Latest REINZ figures highlight confidence boost

Latest figures released by Real Estate Institute of New Zealand (REINZ) show a slow but promising start to the year.

January sales have been slow, but that’s no reason for gloominess, with a lift in listings providing a strong indicator of growing confidence in the market.

Jen Baird, CEO of REINZ, brings perspective to REINZ figures.

“January is usually a slower month for the completion of sales in New Zealand and this year is no exception with 2,995 properties being sold. While this is 4.9% more than January 2023, the increase in listings is a stronger indicator that the market continues to pick up. Listings increased by 10.4% nationally and 5.4% for New Zealand, excluding Auckland, year-on-year. The biggest increases in listings compared with the previous month were seen in Wellington at 148%, followed by Gisborne at 84%, Canterbury at 81%, and Auckland at 76.8%,” Baird said.


The number of sales nationwide, excluding Auckland, was up 16% in January compared to January 2023. Auckland sales was another story. There were 796 sales in the City of Sails, down 17.2% on January 2023. Owner-occupiers were the most active group in central Auckland. Out south, it was first-home buyers and investors making the biggest moves. In West Auckland, first-home buyers were most active.


The number of property listings increased 10.4% compared to January 2023 (5.4% excluding Auckland).

The biggest increases in listings compared with the previous month were seen in Wellington (148%), Gisborne (84%), Canterbury (81%), and Auckland (76.8%)

“Despite the wave of listings favouring buyers, the challenges of last year, including the cost of living, inflation, interest rate changes, and government reforms, mean some buyers remain cautious,” Baird said. “However, most regions are reporting more buyer activity across the board, with some seeing a particular surge in first-home buyer interest. Vendors are also being confident but realistic with prices as activity increases over the summer months. This is likely to resolve in inventory moving over the coming more active months in the year.”

Median sale price

The national median sale price is down slightly on the December 2023 figure, showing a 2.5% drop from $779,830 to $760,000. Year-on-year, there was 0.7% decline, from $765,000 to $760,000.

Figures fluctuated wildly by region. Northland recorded a whopping 21% increase month-on-month from $630,000 to $762,000, and a 10.8% increase year-on-year from $687,500 to $762,000. On the flipside, Auckland’s median sale price fell under the $1 million mark – the fifth time in a year – to $975,000 – though is still 3.4% higher than a year ago.

House Price Index

New Zealand house prices are 6% higher than they were five years ago (though 14.4% below the peak of the market in 2021), according to the  REINZ House Price Index (HPI).

Developed in partnership with the Reserve Bank of New Zealand, HPI shows the true movement of housing values over time, measuring sale price against a ‘value’ influenced by housing attributes, such as land area, floor area, and number of bedrooms. The figure is a more accurate measure of housing activity and trends over time rather looking at medians or averages.

The HPI for New Zealand was 3,660 in January 2024 – a 0.4% increase compared to the previous month and a 2.2% increase for the same period last year.

Baird said 2024 was shaping up to deliver a series of changes and shifts in dynamics for the market.

“The property sector is expecting the new government to make good on its promises to reduce the bright line back to two years and reintroduce interest deductibility on investment properties, changing the dynamics of the property market again,” she said.

Confidence is rising. Call 0800 GOODWINS to discuss listing your property and how we can reach your ideal market.