PRICE TRENDS : NEW VS . RESALE HOMES
Despite the overall decline in the share of first-time sales , an interesting trend is emerging in the pricing of new homes , In 2024 , homes that sold for the first time netted a median price of $ 878,000 – slightly higher than the $ 862,000 median price for resale homes .
Although both categories have seen price volatility over the past three years , first-sale homes appear to demonstrate greater resilience , with only a five per cent decline in value , compared to an eight per cent decline for resale homes .
Ray White Economics ’ data shows Christchurch as the only major city where prices for both new and resale homes have continued to rise over the past three years . Notably , it is also the only city where first-sale homes are more expensive than resale homes .
By contrast , in Wellington and Auckland , first-sale homes are priced lower , but resale homes have experienced sharper declines .
NAVAL GAZING
As the cost of building new homes continues to rise , fewer new homes are being constructed , leading to changes in New Zealand ’ s housing market composition .
While some regions are seeing a reduction in the new build pipeline , others , like Christchurch , are bucking trends with unique features that set them apart from the rest of the country .
Understanding these dynamics is crucial for buyers and investors when making informed decisions in an evolving market . Ray White remains committed to providing the insights and expertise required to navigate these changes confidently , and we encourage your call should you wish to discuss the nuances of your area more specifically .
11