November was a month of ups and downs for the residential property market, with sales up, but not everywhere, and prices flat, but not everywhere.
The number of properties sold usually increases between October and November and so it was this year, with the Real Estate Institute of NZ reporting 7233 residential sales throughout the country in November. That was up 3.2% compared to October.
However, it was different story in the country's largest property market, with sales in Auckland declining by 1.5%.
Excluding the Auckland figures from the national total, sales around the rest of the country rose 5.5%.
That is perhaps not so surprising because the Auckland market has been particularly weak for several months thanks to an especially generous supply of properties for sale in the region.
On the price front, the national median price was completely flat at $795,000 in November, unchanged from October and from November last year.
But in Auckland, November's median price of $1,038,000 was up 3.8% compared to October, but still down 1.2% compared to November last year.
The REINZ House Price Index (HPI), which is widely regarded as the more accurate indicator of market price movements, increased 0.6% nationally between October and November, but was down 1.4% compared to November last year.
Around the main centres, the HPI was up in November compared to October in Auckland 1.2%, Hamilton 0.4%, Tauranga 0.7%, and Christchurch 0.3%, was unchanged in Wellington and declined 1.0% in Dunedin.
'After a challenging year, recent data indicates promising signs of increased activity, which we hope will continue into 2025," REINZ Chief Executive Jen Baird said.
"This is a good time to make transactions, as prices remain stable and interest rates decrease," she said.
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Median price - REINZ
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Volumes sold - REINZ
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REINZ House Price Index - November 2024
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