A strong demand continues to drive its growth
The property market in Southland by the end of 2024 was found to be one of the strongest among regions in New Zealand, posting record highs despite the slowdown felt all across the country, according to a report by What’s On Invers.
The report noted that the region saw a 15.3% year-over-year increase in the average asking price in December, with asking prices reaching $549,211 – the highest number recorded for the month in its history. Meanwhile, the national average asking price saw a significant decline, falling to $842,476.
Ray White Invercargill licensee salesperson Jacqui van Dam said that there continued to be a strong demand across all property types as well as price brackets in Southland. Van Dam added that the shifting stance of the Reserve Bank of New Zealand (RBNZ) with regards to monetary policy will continue the affordable lending landscape for buyers in 2025.
In the November REINZ report, Southland was found to lead nine of New Zealand’s 16 regions when it comes to the year-over-year median dwelling prices with a rate of 17.7%. The national average for median days on the market was 42, while Southland averaged 41.
Mortgage & Insurance Supply Southland owner Mandy Jordan stated that there was a strong buyer interest present in the region.
“We’re seeing plenty of first home buyers, but also existing clients in the entry bracket that are ready to move up the ladder,” said Jordan.
Contrary to the national trend, with listings falling to the lowest level for the month of December in 17 years, new listings in Southland rose by 7.3% year-over year, being one of the five regions which recorded an increase in listings. In total, the housing stock of the region increased by 9.7% year-over-year.
Southland also reported a balanced market condition as its rate of sale stood at 20 weeks, which was slightly below the long-term average of 25 weeks. This serves as a testament of the region’s well-aligned supply and demand compared to other areas.
The article forecasted that 2025 will see Southland have a more promising affordabiloty outlook, growing interest from first-time buyers and investors, and balanced market conditions. Many continue to be confident about this momentum in Invercargill and the rest of Southland.
