Northland Market Update
September 2024

The median price for Northland decreased 6.1% year-on-year to $629,000. “Owner-occupiers and first home buyers were the most active buyer groups in August, with reports of increased investor activity in Whangarei. Most vendors are generally meeting market expectations; however, some are anticipating price increases due to lower interest rates. The number of attendees at open homes has increased, particularly for newer listings. Auction room attendance has increased, although buyer activity varied around the region. Factors like a lack of buyer urgency, buyer delay in the market’s confidence, and accessing funds to purchase properties have influenced market sentiment. Local agents are cautiously optimistic the market will slowly improve and suggest that appraising properties accurately in a shifting market is critical for agents to understand.” Jen Baird REINZ CEO

71 Days to Sell

The current median Days to Sell of 71 days is much more than the 10-year average for August which is 55 days. There were 44 weeks of inventory in August 2024 which is 1 week less than the same time last year.