15/10/2024
🌿 September 2024 Real Estate Market Update
The latest figures from the Real Estate Institute of New Zealand (REINZ) for September 2024 show additional signs of stability as spring began, with increasing confidence among both vendors and buyers.
REINZ Chief Executive Jen Baird noted, "While the market remains subdued, there is a noticeable rise in positivity and confidence that things will continue to improve as we approach the end of the year." Despite ongoing challenges like the cost of living, many believe the recent downward trend in interest rates will lead to a gradual market recovery as we move into 2025.
“After the Reserve Bank reduced the OCR rate by 50 basis points to 4.75%, the market is expected to see more activity from those who are ready to buy, reinforcing the optimism in the market, and this will likely be reflected in the coming months’ property reports,” adds Baird.
Locally, we've seen some increase in sales across the suburbs, with median sale times varying from 74 days in Grey Lynn to just 29 days in Point Chevalier.
As we progress through spring, it will be interesting to watch how these trends evolve, particularly with the potential boost from lower interest rates. Get in touch if you'd like to know more.
Source: REINZ
