Highlights:

• From $795,000 to $811,000, the median price for residential property in Aotearoa New Zealand climbed by 2.0% yearly. There was a 1.4% increase per month (August 2022: $800,000).

• Without accounting for Auckland, New Zealand's yearly median price movement decreased by 0.7%.
• One region's median price stayed the same while rises were seen in five others.
• The annual median price decreased month over month in seven locations.
• The REINZ House Price Index measures the value of the housing market nationally, and it has decreased annually by 8.1% and by 12.6% from its peak in November.
• Sales activity decreased 10.9% nationally year over year from 4,943 homes sold in September 2022 to 5,548 units sold in lockdown-affected September 2021.
• Buyers continue to be wary. Because prices are down and there is less competition, agents in some locations indicate that there are more first-time buyers on the market. The majority of people are owner occupiers, while investors are still mainly missing.
• The majority of vendors, according to agents, are aware of the need to change their price expectations as the market stabilises, but some still have expectations that do not take into account the current market.
• Real estate is taking longer to sell; in September, the national median days to sell reached a high of 47, an increase of 10 days from the previous year.
• Stock levels are still high, having increased by 93.2% since September of last year. listings increased by 12.0%.
• In September 2022, 11.9% of properties nationwide were sold at auction, down from 21.6% in 2021.

Although agents report more first-home buyers on the market and greater attendance at open homes and auctions in several regions, the typical spring rise remains slow in September. According to the most recent data and insights from the Real Estate Institute of New Zealand (REINZ), the source of the most comprehensive, accurate, and up-to-date real estate data in New Zealand, sales activity is down, homes are staying on the market for longer, and inventory levels are elevated even though the median property price shows a slight increase nationally.

Residential property median prices (excluding sections) grew 2.0% annually throughout New Zealand, from $795,000 in September 2021 to $811,000 in September 2022. This marks a monthly increase of 1.4% from $800,000 in August.

Auckland's median price dropped from $1,140,000 to $1,045,000 in September of last year, an 8.3% fall. Six of the region's seven legacy territorial authorities (TAs) experienced negative yearly median price movements, with Papakura and North Shore experiencing the worst declines of 28.6% and 16.9%, respectively. Looking at the North Shore's breakdown of real estate price ranges, there was a noticeably higher number of homes sold for less than $1 million this year compared to this time last year, which will have contributed to the decline in median price.

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