NZ house Prices


The New Zealand property market is poised for dynamic shifts in 2024, influenced by various factors. According to housing market predictions, the average property value in New Zealand hit a low in July 2023 after a significant decline from its peak in February 2022[1]. Projections from the Reserve Bank anticipate a 5.20% increase in house prices by December 2024[2].

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However, there is a notable disparity among banking institutions regarding their 2024 house price predictions. While some banks forecast a robust 7.7% increase, others, like ASB, predict a more conservative 2.5% rise[3]. The consensus among these predictions is that New Zealand’s housing market will experience a resurgence in 2024, driven by consistent supply shortages and rate cut forecasts[4][5].

As we assess the prospects for the housing market in 2024, signs indicate that the property market concluded 2023 on a strong note[6]. With a combination of economic factors and market dynamics, New Zealand’s property market is poised for an interesting and potentially lucrative year ahead.


  • Mortgage interest rates will come down
  • Immigration net gain figures whilst will be lower we will still see more people arriving than departing
  • National government policies helping landlords
  • Building costs are still rising despite some commentator saying they are not which will only push buyers toward second hand stock and thus inflate demand
  1. – 12 housing market predictions for 2024
  2. – House price predictions (2024)
  3. – Why are the banks’ 2024 house price predictions so far apart?
  4. – New Zealand house prices to increase again in 2024
  5. – Four reasons why house prices are expected to rise throughout 2024
  6. – Property market signs off 2023 on a strong note