The Reserve Bank’s decision to cut the OCR by 50 basis points has sparked optimism in New Zealand’s property market. Real Estate Institute data shows signs of recovery, with a slight rise in confidence among vendors and buyers. Although the national median price dropped year-on-year by 2.3%, it increased month-on-month by 2.1%. Sales activity has stabilized, with regional variances, including notable growth in Gisborne and Southland. The rise in inventory and listings gives buyers more choices, pointing to a more robust market outlook heading into 2025
REINZ CEO Jen Baird said while the market remains subdued, there was a noticeable rise in confidence that prices will continue to increase as we approach the end of the year.
