Steve Isbill - Real Estate

🏡 REINZ Property Report | July 2024

The Real Estate Institute of New Zealand (REINZ) has just released its July 2024 data. The data shows signs of positivity with increases in sales numbers and listing volumes.

REINZ Chief Executive Jen Baird said July brought a new wave of buyer activity not typically seen in late winter. While listings continue to increase, the rise in sales volumes has seen the total number of properties for sale in New Zealand fall compared to last month. However, median prices have decreased by 2.2% nationally compared to a year ago, indicating that houses sold at a lower price in July.

The total number of properties sold in New Zealand increased by 14.5% year-on-year, from 5,070 to 5,806, and by 19.7% compared to June 2024, from 4,851 to 5,806. Thirteen regions saw an increase in sales for July 2024. The most significant increases were in Gisborne (+53.6%), Otago (+45.7%), Marlborough (+42.9%) and Southland (+38.8%). Compared to June 2024, only one region saw a decrease in sales volume, Nelson (-21.2%).

“Although we have not yet reached the spring season, we are observing early signs of growth in the market not typically associated with this time of year. This can be seen through the seasonally adjusted data, which indicates an increase of 5.4% in national sales compared to last year, which reflects a market performing above anticipated levels,” says Baird.

Read more • https://tinyurl.com/reinzjuly24

Celebrating Matariki: Honor the past, embrace the present, and look forward to a bright future! Enjoy the long weekend everyone! 🌟🌌