, marking the first four‑month sales decline since 2022. Analysts linked the softness to election uncertainty, higher mortgage rates and broader economic pressures.

Rental activity has also been largely static. The national median weekly rent was $600, a $5 increase from the previous year, but rents in Auckland and Canterbury remained unchanged at $650 and $550 respectively. Wellington saw a $5 decline to $590, while Hawke’s Bay experienced the largest drop at $23 lower. Southland recorded the biggest rise, up $25 to $500, and several other regions saw modest $20 increases. Overall, rents have been flat across the country’s largest urban centres for over two years.