NZ Housing Market Stagnant as Buyers Hold Sway
New Zealand's housing market continues to struggle, according to Cotality's latest Home Value Index. The median value of residential dwellings in July was $804,303, down 0.3% from June and 1.0% lower than April.
Cotality NZ Chief Property Economist Kelvin Davidson said that property sales volumes have been low so far this year, while the stock of listings remains elevated, giving buyers the upper hand when it comes to pricing.
Davidson noted that the major downturn in the housing market occurred back in 2022 and 2023, but since then, it's been a 'soggy picture' with little sign of a meaningful upturn on the horizon. He also mentioned that inflation is still problematic and the economic outlook more uncertain than usual.
Cotality's data shows that median values were down in July month-on-month in several major regions, including Auckland (-0.5%), Waikato (-0.3%), Bay of Plenty (-0.4%), Wellington (-0.5%), and Otago (-0.1%). However, Canterbury saw no change in median values.