Housing market trending upwards: Sale prices and number of listings ahead of last year

Gisborne experienced an increase of more than 50% in the number of properties sold year-on-year in July, according to latest data from the Real Estate Institute of New Zealand (REINZ). 

The median price paid for homes sold here last month also increased. 

The number of houses sold in this district jumped 53.6% last month year-on-year, one of the most significant rises in the country. Gisborne was one of 13 regions to show an increased number of sales. 

“The latest data shows signs of positivity nationally, with increases in sales numbers and listing volumes,” REINZ chief executive Jen Baird said. 

“July brought a new wave of buyer activity around the country 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,” Baird said. 

“Although we have not yet reached the spring selling 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.” 

Gisborne was also one of 14 regions to see a rise in new listings year-on-year last month at 50%. 

Seven of the 16 regions had a median price increase year-on-year. In Gisborne the median price increased 1.7% to $585,000. 

“Owner-occupiers were the most active buyer group in Gisborne last month,” Baird said. 

“Local agents reported that as prices have seemed to settle in the region, owner-occupiers are taking opportunities to upsize. 

“Vendor expectations were stable,” she said. “As properties were priced correctly within market expectations, the number of multiple offers received increased. 

“Open home attendance increased in the second half of July as new stock increased in conjunction with increased positivity around lowered interest rates. 

“Auction attendance was good and active bidders remained stable.”