The New Zealand property market usually experiences a slowdown in December, but December 2024 was characterized by a notably ‘exceptionally lukewarm’ trend rather than just seasonal cooling.
Key Takeaways
- New listings plummeted to record lows, marking the lowest December figures in 17 years.
- Average asking prices declined in 11 out of 19 regions when compared year-on-year.
- The national average asking price has reverted to levels seen in April 2021.
Key Figures
- 4,767 properties were listed in December, reflecting a 57.2% decrease from November and a 1.3% drop from December 2023.
- The average asking price fell by 4.2% year-on-year to $842,476.
- Total stock rose by 18.5% year-on-year, reaching 29,478 properties.
December 2024 witnessed an unprecedented drop in new listings, with nine out of 19 regions also hitting their lowest December figures. The national average asking price reached $842,476, the lowest since April 2021.
While the property market is generally quieter in December, the end of 2024 proved to be particularly subdued. Nevertheless, robust stock levels and some regional ‘hotspots’ provided opportunities for both buyers and sellers.
New Listings Decline to Record Lows
As 2024 closed, new listings fell to a historic low for December, continuing a long-term trend of declining properties. In the last 17 years, December listings have steadily diminished, with a significant drop of over 50% observed in recent times. In December 2024 alone, new listings dropped nearly 60% compared to the previous month, exceeding the 50% decline seen in December 2023.
Even Auckland, typically a bustling market, recorded its lowest ever new listings for any month in 17 years, including during the COVID-19 pandemic.
Stock Levels Dip, But Options Remain
The total stock saw a month-on-month decline of 13.3% in December, falling below 30,000 for the first time since August 2024, yet there was an 18.5% increase year-on-year, giving buyers more options than in December 2023.
National Asking Price Reflects 2021 Levels
The national average asking price in December 2024 was $842,476, comparable to figures from April 2021, showing only a slight year-on-year decline
Let us help!
If you’re considering buying or selling a property and seeking to understand the current market conditions, why not chat with one of our friendly agents to understand how we can help?
Or feel free to click here to get your instant property estimate.