The total value of residential property listed in 2023 was down by $28.6 billion, compared with 2022, as prices dropped and vendors paused.
In 2023, $97,015,251,805 worth of property was put up for sale, which is the sum of asking prices on all residential dwellings listed on realestate.co.nz during the year. This was a substantial drop of 22.8% from the $125,601,880,575 listed in 2022.
Some of the year’s real estate highlights include:
- For the first time in a decade, the national average asking price dipped below previous year. At $895,289, the national average asking price was also down by 6.6% from $959,034 in 2022.
- New listings nationally were down 12.1% on 2022, making it a year of record new listing lows. The first seven months, and December, all recorded the lowest number of new listings for the month in 16 years of data (excluding during the April 2020 Covid-19 lockdown).
- All of 19 regions had fewer new listings in 2023 than in 2022. Buyers in Gisborne had the least choice, with the smallest number of new listings and the biggest year-on-year decrease for the second year in a row.
- Popular regions exempt from market correction were the West Coast, Central Otago/Lakes, and Marlborough, the only three regions to see year-on-year average asking price growth in 2023.