August’s property market shows steady trends for Coasties, reflecting optimism and growing confidence across New Zealand, according to the latest report by the Real Estate Institute of New Zealand (REINZ).

REINZ’s August 2024 figures reveal a mixed bag of results, with overall sales volumes down slightly by 0.7% compared to the previous year.

However, several regions, including Northland and Bay of Plenty, saw significant upticks in activity.

National median prices decreased by just 0.6% year-on-year, with the median price now sitting at $765,000.

Despite the slight dip in prices, month-on-month trends indicate a stable market, as prices increased by 1.3%.

REINZ Chief Executive Jen Baird emphasised this cautious optimism, noting: “August data shows a level of stability in the market.”

Notably, Northland led regional growth, with a 22.7% increase in sales compared to the previous year.

This trend reflects stronger buyer interest and the return of investors, especially as interest rates continue to decline. “

There is a rise in optimism and confidence,” Baird added, though she cautioned against calling it a turning point just yet.

While sales volumes saw only minor changes, the number of new property listings grew significantly across the country, with an 8.1% increase nationally.

Gisborne recorded a staggering 69.2% rise in listings, while Northland, in contrast, experienced an 11.1% decline.

Looking ahead, Baird mentioned that falling interest rates may provide much-needed relief to property buyers, which could lead to a more significant uptick in sales before year’s end.