Is the Buyer's Market Ending?

Normally July is when the housing market goes into hibernation – cold, slow, and not much happening. Prices usually dip by nearly 2% in July, but this year? They barely moved, down just 0.2%. That’s basically flat, and actually up 1.7% from last year. In other words, the market’s holding its ground surprisingly well.

What’s going on? More houses are selling while fewer are being listed. It’s a bit like more people rushing into Pak’nSave while the shelves aren’t being restocked – eventually things get snapped up faster, and prices start to creep up.

Right now, the hot spot is homes in the $650k–$800k range. Those are the ones moving fastest, with areas like Nelson and Otago seeing double-digit growth. Cheaper homes under $650k are barely shifting, and the high-end over $800k is plodding along. The middle of the market is where the action is.

Across the regions, the cities that got hit hardest in 2022–23 are now bouncing back. Auckland and Wellington are showing signs of life, Tauranga is still lagging, while Christchurch is the star pupil – it’s come through both the boom and the bust without losing much ground.

So what does this all mean? The long stretch of it being a “buyer’s market” looks like it could be ending. If prices can hold steady in gloomy July, then spring could bring real growth. Translation: if you’ve been sitting on the fence about buying or selling, now’s the time to start paying attention – things are shifting.