Well, if the indicators are on, they will surely be blinking slowly as days to sell a property nationally have ballooned out to 50, the highest since 2008 and the beginning of the global financial crisis, when they hit 57.

In Northland they have risen to 71, more than the 10-year average for August of 55 days. At the same time the median house price in Northland has dropped 6.1 per cent year-on-year to $629,000.

Compared with August last year, the median number of days to sell rose eight days from 42 nationally. For New Zealand, excluding Auckland, median days to sell increased six days, from 43 to 49 year-on-year. Only five regions had fewer days to sell last month, compared with the same time last year.

Baird says overall the August data shows a level of stability in the market. Despite a marginal 0.6 per cent, or $5,000, drop in national median prices year-on-year from $770,000 to $765,000, prices are holding steady with a 1.3 per cent increase month-on-month.

For NZ, excluding Auckland, the median price increased 1.6 per cent year-on-year from $670,000 to $681,000. Month-on-month, the median price increased 1.8 per cent.

Six of the 16 regions REINZ monitors had a median price increase year-on-year. Otago led the way with a 6.7 per cent increase to $640,000, followed closely by the West Coast with a 6.6 per cent rise to $357,000. Eight regions increased month-on-month, with the most notable changes in Marlborough at +7.8 per cent to $625,000 and Gisborne at +6.0 per cent to $620,000.

Inventory blows out

Meanwhile, the national inventory surged 30 per cent year-on-year to 29,579, a gain of 6,830 properties. That number dropped 3.2 per cent, or 977, from month-on-month from 30,556 in July.

For NZ outside Auckland, inventory levels increased 30.8 per cent, or 4,348, year-on-year from 14,099 to 18,447 and declined 2.4 per cent, or 460, compared to June 2024.

Compared with August last year, the total number of properties sold nationally dropped 0.7 per cent (just 40 properties) from 5,725 to 5,685 and declined 5.1 per cent month-on-month, from 5,992 to 5,685.

In the regions eight had an increase in sales last month. The most significant increases were in Northland at 22.7 per cent, Hawke’s Bay, 21.6 per cent, and Bay of Plenty 16.2 per cent.

Staying in the regions, 13 of the 15 have had a rise in new listings year-on-year, with the most notable increases in Gisborne at a whopping 69.2 per cent, Marlborough, 40.8 per cent, and Manawatu-Whanganui, 39.8 per cent. Two regions saw a drop in new listings year-on-year: Nelson, at 18.1 per cent, and Northland 11.1 per cent.

Nationally, there was an 8.1 per cent increase in new listings compared to August last year.

Choice for buyers

Baird says there continues to be an increase in the average number of properties listed. “Although the inventory is down slightly compared to last month, the volume of properties for sale continues to provide a lot of choice for buyers.

“There are further signs of a change in market sentiment, with local agents reporting increased confidence in vendors and purchasers, the return of investors and increased activity, particularly at open homes over the last two weeks of August.”

They attribute this change to the decline in interest rates.

“There is an expectation that rates will fall further towards the end of this year, providing the much-needed relief to property owners and those in the position to buy, which may increase sales volumes nationwide,” Baird says.

There were 656 auctions nationally in August 2024 (11.5 per cent of all sales), compared with 799 (10.9 per cent of all sales) in August last year. In the Auckland region 335 auctions were called, or 18.6 per cent of all sales, compared with 492 auctions, or 25.5 per cent, of all sales in August last year.

The HPI for New Zealand stood at 3,563, a 0.8 per cent decline from August last year. There was no change compared to July. The average annual growth in the NZ HPI over the past five years has been five per cent per annum, and it’s currently 16.7 per cent below the market peak reached in 2021.