The latest property report of December 2024 reveals a ‘exceptionally lukewarm’ and a record-breaking new listings slump and a decline in average asking prices in 11 of 19 regions.
The New Zealand property market typically slows down in December, but the latest data from realestate.co.nz reveals that December 2024 was more than just a seasonal cool down—it was ‘exceptionally lukewarm,’ and “record-breakingly quiet.”
The national average asking price was also its lowest since April 2021 at $842,476.
New listings hit a record low for any December since realestate.co.nz tracking began, with nine of 19 regions also reaching their lowest-ever December levels – Northland, Auckland, Waikato, Bay of Plenty, Hawke’s Bay, Taranaki, Wellington, Central Otago/Lakes District, and Manawatu/Whanganui.
“Over the past 17 years, we’ve observed a steady decline in the number of properties listed in December. Historically, December listings were about 30% lower than November. That drop has grown to 50% or more in recent years,” says Vanessa Williams, spokesperson for realestate.co.nz.
“The market usually comes off the boil in December, but this year has been exceptionally lukewarm,” said Williams.
Property stock was also down 13.3% month-on-month during December to 29,478 properties for sale. This seasonal dip saw stock levels below 30,000 for the first time since August 2024.
The national average asking price in December 2024 was $842,476, a level last seen before the market started to boom in April 2021, when it was $839,717. While the national figure reflects a return to 2021 levels, it has remained relatively stable year-on-year, with a slight decline of just 0.3% compared to December 2023.
Regionally, there were significant variations between markets. 11 of 19 regions saw average asking prices decline year-on-year. The biggest drops were in Central Otago/Lakes District (17.3% to $1,324,754), Nelson and Bays (13.4% to $829,412), Central North Island (11.0% to $708,350), and Bay of Plenty (10.9% to $823,926).
In contrast, Southland bucked the trend with a 15.3% year-on-year increase to $549,211 – a record-high for December. Additionally, Gisborne, Taranaki, West Coast, and Coromandel hit their highest average asking prices ever recorded for the month of December.
