New figures from the Real Estate Institute of New Zealand for June show a renewed level of activity emerging.

REINZ chief executive Jen Baird says June traditionally tends to be a slower month for the property market, but this year there has been a rise in sales counts alongside a hesitancy from sellers to list.

Compared to June 2022, this month has shown a notable increase in sales.

The total number of properties sold across New Zealand in June 2023 was 5629, up from 4912 in June 2022 (+14.6 per cent), year-on-year.

New Zealand excluding Auckland sales counts increased by 17.4 per cent year-on-year from 3203 to 3761.

At the end of June, the total number of properties for sale across New Zealand was 24,676, down 6.1 per cent (1595 properties) from 26,271 year-on-year, and down 7.5 per cent month-on-month. New Zealand excluding Auckland was down from 15,820 to 15,655, a decrease of 165 properties annually.

'With sales counts up year-on-year but down slightly month-on-month, the change in direction of the national inventory level is driving ongoing lower levels of new property coming to market and an increase in the number of sales being made,” says Baird.

'Historical data tells us that we typically expect a decrease in sales when moving from May to June across New Zealand. When that seasonal trend is considered, by applying seasonal adjustment to the sales count figures, we see those sales this June exceeded expectations when compared to the sales count in May 2023.”

Nationally, new listings decreased by 21.2 per cent, from 7,893 listings to 6218 year-on-year, and a 15.5 per cent decrease compared to May 2023 from 7359.

New Zealand excluding Auckland listings decreased 19.8 per cent year-on-year from 4994 to 4005.

'Salespeople across the country are reporting increased first home buyer activity at open homes, with the easing of LVR restrictions that came into effect on June 1 bringing more people out looking. Although activity has increased, caution remains as interest rates, a pending election and further strain caused by the cost-of-living tempers putting pen on paper,” states Baird.

Nationally, the June 2023 median price decreased 8.2 per cent year-on-year to $780,000 from $850,000. Days to sell have risen to 49 days for June 2023 — up four days compared to June 2022 and no change from May 2023.

The West Coast and Tasman regions saw an annual increase in median price — up 8.1 per cent to $400,000 and 7.4 per cent to $800,000 respectively.

'In the last three months ending June 2023, 15,934 sales have occurred, a 1.2 per cent increase year-on-year.

A lack of listings and the challenge of navigating the current economic climate are putting pressure on the market. Commentators say there are harder times ahead, but sales are still happening, people are still making choices about where and how they live, and these choices necessitate a property transaction,” adds Baird.

The REINZ House Price Index (HPI) for New Zealand, which measures the changing value of residential property nationwide, showed an annual decrease of -nine per cent for New Zealand and a -eight per cent decrease for New Zealand excluding Auckland.