In brief
Xinhua and realestate.co.nz data show October’s New Zealand property market slowed, with new listings down 4.5 % year‑on‑year and available stock up 11.4 % to the highest level in over a decade. Prices fell 2.7 % nationwide, Auckland houses dropped 5.2 % while Otago saw a 13.2 % rise. The dip in auction activity, down to a seven‑year low, signals greater caution amid economic uncertainty.
New Zealand’s property market slowed in October ahead of the Saturday general election, with new listings falling 4.5 % year‑on‑year while available housing stock rose 11.4 % to the highest October level in more than a decade, Xinhua reported on Nov. 6.
Data from the online listing website realestate.co.nz indicate that auctions accounted for 22.1 % of new listings in October, down from 26.2 % a year earlier and the lowest October share in seven years.
New listings declined in 11 of New Zealand’s 19 regions; Auckland fell 7.9 % year‑on‑year, whereas Otago registered a 13.1 % increase. The national average asking price fell 2.7 % to 840,380 NZ dollars, with Auckland prices down 5.2 % to 984,527 NZ dollars and Otago prices rising 13.2 % to 646,871 NZ dollars.
Sarah Wood, CEO of realestate.co.nz, said that the drop in auction activity signals lower vendor confidence, pointing to broader economic uncertainty and the upcoming election as drivers of more cautious market behaviour.