Residential property price New Zealand 2024, by region

The price of residential property in New Zealand was the highest in the Auckland region in September 2024, with an average sale price of around 970,000 New Zealand dollars. The most populated city in the country, Auckland has consistently reported higher house prices compared to most other regions. Buying property in New Zealand, particularly in its major cities, is expensive. The nation has one of the highest house-price-to-income ratios in the world.

Auckland residential market

The residential housing market in Auckland is competitive. Prices have been slowly decreasing; the Auckland region experienced an annual decrease in the average residential house price in September 2024 compared to the same month in the previous year. The price of residential property in Auckland was the highest in the North Shore City district, with an average sale price of around 1.13 million New Zealand dollars.

Home financing

Due to the rising cost of real estate, an increasing number of New Zealanders who want to own their own property are taking on mortgages. Most residential mortgage lending in New Zealand went to owner-occupier borrowers, followed by first home buyers. In addition to mortgage lending, under the KiwiSaver HomeStart initiative, first-home buyers in New Zealand can apply to withdraw all or part of their KiwiSaver retirement savings to assist with purchasing a first home. However, even with a large initial deposit, it may take decades for many borrowers to pay off their mortgage.