SYDNEY (Reuters) -New Zealand home prices were largely flat in June as buyers await better offers amid higher listings in the market, the Real Estate Institute of New Zealand (REINZ) said on Tuesday.
Seasonally adjusted median house prices nudged 0.6% higher from May, though they were flat from a year earlier, REINZ data showed. Seasonally adjusted national home sales fell almost 5% from May, but was up 14.8% from June 2024.
“We’re seeing a market that is steady on the surface … the unchanged national median price suggests stability,” REINZ Chief Executive Lizzy Ryley said in a statement.
“While properties are still selling, the increase in median days to sell indicates that buyers are taking a more considered approach.”
That has pushed inventory levels up 2% year-on-year to 32,384 properties, data showed.
“Most vendors are entering the market with realistic price expectations and a willingness to adapt to current conditions, especially those motivated to sell,” Ryley said.
“However, many are receiving offers below their anticipated value, prompting some to delay listing, or relisting, until spring or summer, when market activity may show signs of improvement.”
(Reporting by Renju Jose in Sydney; Editing by Harikrishnan Nair)
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