Feature article

November 2024 Property Market Update

Where does the property market stand right now?

By Kelvin Davidson (Chief Property Economist, Cotality)

Last updated: 11 November 2024 | 5 min read

AI summary

The NZ property market remains a buyer's market with listings at a six-year high, keeping prices sluggish. First home buyers are very active with record market share, while investors are slowly returning.

CoreLogic data shows values have fallen about 5% since February. Expected OCR cuts point to lower mortgage rates, likely ending the downturn.

However, any 2025 recovery is forecast to be slow and steady, not spectacular, due to rising unemployment and future debt-to-income ratio caps.

Author

Kelvin Davidson

Chief Property Economist, Cotality

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