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There was an increased number of new listings reaching the market in March, an increase of 5 %.
Photo: RNZ / REECE PADIER
Prices have fallen year by year and buyers have more options to choose from, but the Real Estate Institute says the real estate market is still showing signs of improvement for owners and investors.
Nationally, the average price fell 1.4 % in March in March, to $ 790,000. Outside Auckland, the average price fell 2.1 %to $ 700,000.
The price index of the house, which softens the price movements caused by the composition of the type of properties sold, fell 0.7 % year by year.
The west coast average prices rose 11.5 % compared to 2024 and Nelson’s fell 11.4 %.
There was also an increased number of new listings reaching the market in March, an increase of 5 %. This meant that national inventory levels rose 10.9 % over the previous year and an increase of 3.2 % compared to February, and the measurement of the days to sell increased.
But more houses were selling. The 7640 properties sold in the month increased 12.8 % compared to a previous year.
This was a positive sign that the activity was improving and the sellers were finding the market, said Rowan Dixon, the interim chief executive of the market.
Prices from month to month increased 2.6 % nationally and 3.8 % in Auckland.
But he said the large number of properties available for sale meant that buyers had no sense of urgency.
“If a buyer loses a property, he can easily find a similar one for sale.
“As interest rates continue to fall and the [official cash rate] Once again falls, local vendors across the country are anticipating market stability in the coming months, bringing renewed energy and expecting many to navigate these moving economic tides. “
He said there was a lot of activity in the Auckland market.
“Everything is showing really positive signs. Normally, this time of year, we are starting to see things back, and this is not happening.”
But he said he did not expect to see a great elevation in short -term prices.
Anz economists agreed that sales volumes were on the rise, but said the new listing numbers were in high decade.
“This means that price tension remains limited. Everything, despite the strengthening of sales, recent data suggests that the risk of disadvantage for our prediction for houses to rise 6 % compared to 2025. It is likely that housing recovery will be gradual for some time, and global uncertainty is unlikely to encourage people to dive.”
Meanwhile, the New Zealand Banking Association data also released on Tuesday showed that the number and value of housing loans in the second half of 2024 increased significantly compared to the first half.
The insights showed that there were 56,938 new housing loans from July to December 2024, 21 % compared to the previous six months. The overall value of new housing loans increased by 24.7 %to US $ 23 billion.
Of the 56,938 new housing loans, 26.7 % were issued to real estate buyers for the first time. The average value of a first -home housing loan was $ 493,000, an increase of 4.4 % over the previous six months.
While 1.5 % of housing loans were late in loan payments, 39.4 % were paying more than their minimum payments, similar to the previous six months.
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