Blogs

Is the Property Market Finally Rebounding?

There’s growing optimism that New Zealand’s property market is making a comeback, fueled by a third consecutive cut to interest rates.

The Reserve Bank of New Zealand has slashed the Official Cash Rate (OCR) by another 0.5% to 4.25%. While it’s still early days for the latest reduction, the effects of previous cuts are already evident.

Real estate agents are reporting a noticeable uptick in inquiries, with open homes and auctions seeing larger crowds. OneRoof, New Zealand’s leading property site, has seen a 20% surge in inquiries over the past few weeks alone.

Supporting this trend, the Real Estate Institute of New Zealand (REINZ) revealed that national property values have turned the corner, increasing by 1% in the quarter to October. The latest OneRoof-Valocity Price Report pegs the average New Zealand home at $957,000, with the authors suggesting the market may have found its floor.

Looking at sales data from the three months to October, property prices dipped just 0.7%—a marked improvement compared to the 1.1% drop in the previous quarter.

It seems better times could be ahead for property owners, but the trajectory will largely depend on economic recovery, interest rates, affordability, and the ongoing supply of homes hitting the market.

Regional Highlights

  • Canterbury: Quarterly values rose, with the average price climbing to $782,000.
  • Auckland: Growth returned to some areas, with a third of metro suburbs recording value increases. However, the overall average dipped 0.8% ($10,000), settling at $1.279 million.

The OneRoof-Valocity House Value Index also noted that six regions saw quarterly growth, signaling a recovery may already be underway.

What Does This Mean for You?

With favourable conditions emerging, it won’t be long before savvy upgraders take advantage of the balance between selling and buying their next home. Don’t get swept away by the crowd.

Now is the time to act. Reach out to your trusted real estate agent today to explore the best opportunities and stay ahead of the market rush.

Let’s discuss your home selling strategy.

By choosing us, you’ll benefit from our expertise and commitment, ensuring you feel confident and valued throughout the entire process.

Book an AppraisalGive us a call
Jo Mcgeachin

Ben was extremely easy to talk to and very informative about how things would progress. He listened to us and advised us about the right way to go. We are very happy with his pleasant and professional manner.

Yasas Gamage

Ben, Peter and Jade. You guys are the most awesome Real Estate Agents we have ever met. We went to hundreds of open homes and met many agents throughout our search for a home, yet we would come back to you straight away for our next house. Thank you!

Alex Hewton – Malins

This is the second time we have sold with Ben and both times the result has been outstanding. On a personal level we click and its clear he actually cares about both the sellers and the buyers he is working with. The result we achieved and the sheer quantity of offers received in a dead market shows what an outstanding salesman and marketer Ben (and is his team) is.

Jaan Turia

Ben worked exceptionally hard on our behalf to get the sale over the line. Ours was not straightforward by any means, and Ben navigated through the many twists and turns to ensure a very satisfactory outcome for us. We highly recommend Ben. 🙂

Jason Pepping

Ben is a very personable agent. He has excellent communication and was usually available to answer any questions we had, regardless of the hour!

Carla Shields

Ben and the team did an amazing job selling our house. They know the market so well and gave us the best advice throughout the whole process. We have used them before and so glad we choose to use them again. Highly recommended.

View more of our reviewsGive us a call