The price of residential property in New Zealand was the highest in the Auckland region in December 2024, with an average sale price of around one million 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 December 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 1.21 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, previously under the KiwiSaver HomeStart initiative, first-home buyers in New Zealand were able to apply to withdraw all or part of their KiwiSaver retirement savings to assist with purchasing a first home. Nonetheless, the scheme was discontinued in May 2024. Furthermore, even with a large initial deposit, it may take decades for many borrowers to pay off their mortgage.

Graph and download economic data for Real Residential Property Prices for New Zealand (QNZR368BIS) from Q2 1963 to Q3 2024 about New Zealand, residential, housing, real, and price.

Key information about House Prices Growth

• New Zealand house prices dropped 0.9% YoY in Sep 2024, following an increase of 1.5% YoY in the previous quarter.
• YoY growth data is updated quarterly, available from Dec 1990 to Sep 2024, with an average growth rate of 5.3%.
• House price data reached an all-time high of 30.5% in Sep 2021 and a record low of -12.1% in Mar 2023.

CEIC calculates House Prices Growth from quarterly House Price Index. The Reserve Bank of New Zealand provides House Price Index, calculated from Reserve Bank of New Zealand estimates, with base December 2003=1000.

Expert industry market research on the Real Estate Services in New Zealand (2008-2031). Make better business decisions, faster with IBISWorld's industry market research reports, statistics, analysis, data, trends and forecasts.

House Price Index YoY in New Zealand decreased to -1.40 percent in February from -1.30 percent in January of 2025. This dataset includes a chart with historical data for New Zealand House Price Index YoY.

The Multi-Unit Apartment and Townhouse Construction industry has displayed extreme annual demand fluctuations in recent years. The industry has benefited from favourable demand across the residential building market, supported by a combination of historically low interest rates, strong population growth before the COVID-19 outbreak and rising housing prices. A residential property price escalation over recent years has encouraged first-home buyers to opt for higher density apartments and townhouses as a lower cost alternative to traditional house and land packages. In addition, higher housing costs forced many New Zealanders to rent rather than buy, which encouraged property developers to invest in higher density apartment and townhouse construction. The industry has steadily captured an increased share of the total residential building market. Over the five years through 2023-24, industry revenue is expected to rise an annualised 9.6% to total $3.19 billion. However, revenue is anticipated to contract by 3.4% in 2023-24 in response to a mortgage interest rate upswing, the scaling back of some of the Central Government’s (Te Kāwanatanga o Aotearoa) COVID-19 pandemic stimulus, the phasing out of property tax deductions and tightening bank lending practices. However, the government has boosted stimulus towards developing affordable housing options, which is likely to support industry activity. Industry performance is forecast to deteriorate over the next five years, including further declining short-term housing investment and dwelling consent due to scaled-back government stimulus measures and higher interest rates. Industry revenue is projected to grow marginally at an annualised 0.2% over the five years through 2028-29, to $3.22 billion. Despite this downward trend, multi-unit apartments and townhouse construction is projected to continue capturing an increasing share of total residential building construction.

New Zealand Foreign Direct Investment Position: Inward: % of Total (FDI) Foreign Direct Investment: Total: Real Estate Activities data was reported at 3.925 % in 2023. This records an increase from the previous number of 3.917 % for 2022. New Zealand Foreign Direct Investment Position: Inward: % of Total (FDI) Foreign Direct Investment: Total: Real Estate Activities data is updated yearly, averaging 3.917 % from Dec 2013 (Median) to 2023, with 11 observations. The data reached an all-time high of 4.455 % in 2013 and a record low of 3.219 % in 2017. New Zealand Foreign Direct Investment Position: Inward: % of Total (FDI) Foreign Direct Investment: Total: Real Estate Activities data remains active status in CEIC and is reported by Organisation for Economic Co-operation and Development. The data is categorized under Global Database’s New Zealand – Table NZ.OECD.FDI: Foreign Direct Investment: % of Total FDI: by Industry: OECD Member: Annual. Reverse investment:Reverse investment in equity (when a direct investment enterprise acquires less than 10% equity ownership in its parent) has never been observed or is very negligible. It would be treated as portfolio investment in theory. Netting of reverse investment in debt (when a direct investment enterprise extends a loan to its parent) is applied in the recording of total inward and outward FDI transactions and positions. Treatment of debt FDI transactions and positions between fellow enterprises: asset/liability basis. Resident Special Purpose Entities (SPEs) do not exist or are not significant and are recorded as zero in the FDI database. Valuation method used for listed inward and outward equity positions: Market value, Recent transaction price, Net asset value including goodwill and intangibles, Other. Valuation method used for unlisted inward and outward equity positions: Recent transaction price, Net asset value including goodwill and intangibles, Other. Valuation method used for inward and outward debt positions: Market value.; FDI statistics are available by geographic allocation, vis-à-vis single partner countries worldwide and geographical and economic zones aggregates. Partner country allocation can be subject to confidentiality restrictions. Geographic allocation of inward and outward FDI transactions and positions is according to the immediate counterparty. Intercompany debt between related financial intermediaries, including permanent debt, are not excluded from FDI transactions and positions. Direct investment relationships are identified according to the criteria of the Framework for Direct Investment Relationships (FDIR) method. Debt between fellow enterprises are completely covered. Collective investment institutions are covered as direct investment enterprises. FDI positions are available by industry sectors according to ISIC4 classification. Industry sector allocation can be subject to confidentiality restrictions. Inward FDI positions are allocated to the activity of the resident direct investment enterprise. Outward FDI positions are allocated according to the activity of the resident direct investor. Statistical unit: Local Enterprise Group.

The global commercial real estate (CRE) compliance tool market is projected to be appraised at US$ 27,792.2 million by 2034, up from US$ 11,214.5 million in 2024, advancing at a CAGR of 9.50% from 2024 to 2034.

Attributes	Key Insights
Market Size in 2024	US$ 11,214.5 million
Market Value in 2034	US$ 27,792.2 million
Value-based CAGR from 2024 to 2034	9.50%

2019 to 2023 Historical Analysis vs. 2024 to 2034 Market Forecast Projections

Historical CAGR (2019 to 2023)	6.40%
Forecasted CAGR (2024 to 2034)	9.50%

Country-wise Analysis

Countries	The Forecast CAGRs from 2024 to 2034
United States	6.4%
Germany	3.0%
Japan	2.3%
China	10%
Australia & New Zealand	13%

Category-wise Insights

Category	Market Share
Financial Compliance Tools	28.80%
Real Estate Developers	32.30%

Bayleys is a company. It is located in Christchurch, New Zealand and was founded in 2002. The company is part of the Real Estate sector, specifically in the Real Estate Management & Development industry.

Portugal, Canada, and the United States were the countries with the highest house price to income ratio in 2023. In all three countries, the index exceeded 130 index points, while the average for all OECD countries stood at 117.5 index points. The index measures the development of housing affordability and is calculated by dividing nominal house price by nominal disposable income per head, with 2015 set as a base year when the index amounted to 100. An index value of 120, for example, would mean that house price growth has outpaced income growth by 20 percent since 2015. How have house prices worldwide changed since the COVID-19 pandemic? House prices started to rise gradually after the global financial crisis (2007–2008), but this trend accelerated with the pandemic. The countries with advanced economies, which usually have mature housing markets, experienced stronger growth than countries with emerging economies. Real house price growth (accounting for inflation) peaked in 2022 and has since lost some of the gain. Although, many countries experienced a decline in house prices, the global house price index shows that property prices in 2023 were still substantially higher than before COVID-19. Renting vs. buying In the past, house prices have grown faster than rents. However, the home affordability has been declining notably, with a direct impact on rental prices. As people struggle to buy a property of their own, they often turn to rental accommodation. This has resulted in a growing demand for rental apartments and soaring rental prices.

The PropTech CRM market size is forecasted to grow at a CAGR of 10.90% from 2024 to 2034, owing to the ongoing technological innovations and developments.

Attributes	Key Insights
PropTech CRM Industry Estimated Size in 2024	US$ 955.1 million
Projected Industry Value in 2034	US$ 2,687.70 million
Value-based CAGR from 2024 to 2034	10.90%

2019 to 2023 Historical Analysis vs. 2024 to 2034 Industry Forecast Projections

Historical Value in 2019	US$ 589 million
Market Value in 2023	US$ 866.9 million
Market Estimated Size in 2024	US$ 955.1 million
Projected Market Value in 2034	US$ 2,687.70 million

Historical CAGR from 2019 to 2023	10.10%
Forecast CAGR from 2024 to 2034	10.90%

Country-wise Insights

Countries	Forecast CAGRs from 2024 to 2034
China	11.40%
United States	8.50%
Australia and New Zealand	6.70%
Germany	4.10%
Japan	3.00%

Category-wise Insights

Category	Market Share in 2024
Real Estate Agents	39.40%
Residential	58.50%

The average rent in the housing market in Nelson, New Zealand was 550 New Zealand dollars per week as of December 2024. The Auckland and Bay of Plenty regions had the highest mean rents for residential housing across the country at 650 New Zealand dollars per week, respectively.

In the first half of 2021, Singapore-based buyers accounted for the largest share of overseas commercial property transactions in New Zealand at around 74 percent. According to the source, overseas entities in the New Zealand commercial real estate market in the first half of 2021 were net sellers.

As of financial year 2023, the value of the foreign direct investment in real estate of New Zealand accounted for around 292.42 million New Zealand dollars. The foreign investment in the sector fluctuated over the observed period, but experienced a peak in financial year 2014 with an investment of roughly 1.26 billion New Zealand dollars in the sector.

The market cap of real estate investment trusts (REITs) in New Zealand decreased substantially in March 2023 compared to the market peak in December 2021. As of March 2023, the aggregate market capitalization, or the market value of the outstanding shares of stocks of all REITs, amounted to 11.7 billion New Zealand dollars. REITs are companies that own or finance rental real estate. One of their major benefit is liquidity: Though not all REITs are publicly traded, many of the major ones are, which allows investors to easily buy and sell shares. Because REITs pay out most of their taxable income to shareholders as dividends, they typically do not pay any corporate income tax.

New Zealand's average farm sale prices showed significant regional variations in the three months to November 2024. The price of farm property in the country was the highest in the Nelson/Marlborough/Tasman region as of November 2024, with an average sale price of around 148,180 New Zealand dollars per hectare. In comparison, in the Auckland region, the average farm sales price came to just over 61,000 dollars per hectare. A farming nation The agriculture industry is a major economic pillar of the country. The contribution to the nation’s GDP is valued in the billions of New Zealand dollars. Horticulture, livestock, and dairying are all important segments, and the commodities produced within them are exported across the globe. While sheep livestock numbers have declined, they still make up a large share of the country’s livestock population. Horticultural farming While New Zealand exports various horticultural products, including wine grapes, potatoes, and apples, it is perhaps best known for its kiwi fruit. Accordingly, the land area dedicated to kiwi fruit farming has continued to increase over the years. New Zealand’s leading horticultural product export destinations include Asia, Europe, and Australia.

Goodman Property Trust was the real estate investment trust (REIT) with the largest market cap in New Zealand as of March 2023. The market cap, or the aggregate value of the total outstanding shares of the company was approximately 1.86 billion U.S. dollars during that period. Goodman Property Trust also had the highest revenue and five-year return on investment (ROI) among all companies in the ranking. Nevertheless, Investore Property Ltd had the highest EBITDA margin, with earnings before interest, taxes, depreciation, and amortization amounting to 71.5 percent of the company's revenue. In terms of dividend yield, Kiwi Property Group Ltd topped the ranking, with 6.13 percent.

In the first half of 2021, buyers who were investors accounted for almost 87 percent of the commercial property sales in New Zealand. In the same period, owner occupier buyers represented just five percent of the sales volume.

Singapore, was the industrial and logistics real estate market with the lowest vacancy rate in the Asia-Pacific (APAC) region in 2023. In that year, 0.2 percent of Singapore's inventory was vacant. Auckland and Sydney ranked second and third, with a vacancy rate of 0.5 percent each. Four of the top five cities in Asia-Pacific with the lowest vacancy rate were found either in Australia or New Zealand. Opposed to this is Hanoi, which saw its vacancy rate go up by 13 percentage points between 2022 and 2023.

In December 2024, the average sales price of residential properties sold in Auckland, New Zealand amounted to around one million New Zealand dollars. Auckland property prices peaked in November 2021, with prices gradually declining throughout 2022 and early 2023.