September 2024 Market Update

The Real Estate Institute of New Zealand (REINZ) has released the September 2024 figures. To better understand the state of the market and where it might be heading, I created some simple graphs. Personally, I find it much easier to scan a graph to see not just how the numbers have changed since last month but also to identify any longer-term trends. It’s far more helpful for me than trying to make sense of numbers scribbled on a piece of paper. Hopefully, these visuals will be useful to you too.

The downward trend in interest rates is what the housing market has needed for some time, I am excited to see how this may improve the overall market as they both hopefully and expectedly continue to drop

The official cash rate is 4.75% with expectations it will likely drop to 4.25% at the next review on 27 November.

The Rotorua Market is currently pretty much the same old story, and little has changed over last 18 Months, although the number of sales per month are slowly increasing. long may that continue.

The Median sale price below does show house prices have been fairly flat for the last couple of years with some small ups and downs but still a little behind 2022 Levels.

The median days to sell each month for the last couple of years in Rotorua is always of interest but for the last couple of years it has been difficult to glean much from it, with upward and downward trends that don't seem to follow any of the other statistics we track, but overall if we look at September's result of 50 days to sell, that is pretty good, if we take into account that is calculated to the date the property is unconditional, many of those properties will of been under contract at least 2 weeks prior to the unconditional date.

The graph below shows clearly what price ranges our 81 sales in September came from.